"If you'll notice, there is actually a pattern of fails and holds. We can see that each time the first "Fail" or "Hold" is posted, at least two more tests follow. If this pattern is to repeat itself, we can assume that TRX/BTC may test the bottom of the 50 , a few more times, in the near future. We have one fail posted right now, so perhaps a few more tests occur, before we get a break to the upside, or a break to the downside."
Looking at the chart, we can see that three more fails have followed, after the first failure to get back above the 50 (in orange) — exactly what we were looking for. So, where do we go from here? TRX/BTC appears to be heading lower, but it could remain trapped between the 50 , and the 200 (in purple.) To be certain, I would look for a break of either moving average, to determine the forward path of trading. The is flattening out, but is starting to pick up. Also, continuation selling is beginning to reemerge in the crypto space, which could put pressure on TRX/BTC . A break below the 200 , should produce a fall down to about the 380 level. Below there, TRX/BTC could fall to the bottom of the falling . Keep an eye on those moving averages, and stay safe traders!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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This all said, you mentioned it could hit down to 380 and then that if it breaks that, it could fall to the bottom of the parallel channel - do you mind illuminating this novice wizard as to what the parallel channel is in this context? Does this mean we could see TRX at 188 on Jan 24 (under this scenario)?