Need to see several things happen to validate a breakout to the upside:
1) closed candle above 0.5 fib retrace
2) more convincing bull
3) more green candles
4) Continue holding above 61.8 fib support (golden ratio)
5) cross signal
I'm in the trade and have a stop-loss at 774 Sat
1) Broke the support at .618
2) Did not close a candle above the 0.5 fib line until after we went below 0.749
3) The engulfing bull green candle lacked conviction -- it was complemented with low volume. Bulls were not turning this around
TRXBTC is now in a consolidating pattern with several inside bars following the engulfing bull candle.
Interesting to see if we will see bulls turn this around, or if we're due for a short-term bear run.
I share some of the very same fundamental concerns that others have brought up:
- Why not write your own whitepaper? Why plagiarize from others?
- Why outsource code work? Are you incapable of making your own contributions to the project using your own team?
Nonetheless, the project is overhyped, and it's a great time for traders to take advantage of the swing in sentiment.
I'm positive as more and more good news comes out, we're going to see the price bump up. Tron is a phenomenal marketing machine and will keep doing what they do. It's an opportunity for others to make money.
If others believe in the project, all the more power to them! It is a good idea, but doesn't settle well with me. I'd rather look at other projects, and put my long-term holds there instead :).