At the current state, TRON has broken the red uptrend pattern and is moving based on the yellow downtrend.
Tron did a nice bounce but was immediately followed by a huge resistance, which tells me that bag holders dumped their coin at the smallest profit. This is not a very good sign in my opinion.
I would personally avoid this trade, remain neutral, and wait a little bit to see if we actually reach bottom or not. If it breaks the next Fibonacci target, then we are heading towards an uptrend, so I definitely would not buy before this target is broken.
Fundamentally speaking, I never understood the hype behind TRX. Granted they got a charismatic leader and there are rumors about a possible Ali Express partnership, but the boost it got was irrational in my opinion. It is calming down now on the charts, and once we reach the bottom, this could bounce back nicely, or some news comes out and takes it back to its previous levels.
Recommendation : New investors : Don't buy yet. Holders : Keep holding, we are almost at the bottom anyways and selling now is not a smart strategy.
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The target we need to keep an eye on : 0.00001042
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Tron holding fib target really strong. Indicates a buy opportunity
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Right on the fib target. We wait and see, if you see it bouncing, buy, if it drops, it's going to drop to the lower fib
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Broke off the downtrend, bounced off fib level perfectly. Room to grow, but will trade between both fib channels for now
I think a lot of hype and backing of this coin are based off its acceptance or hopefull acceptance by both the government and people of China. I do own a little bit and would love to see it hit .3 again but it may take awhile.
Zebre_Trader
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@teqnickel, Thank you for this information. I will read a bit more about it I did this TA based on my follower's request so I am definitely an outsider looking at the chart. You can be assured as a holder that we are near the bot, but for new investors, this can still drop, and we're waiting to see where this goes so we can have a good entry point and maximize our profits.
crypto_rse
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Isn't this a bullish flag? I guess the indicators aren't bullish enough?
Zebre_Trader
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@rsedaaghi, Data is not enough yet. That's why I remain neutral for this trade. It could be a dead cat bounce, I cant advise my followers to take a risk on this one.