The amateur's take on TRX!
Updated
Hello everyone :)
Although lately I haven't really been feeling this coin much anymore, thought I'd try my hand at some macro analysis on it.
On the 2W time frame, I believe Tron may be printing a massive symmetrical triangle, the apex of which is in the beginning of 2020.
For now, I believe tron is slowly beginning to shift momentum to the buyers side.
Not only is Tron very near the .786 retracement, it is also entering territory that was once extreme resistance prior to lifting off in late November.
There is bullish divergence in the RSI that has been established on the daily time frame.
4h, 6h and below on the MACD are showing a bullish cross.
Macro timeframe as shown here is showing hidden bullish divergence.
StochRSI is showing this is getting close to a prime buying zone.
Volumes are pitiful, which is the perfect time to start accumulating.
I have been watching Bitmex order books and it seems pretty obvious big whales are beginning to accumulate.
These signals are all coming at the same time as Tron nearing the .786 Fib retracement.
Also, take a look around the TV homepage for TRX, it becomes clear that the bulls are hungry and getting ready.
There are buy zones marked on the chart, fairly self explanatory.
I took a small long today to catch a small bounce before Tron finishes it's downward trend.
I am currently aiming for a bounce to between 420 and 450 sats where I will close my position, if it gets that far.
GL!
Although lately I haven't really been feeling this coin much anymore, thought I'd try my hand at some macro analysis on it.
On the 2W time frame, I believe Tron may be printing a massive symmetrical triangle, the apex of which is in the beginning of 2020.
For now, I believe tron is slowly beginning to shift momentum to the buyers side.
Not only is Tron very near the .786 retracement, it is also entering territory that was once extreme resistance prior to lifting off in late November.
There is bullish divergence in the RSI that has been established on the daily time frame.
4h, 6h and below on the MACD are showing a bullish cross.
Macro timeframe as shown here is showing hidden bullish divergence.
StochRSI is showing this is getting close to a prime buying zone.
Volumes are pitiful, which is the perfect time to start accumulating.
I have been watching Bitmex order books and it seems pretty obvious big whales are beginning to accumulate.
These signals are all coming at the same time as Tron nearing the .786 Fib retracement.
Also, take a look around the TV homepage for TRX, it becomes clear that the bulls are hungry and getting ready.
There are buy zones marked on the chart, fairly self explanatory.
I took a small long today to catch a small bounce before Tron finishes it's downward trend.
I am currently aiming for a bounce to between 420 and 450 sats where I will close my position, if it gets that far.
GL!
Note
MiniLarge
Okay, so bear with me here. This is risky to post on here, but this is my thought process behind why I chose this trade. Aside from the technicals and candles aching for a bounce, I've noticed there is a possible HUGE trade at play here if you take a hit of my hopium pipe.
One that could produce a 100-200% gain or more with 5x leverage on Bitmex.
Right now Tron seems to be consolidating in a symmetrical triangle which is forming in a new slight uptrend. Aside from that, Tron *COULD* be forming multiple inverted head and shoulder patterns, which if confirmed could send Tron on a bounce as high as ~540 sats. POSSIBLY even higher.
Take a look at my mini trade screenshot, then look at the large one. If these IHS patterns activate Tron could see a very substantial pump in the coming weeks.
I will be managing this trade carefully, as I'm sure there will likely be liquidation attempts for late longs.
If somehow I hit this on the head with my targets, this could end up being a massive trade.
GL.
Note
Zoomed out.
IF. This could be huge.
Note
More hopium: 30m RSINote
Yeet. Tron obliterated short-term resistance. FeelsGoodMan.7D MA is holding as resistance at 420 Sats.
If Tron can hold support around ~405 Sats or higher, it could form a right shoulder, then re-target the neckline at 420 sats to complete the pattern. If 420 is hit and held, the target is 450 Sats.
If it gets THAT far, the target could take Tron to another possible (and much larger) IHS neckline around 450 Sats.
We'll cross that bridge if we come to it.
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