Possible trade setup on TrxUSDT

Its a very wonderful day for me to share not only my thought on TrxUSDT but also a possible trade on my demo account if am being triggered.

I did a top-down analysis on the price of trx and from the daily to the 4hourly and potentially the 15min for possible entry.

Below I will be sharing chart and my thought and the reason for possible entry on a long if things play out accordingly.

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As we can see clearly from the image above that's on the daily timeframe on the price of TrxUSDT.

The price has been coming down for a while now and it's now currently testing a previous resistance level turned support at around $0.8611 price level and interestingly enough if we observe keenly also we could notice a daily order block slightly below the now support level.

And from the chart there as I was observing was price touch that previous resistance level turned support the bears start losing strength almost like the bulls step in to defend that level as new support, when I notice that this $0.08611 level is probably an interesting place I head down to the 4H.

On the 4Hour i observed that in that support level on the daily timeframe there is an order block too on the 4H around that level adding further confluence that the resistance turned support on the daily may likely hold price and possibly push it up from here.

Ofcourse if price were to push up from here I will likely target the first high on the 4H around the $0.08892 level as my area of possible take profit or price target in the immediate short term, bit ofcourse for a chance of possible entry to ride price up there I had to go down further to the 15min timeframe for an entry opportunity.

Here on the 15min I notice that price is forming a possible w pattern around that level and it's testing the neckline resistance upon which if it breaks I will possibly enter either on the retest of that level or on the order block that broke the neckline with stop below the low and the next high on 4H as next target which if it plays out like this will give a 1:5 RR which is not bad at all for one trade.

This is my analysis and thought, and will only possibly enter only if the breakout of this w pattern happens on the 15m.

Thanks for reading through, each one should do their due diligence as this is not a financial advise but merely my thought and for entertainment purpose everyone has the right to do what they want with their funds.