MagicPoopCannon

The Moment We've Been Waiting For! TRON! (TRX/BTC)

BINANCE:TRXBTC   TRON / Bitcoin
To everyone who trades Tron             , the moment I've been talking about is upon us. If you remember from my last post, I said " Ultimately, I think TRX/BTC             will continue to trade sideways, until it hits the top of the downtrend channel . When that occurs, it will likely be forced to move in one direction or another. I would like to warn you, that when price action coils up like this, it can produce an explosive move. Think of it as a spring that is coiling tighter and tighter. The direction that it breaks, however, is yet to be determined." Looking at the chart, we can see that my analysis was very accurate. We have continued to trade sideways, and now TRX/BTC             is running into the top of the downtrend channel . The 50 EMA (in orange) has been like a ceiling that TRX/BTC             cant break through. Also, if you look closely, you can see that it has broken below the 78.6% retrace, and it has violated the 200 EMA (in purple,) weakening the supportiveness of that level. Ultimately, the best thing to do is let TRX/BTC             break out, and show us which direction it wants to go. Given the overall technical picture, I would imagine that we should get a continuation to the downside. However, we need to see confirmation of that, to know for sure. A breakdown will put the dotted support level in play, which rests around 380. A break to the upside, will put the 61.8% retrace in play, which rests around 928. As technical traders, who look for confirmation before placing trades, we need to see a confirmation breakout, in one direction or another. Once that occurs, we know what our upside and downside targets are. This is a bear market, so a break to the downside is to be expected.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
Nope. This coin is going back to 400 sats. Heavy ichimoku cloud resistance :)
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AlfredoCollado PRO AlfredoCollado
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My point of view is that currently the whales controls the market.. There are huge sell and buy orders between 575 and 605... This causes the price to seem as If it is consolidating. We just need too wait until the whales remove Their buy/sell walls.
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Diving towards 380. Can you confirm pleae
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Just wondering if the market crash due to the futures contracts expiring had more to do with this movement, than general market sentiment toward this coin? Not sure if TA can take the last 2or 3 weeks into consideration?
Interested to hear an experts analysis on this situation. :)
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DaniOnye kinga176
@kinga176, many believed this to be the case but i say futures had little to no effect on the down trend f crypto market. This is a yearly occurrence with bitcoin and alts have rcently boomed thanks to their mother bitcoin so when bitcoin has a major drop, majority of alts follow. Look at bitcoin over the past say 5 year comparison. Every January and may/june period there is huge bitcoin drop and then market recovers gradually after but for the most part the general trend is upward. So bitcoin falling was predictable imo if anyone has been following closely for a while now. Only thing i would say is bitcoin has fallen more than expected and many FUD from the orient played a part to the extra drop. Now tronix specifically has plenty of hype to it aswel so it rose quite a fair bit, so a great fall was inevitable. when it fell down to just under 4 cents if i remember correctly, that was right on one of the moving averages. Then it went up to 10 cents. Now slowly gone back down again and it will hit another moving average before heading up again. I would say the big rise we had to what 30cents had greatly to do with fundamental analysis, While its current movement is following technical analysis for the most part. But if we are to believe all the hype for tron then i would say great things are in store for it and i do hope they follow through and burn a good percentage of it so market value will be even better. I have holdings in tron for now as i am optimistic on its future movement.
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Are 50,200 EMAs and the MACD the most important indicators you use to read these charts or is it just TRX specifically? Love your analysis and it has helped a great deal in learning how to read charts.
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DaniOnye raph.trevisan
@raph.trevisan, i would agree but i also think other EMAs are important too like such as the 100, 20, 26, i also use 6, 14 and 21. There is RSI and Fibonacci retracement. :) to look at. Then when you have more time to learn something more complicated. Go for Elliott wave. There is a free book on elliott wave, google it to find it, some places try to sell it but you can get it free legitmately and it is very helpful. :)
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@DaniOnye, Hey I just found out how to find this comment. Thank you for responding!
I have been watching youtube videos everyday, focusing specifically on the RSI, MACD, moving averages.
I am going to look into the elliot wave and fibonacci, those two pop up a lot. Any advice on what else I should be looking at?
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Thanks
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