TRX/USDT - Potential Short Setup
2024-11-03

🔍 TRX/USDT - Potential Short Setup 📉

Timeframe: 4H
Current Price: 0.1662 USDT
Trade Type: Short

Chart Analysis: As we analyze the TRX/USDT chart, we can observe a developing ascending wedge pattern. The price has been moving upwards, testing the upper trendline, which suggests a potential reversal.

Resistance Level: The recent high at around 0.1670 has acted as a key resistance, where we see price stalling.
Support Level: A strong support area is visible around 0.1650. If this level breaks, we could see a sharper decline.
Trade Setup:

Entry Point: Consider entering short near the resistance level (0.1670).
Stop Loss: Set above the recent high, around 0.1680 to manage risk.
Take Profit: Targeting the support level at 0.1600 to secure profits as we anticipate a pullback.
Volume Analysis:
Notice the increase in volume during the recent price action, which typically supports a potential reversal.

Conclusion: The confluence of the ascending wedge and resistance level presents a favorable short opportunity. As always, ensure to manage your risk appropriately.

Happy Trading!