Hi friends! Welcome to this update analysis on TRON! Looking at the four hour chart, we can see that the failures at the 50 EMA (in orange,) have continued as anticipated. If you recall from two TRX/BTC posts ago, I said "If you'll notice, there is actually a pattern of fails and holds. We can see that each time the first "Fail" or "Hold" is posted, at least two more tests follow. If this pattern is to repeat itself, we can assume that TRX/BTC may test the bottom of the 50 EMA, a few more times, in the near future. We have one fail posted right now, so perhaps a few more tests occur, before we get a break to the upside, or a break to the downside." We can see that there have been numerous fails since then, as TRX/BTC is squeezed and compressed between the 50 EMA and the 200 EMA (in purple.) Looking at the MACD, we can see that it has stagnated with price, as the momentum indicator drifts sideways below the zero line. 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. Currently, we can see that TRX/BTC has actually slipped slightly below the 78.6% retrace, as it moves between the 50 and 200 EMAs. Given the fact that we are in a downtrend channel, in a bear market, failing to get above the 50 EMA, and closing in on overhead resistance (top of the channel,) the most probable direction is to the downside. That's not to say that a breakout above the downtrend channel isn't possible — it's just not the most likely outcome.
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.***
LOL.
I mean... lol, for real, about this coin pattern.
Good work. Lol.
Lol.
MagicPoopCannon
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@Giorgioversace, This pattern has allowed me to accurately project sideways price movement. I doubt you can find another analyst, who predicted this move as accurately as I did. My analyses have been more accurate than probably every analyst here. If you’d like to learn how to trade like a pro, please continue to be a loyal follower and commenter. Your contributions are greatly appreciated.
Giovi6969
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@MagicPoopCannon,
it's ok it's ok lol.
I stopped following Tron the day i realised it was just a scam after watching Justin Tron last live video where he was supposed to promote his coin and talk about the future of its business. What a pityful video, he kept on talking about nothing and looked like a bored kid with his too much money around.
The Tron stock crashed hard that day. Garbage.
UnknownUnicorn1182588
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thx for this analysis, the only thing i have to ask why you didnt draw triangle into your chart instead of the downtrend channel.
If you would do this the chance would be higher that it doesnt break down and gain momentum. thx
MagicPoopCannon
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@xyzj12, Thank you for the comment! I am aware that the rising lower support level is there, which would form a triangle. However, it's still significantly lower. I've excluded it, to avoid cluttering the chart. If we begin to move closer toward it, I will introduce it into the analysis.
-Magic-
sukritsachdeva
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so ill loose all my money in tron???? what do you sugest I do? as your forecast predicts it will most likely go south
OrunmilaDjehuti
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@sukritsachdeva, if you didn't set a stop loss you basically have 2 options: hodl and pray or sell for a loss. Selling for a loss is not advisable...but losing all your money isn't advisable either. Ultimately it's up to YOU to make the call.
AJKrypt
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@sukritsachdeva, that’s just one viewpoint. Another is that the money is already lost. No sense is staying in sideways movement. I jumped out to make some up in other coins while Tron just hangs. Keeping my eye on it. But it’s 150 sats loser than when I sold so to get back is already a win. Don’t follow blindly!
dido5555
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@AJKrypt, which one did you jumped on? I in the same position. Still have some profit on TRON but struggling to sell, hodl or invest in other coins.
AJKrypt
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@dido5555, took out 50% of my trx and have been all over with it. Currently in xlm and Vibe.
I mean... lol, for real, about this coin pattern.
Good work. Lol.
Lol.