Potential reversal alert: TRX/USDT sell entry signal

October 08, 2023 03:16 AM AEDT | By Invezz

Potential reversal alert: TRX/USDT sell entry signal — Image source: Invezz

TRX/USDT trading strategy

Buy/sell asset: Sell TRX/USDT
Entry price: 0.08885
Stop loss: 0.089933
Leverage: 3x
Take profit 1: 0.08750
Take profit 2: 0.086250
Take profit 3: 0.084459
Timeframe: 1-2 weeks
Maximum profit: 14.85%
Maximum loss: 3.66%

TRX/USDT chart and technical analysis

TRX/USDT has been in an uptrend since the start of this year despite major dips in the crypto market. However, the bullish trend line was broken after the NFP data was published yesterday.

The price dropped below the 0.08749 support level after the NFP news. Currently, the price is recovering from yesterday’s drop and will possibly retrace to 0.08885 resistance level before making another drop. The overall trend will possibly remain bullish in the longer term.

The 0.08885 price level will act as a key resistance level and will potentially push the price down as there is also a bearish imbalance around the same price and the 0.382 Fibonacci level. The trend line has also been broken around the same price and I am expecting the price will dip to the 0.08845 support level before resuming its uptrend.

TRON fundamental analysis

The TRON managed to register a 1.8% increase despite almost all other altcoins remaining bearish. However, the price made a big dip after the NFP data was published.

Fundamentally, the TRX will remain bullish but will possibly make a pullback to the 0.084459 support level before resuming the bullish trend.

TRON to Tether trade idea takeaways

The TRON has broken the bullish trend line and a potential bearish pullback will likely follow.
I am expecting the price will drop to the 0.0844 support level after retesting the 0.08885 resistance level.
Multiple take-profit levels have been added to secure profit along the way as the market can bounce back and hit the stoploss.
The risk-to-reward ratio on this trade is 1:4.0.
Good luck!

The post Potential reversal alert: TRX/USDT sell entry signal appeared first on Invezz.

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