I'm watching the TRX/BTC pair on Binance and seems like the price is forming a possible Head and Shoulders pattern. It's not so explicit but if the price starts laying on the 0.00000358 BTC zone for a while, then is possible a new strong move.
For this reason i will analize the two scenarios:
1) Bearish Scenario : if the Bears will keep pushing down the price, it could use the 0.00000340 BTC support, more likely in this scenario the support will be broke and so the price will move to the 0.00000310 BTC support zone. In this case a possible come back in price could push TRX to retest the previous support, now as a resistence. Of course the volume now is a very important indicator of the trend.
2) Bullish Scenario : if the H&S will be complited it's possible that the price will move a little bit down in order to test the 0.00000340 BTC support, acting almost as neckline this support will be significant for the next price action. If this level will be held sucessfully for a week, then the price could move up to the "Head" level.
In this case i rapresent a possible trade with high Reward/Risk ratio.
Buy level : 350-358 Satoshis
Stop loss level : 340 Satoshis
Sell level : Highest is 470 Satoshis, with the possibility to do "short trades" close to the Fibonacci levels : 385 Satoshis and 430 Satoshis.
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Whatch a similar idea of Ripple in related ideas section, it's forming inversed H&S ?
This is not financial advice, for illustrative purposes only. Thanks!