Sell below 10478. Stop loss at 11223. Take profit at 9328. Reason for the trading strategy (fundamentally): There continues to be more negative news surrounding Bitcoin and cryptocurrencies as a whole than positive ones. The latest one being the U.S. District Court issuing a temporary restraining order (TRO) freezing BitConnect’s assets as a second lawsuit was filed against the cryptocurrency exchange and lending platform. It now requires the parties to disclose cryptocurrency wallet and trading account addresses, as well as the identities of whom BitConnect has sent digital currencies within the last 90 days. This comes with increasing allegations that the entire exchange is a Ponzi scheme. This big news event has rocked the Bitcoin and cryptocurrency community leading to increasing bearish sentiments surrounding it. Reason for the trading strategy (technically): Bitcoin continues to test our major major psychological level of 10,000 (also a corresponding horizontal swing low support level). We remain bearish looking to sell below 10478 resistance (horizontal overlap resistance) for a further push down to major support at 9328 (Fibonacci extension, horizontal swing low support). RSI (34) remains under heavy bearish pressure with our descending resistance line.
Thanks for the quality chart love it!
Is tron dead? Not great at chart reading myself sad face lol
Twitchfingerz
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@crypto_ham, I doubt it is dead but in my opinion it got pretty inflated too quickly. It is a very long project that will take many years until it is put to use. IMO Justin went too heavy on marketing too quickly. I doubt it is dead though, it has a good team and good advisory board but at this stage in its life cycle it doesn't deserve to be in top 10-20. My 2 cents.
crypto_ham
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@Twitchfingerz, I really appreciate your reply thanks man!
Twitchfingerz
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@crypto_ham, no problem. I haven't been in the game all that long so I wouldn't take my comment as firm advice but I have noticed that cryptos are just too vulnerable to the pump and dump. Which sux for projects that are really worthy of steady gains like Tron. A long term holder for sure i reckon.