TRON (TRX) Is still looking to the downside for now and likely another week or 2 after a hugely bearish pin bar on Wednesday rejecting a push high.
The range we are trading in has given us the wedge pattern you can see below. Price action is approaching the apex of this wedge and a break is due very soon.
Anyone looking to buy TRX should hold back for at least a couple of days while price action falls down through 500 Sats and approaches 250 Sats. The rectangle you see near the apex of the wedge would be the ideal area to enter long positions.
150-250 Sats is a touch on the bottom side of the wedge and also strong support.
Notes on the Wedge pattern:
Wedges and triangles alike break between 75% and 85% of the way between the start of the pattern and the apex (where the line cross). With this you can see a break out of this pattern is due soon.
Wedges most often have a triple touch of both sides of the pattern before a break out. Each side as of now has had 2 so we could speculate that the next touch on the bottom will be the last!
With the strong support, the triple touch rule and knowing that wedges break around the 75-85% mark we can look to buy TRX between 150-250 sats.
Sam Broye
