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.***
Basicly you are sayig that TRX can go up, down, or sideways. How is this a TA at all? LOLLL
UnknownUnicorn1369297
⋅
@BatterT, "let it breakout and show which direction", "need to see confirmation to confirm", "this is a bear market, break to downside is expected"
MagicPoopCannon
⋅
@BatterT, Professional traders know how to find targets and react with the markets. I've accurately told you in the last two posts, that sideways action was the most likely outcome. Now that it's happened, I've told you to watch for the confirmation, so that you can place your own trades. The problem is that noobs want to be spoon-fed analysis, without learning how to place educated trades on their own. I'm trying to educate you, on how to make your own decisions. That is detailed in the disclosure at the bottom of every one of my charts. Good luck trading.
@MagicPoopCannon, EVery Alt is stuck or goign sideays because BTC is doing this. Every Alt follows BTC. So when BTC goes up, TRX will go up. Simple.
MagicPoopCannon
⋅
@BatterT, In the past week, BTC has gyrated between $13,000 and $10,000 — 25% price swings. Tron has hardly moved. Stellar, Monero, and many other alts are highly volatile at the moment. You should probably revisit your charts.
wade.montague
⋅
@MagicPoopCannon, I find your TA invaluable and although I don't always act on it directly. It's one of the many outlets I keep and eye on. Retrospectively holds a great deal of accuracy. Saying something is too muddy to call, is a good call in itself.
Keep it up and many thanks.
MrRenev
⋅
@MagicPoopCannon, You've been "the magical overseer" that predicts the future in your last posts thought, rather than provinding intelligent TA so people can react to the market.
Can't be surprised they expect magical future telling.
tailsfromthekrypt
⋅
@BatterT, did you not read the whole post? Yes it can go up down or sideways but with a “break to the downside expected”. TA is a tool used to predict possible scenarios.
If you want a sure thing there’s a magic 8ball up my a**.
BatterT
⋅
@tailsfromthekrypt, Teach me sensei, I want that 8 ball up me bumm yes pleaseeeeee