TRXBTC Inv. Head & Shoulders|Daily Support|Golden Cross|.618 FIb

Evening Traders,

Today’s Analysis – TRXBTC – breaking out of an inverted head and shoulders where price consolidation above key levels will change the trend.

Points to consider
- Neckline breached (Pattern Validation)
- Daily support breached (Golden Cross confluence)
- Structural resistance confluence (Technical target)
- Oscillators cooling off
- Volume follow through (Continuation)
- Valid long on retest (Risk defined)

TRXBTC breached its neckline and established a technical higher high; validation of the pattern, bias is now bullish.

The daily support level is in confluence with the 200 MA, an official golden cross has also been established, further solidifying the importance of the level.

The technical target is in confluence with structural resistance, price action around the area will help with trade management.

Oscillators are both cooling off from overextended levels. Retest of daily support will magnet oscillators towards their respective equilibrium (50 levels) before a probable impulse. This allows for a more RISK defined entry.

Volume needs follow through for momentum to sustain, this will be key upon a retest of daily support.

Overall, in my opinion, a long trade is valid at daily support (retest), the .618 Fibonacci being an over extension. This retest must be backed by volume for follow through, failure will lead to trade invalidation - candle closes below daily.

What are your thoughts?

Thank you for following my work!

And remember,

“Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.” - Michael Marcus