A breakout is imminent, but the direction isn't clear. Technically, this is a . It was formed in a downtrend, and it has a slight upward tilt, which qualifies it as a . Therefore, the bias is to the downside, but we have to wait for the break to see. On the upside, the 50 (in orange) is just overhead, followed by the 78.6% retrace, and then the 200 (in purple.)
It looks like TRX/BTC actually tried to break down below the , about seven candles back. However, it traded right back into the formation. This may be an indication that an upside breakout is coming, but like I said, we just have to wait and see. The first downside support is around 380, followed by some slight support at 325. For educational purposes only, if we see some on the breakout, we could trade it. A big spike, with a spike on the chart will be perfect for placing a breakout trade. However, if this thing breaks out with a sad, limp, little candle, then I wouldn't touch it... Sad, limp, little candles. haha. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. revoir.
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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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