TRON / BitcoinLong
trx has some decisions to make soon..
Updated
in the battle between xvg and trx, xvg took a giant step foreward today.. dont be surprised to see a correction and those sellers to put their money back into trx. Tron is nearing a downtrend wedge and the rsi and macd are both threatening to reverse on the 1 hr chart. Major support at 465 and resistance at 485. More resistance at 505, 600, 625, 700.
After the testnet, tron showed classic "buy the rumor, sell the news". However, what has been lost in the downfall the last few days is that the testnet actually works.. and pretty well at that. Tron is still a long term hold (the white paper says 10 years) but with the main net coming in may along with the coinburn, it may be worth swing trading. It has some pretty strong support and resistance levels that tron is notorious in bouncing in between. My educational only advice is to wait until it closes and opens above resistance and support lines before making trades.
After the testnet, tron showed classic "buy the rumor, sell the news". However, what has been lost in the downfall the last few days is that the testnet actually works.. and pretty well at that. Tron is still a long term hold (the white paper says 10 years) but with the main net coming in may along with the coinburn, it may be worth swing trading. It has some pretty strong support and resistance levels that tron is notorious in bouncing in between. My educational only advice is to wait until it closes and opens above resistance and support lines before making trades.
Note
Note
it broke above the downtrend line but has consolidated back below it. Still have a few hours to follow the downtrend or break above it. If it breaks above it and follows the new uptrend, prices could soarHowever if it gets rejected we could fall down to 400. the MACD and RSI are completely stagnant right now so the next few hours are crucial. educational advice only is to wait to see what the macd and rsi decide to do.
Right now i like the 1 hour chart more than the 4 hour
Note
Note
trx is coming to another pivotal point. Its finding strong support on the 437 sats line which is helping form a wedge with the top of the descending trendline. This point will be reached in about an hour or 2. Ill keep posting updates after more candles have opened and closed. right now i'd say its 50/50 right now.
Note
Tron broke above the downtrend line. In my opinion it's heading to 465 1st.. it'll bounce in between that and 485.. as always do your own researchNote
Also be careful with selling @ 485.. trx broke through it like swiss cheese the other day
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