TRX/BTC Technical Analysis
The TRX/BTC pair is in the process of completing a saucer bottom, bullish reversal chart pattern. After consolidating for over four months at a key support level, it finally broke above the daily Ichimoku cloud on December 18th and reversed the future cloud to indicate further gains. Since then, the pair has crossed above one key Fibonacci level after another, bringing it to Tuesday’s test of the 50% Fibonacci retracement level which tracks the downtrend that started in May 2018 and bottomed in November.
This is a huge milestone as the 50% Fibonacci is generally known to be the toughest to break. With that, we may see a bit of consolidation or even a temporary pullback around this level in the medium term, before TRX price gets back on its uptrend. A temporary pullback could be considered a buying opportunity for those investors who have sufficient risk tolerance to weather the volatile crypto markets. Always remember to only invest the money you can afford to lose.