Hello and welcome all of you to another blog of mine in this wonderful Tron Fan Club!
The TRX coin has been performing very well for the last several years and at the beginning of this December it gave us tremendous returns of more than 100%. One amazing thing I have seen in a very few tokens is that the price action does not disappoint you in the TRX and the prices rise and sustain at higher levels. This shows the confidence of investors in an asset.
Although after the recent up move of more than 100%, we are currently seeing a slight correction but believe me in a bull market the correction is always sharp, swift and short-lived!
Source
So in today's blog I will share with you all my technical analysis with a long-term view on the TRX coin. Hope you will learn something good from this.
Let us start understanding the price action from the left side in the picture shown above. You can see the price action before this time separately. As I mentioned earlier, the price was continuously in a healthy uptrend for the last 2 years, then in the beginning of December, one after the other big green bars took the price to new heights, after which we saw a sharp decline for 2 days, then with the volatility decreasing, the structure of lower lows seemed to be stretched a bit.
Then on 10th December, the prices took support at an important level with a big red bar and since then we have been witnessing a phase of steady accumulation, however, how strong this accumulation is will be known only when the price first breaks the upside structure of its initial lower lows (the sloping trendline) and then sustains above another resistance area, which also can be seen in the image above.
I try to keep my analysis as simple as possible so you won't see other indicators because I personally believe that the price action and volume itself are everything. You can analyse any chart just by reading the price action and volume correctly.
Profit and loss are a part of business, our job is to manage every trade in such a way that loss is minimized and profit is maximized and for this, no strategy but the right mindset is required.
10% of the rewards of this post will go to TFC (@tron-fan-club)! : )