TRXBTC had an insane run last fall. It wicked all the way up close to 3000 satoshis, but was immediately rejected. This started a long downtrend. It formed a descending triangle that broke up (goes to show you that these patterns don't ALWAYS break one way or another), rose up to 1000, and then dropped in a falling wedge pattern until around August 13th, when many alts bottomed out. Interestingly enough, the top resistance of the falling wedge lines up pretty well with the huge wick up to 2900. Since August, TRXBTC has been consolidating in a range that shows signs of bottoming and accumulation.
Even though TRXBTC failed to make a higher high this year, unlike EOSBTC, it recently bounced off two converging support lines. The blue is the long term support from last year, while the green is the horizontal support we bounced off of earlier this year. However, the breakout has yet to happen. We need to convincingly bulldoze through 470. Short term, breaking the recent swing high near 430 would also be a good buy sign that this is ready to move up.
I am in this coin already since 345 (traded out for something else, but then bought back at 367). Not the greatest entry short term, but this is a long term play for me. In the medium term, I expect something like the red line to play out, repeating the pattern from the last cycle. I expect to find some resistance at 1000 again, but only for a cup and handle to be formed.
Right now, entry is a little risky, since we could still retest the support at 330, but buying the breakout at 470 should be pretty safe.
Potential BUY targets:
350-380 Accumulation zone
348-350 support (STOPS LOSS around 347)
330 support (if this breaks, this idea is INVALIDATED. Final STOP LOSS below here)
430+ breaching recent swing high. A little risk involved, as we could then retest the lower range again.
470 and a little above. ONLY if CONFIRMED breakout with volume. Safe entry.
SELL targets
600
1000
1800
2000+
This is not investment advice, nor am I professional financial advisor. This is a position I currently am in, so this is for anyone to follow along. Will be posting updates if I decide to sell (or buy more).
-Victor Cobra