Signal Type : Short
Coin Name : $TRX
TRX is currently trading within a descending channel on the 1-hour chart. If it gets rejected at the upper trendline, there's a high chance we’ll see a downward move. This could be an ideal setup for a short position near the top of the channel. Moreover, the RSI is lingering in the supply zone, adding to the bearish sentiment. Unless TRX manages to break out above the channel, my short-term bias remains bearish.
TRX is currently exhibiting substantial liquidity on both the upper and lower sides. Technically, there's a strong chance it will first spike upward to collect the liquidity positioned above, then reverse to the downside. This type of move often serves as a liquidity sweep, trapping traders before the market reveals its true direction.
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BTC.D has recently formed a falling wedge pattern, a formation that usually suggests a bullish move ahead. It has already broken out above the upper boundary and completed a successful retest, reinforcing the breakout. Should BTC.D continue its upward trajectory, it may indicate a capital rotation back into Bitcoin, which often results in selling pressure across the altcoin market.
Entry: 0.2470
1st TP: 0.2405
2nd TP: 0.2368
3rd TP: 0.2329
For more details, check out my bio by clicking on my profile.
This signal is for spot trading only. If you're interested in future signals, join my live Binance session.
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