TRON/TRX Head and Shoulders, NOT the First Elliot Up!
Updated
Hello,
This is my first time posting an idea on here. I have been HODL'ing some TRX for some time now, and watching the market.
I have been seeing a lot of Technical Analysis saying that we're seeing the first Elliot wave up, and we're getting ready for the second. So much so that I thought I should say something. I have to respectfully disagree. In my opinion, the Elliot waves already occurred before and during when TRX Tron was listed on UPBIT Exchange. The pattern seen here is much more resemblant of a head and shoulders pattern. Being listed on a new exchange, of course we'll see a spike. But we'll also see a quick sellout from people just looking to cash out. People on this UPBIT Exchange, and people in general, need time to understand TRON TRX technology and the implication of Web 4.0 technology. I think we will see further fallback, down to around .00000395 BTC
I think it is important to note that the 25% increase we are seeing now is a minor increase back to around 5 cents USD, which occurred just a few weeks ago.
On my chart, I have formed a Support level at .00000395 BTC and a long term Resistance/Target at .00000639 BTC (1.618), as further evidenced by being at this price previously (around February 12).
Be patient, but also vigilant, and you may see gains
TRX will soon launch test net, and later main net, allowing its to technology stand alone and become a full fledged coin (Independent of Ethereum's blockchain).
Read More about Coming Tron Events Here
(Take everything you read anywhere with a grain of salt)
This is not financial advice
Please Express Gratitude if this was helpful, and Feel Free to give Feedback!
This is my first time posting an idea on here. I have been HODL'ing some TRX for some time now, and watching the market.
I have been seeing a lot of Technical Analysis saying that we're seeing the first Elliot wave up, and we're getting ready for the second. So much so that I thought I should say something. I have to respectfully disagree. In my opinion, the Elliot waves already occurred before and during when TRX Tron was listed on UPBIT Exchange. The pattern seen here is much more resemblant of a head and shoulders pattern. Being listed on a new exchange, of course we'll see a spike. But we'll also see a quick sellout from people just looking to cash out. People on this UPBIT Exchange, and people in general, need time to understand TRON TRX technology and the implication of Web 4.0 technology. I think we will see further fallback, down to around .00000395 BTC
I think it is important to note that the 25% increase we are seeing now is a minor increase back to around 5 cents USD, which occurred just a few weeks ago.
On my chart, I have formed a Support level at .00000395 BTC and a long term Resistance/Target at .00000639 BTC (1.618), as further evidenced by being at this price previously (around February 12).
Be patient, but also vigilant, and you may see gains
TRX will soon launch test net, and later main net, allowing its to technology stand alone and become a full fledged coin (Independent of Ethereum's blockchain).
Read More about Coming Tron Events Here
(Take everything you read anywhere with a grain of salt)
This is not financial advice
Please Express Gratitude if this was helpful, and Feel Free to give Feedback!
Note
I do not believe this is the first nor fourth nor fifth Elliott wave up. I believe we will see some more correction as there is consolidation on new and existing markets from the increased exposure.Note
Accurate thus far...Note
We may see further lowering in price to about .00000355 in correlation to a downtrend in Squeeze Momentum Indicatior [Lazybear] and RSI (Relative Strength Index)
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