Short

TRX/BTC upward trend ending, reversal about to start (Short)

Updated

Three reasons why this is not a temporarily retracement:

1 Daily time-frame divergence, higher highs with volume and RSI declining significantly;
2 Price getting closer to ATH with significant resistance above (red area);
3 BTT ico about to end at Jan 28, Tron holders who didn't get the chance to participate will dump.

Hint: BTT airdrop is not significant enough to support price even further, especially when BTT goes listed on exchange, soon will be priced in.

Mid-To-Long Term Price Target: 0.618 Fib Level, green area, roughly 0.00000500-0.00000550

There may be another going up if we do see "Chinese New Year Calendar Effect" (Market going up) , so don't put on high leverage.

Note

BTT is to be listed on Binance on Jan 31, here is the effect on TRX price: Since BTT airdrop will take place on Feb 11, higher price of BTT will help boost TRX once more. But this does not change mid-to-long term 500-550 sat target

Note

The LTC pump finally brings the late "Chinese New Year" Bounce, and it's a relief, actually to all the traders who wanna short the market till reach the final bottom, as the higher BTC goes, the more confidence we have in shorting it when it loses momentum, let's target 3900-4000 dollars for bitcoin and roughly 50 for Litecoin.

But we can also see, in this pump, altcoins are not following, "alt/btc" trading pairs, actually decline, TRX/BTC is one of the examples. We still hold mid-to-long term 500-550 sat target, and when BTC started to go down, "alt/btc" pairs would go down even further.

Wait patiently.

BonnaZhu

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.