$TRX has just hit a key resistance zone, but it’s clearly struggling to push through, signaling a rejection. This kind of setup is pretty common in the crypto scene; after a bounce, it typically marks the start of the next leg down.
In terms of strategy, I plan to short between 0.3288 and 0.3295, with a stop-loss at 0.3313 to limit my losses. My profit targets are set in three stages: 0.3274, 0.3268, 0.3260, each of which is close enough to easily snag some gains.
The catch is, if the price stubbornly breaks through the resistance, I’ll need to strictly follow my stop-loss. But looking at the current chart, the bears seem to have the upper hand, and the likelihood of a downward move is higher.
#TRX
In terms of strategy, I plan to short between 0.3288 and 0.3295, with a stop-loss at 0.3313 to limit my losses. My profit targets are set in three stages: 0.3274, 0.3268, 0.3260, each of which is close enough to easily snag some gains.
The catch is, if the price stubbornly breaks through the resistance, I’ll need to strictly follow my stop-loss. But looking at the current chart, the bears seem to have the upper hand, and the likelihood of a downward move is higher.
#TRX