The Possibility of A New TRX Cycle is Increasing
Updated
I'll keep this short. I've nailed pretty much all the TRX moves since November. Links are at bottom. We did experience some further downside recently, but we're now back above the long term uptrend (green) after briefly falling below it. We've even tested it as support. One of my favorite bullish signals is when something breaks below support, only to get bought up again. Classic example of a bear trap.
Initial targets are in green X's, if we happen to push up from here. In order to reach those targets, we need to get back above the other uptrend (dark blue). Getting back above that blue uptrend is what signaled the beginning of the last run. If you look at the oscillators, they've ended their consolidation phase, just as they did during the last bottom against Bitcoin.
This is not financial advice. Just wanted to continue tracking TRX, since I've had fun charting it in the past. A bearish possibility exists if TRX cannot even get back above its previously broken uptrend.
-Victor Cobra
Initial targets are in green X's, if we happen to push up from here. In order to reach those targets, we need to get back above the other uptrend (dark blue). Getting back above that blue uptrend is what signaled the beginning of the last run. If you look at the oscillators, they've ended their consolidation phase, just as they did during the last bottom against Bitcoin.
This is not financial advice. Just wanted to continue tracking TRX, since I've had fun charting it in the past. A bearish possibility exists if TRX cannot even get back above its previously broken uptrend.
-Victor Cobra
Note
After the false breakout today from alts, TRX had headed back down slightly below the support. We need to see buyers hold the line, or alts may have to drop again. Note
There we go :)Note
As I've mentioned in my previous posts on TRX, the 430 area is very important (orange). That's what took TRX out of its accumulation phase during its last cycle. So far, it's very bullish that we've held it as support on this current pullback. Note
Back below the uptrend again. Won't be bullish until it gets back above. RSI is showing a decent divergence though. Note
Just a quick update - I did warn about the bearish possibility for TRX. This trade wouldn't have activated unless TRX held above the green uptrend or broke above the previous blue uptrend. Unfortunately there isn't much historical horizontal support below current levels (as with many alts). Except...this is the moment when the market will dictate which projects survive for the next cycle. If TRX (Justin Sun) continues to accumulate negative press, it may slide further on the rankings. Many alts from the previous cycle are back to the levels they were before December 2017. For TRX, that would be a massive fall all the way to 17 sats. This would probably happen IF the project collapses. I personally only traded TRX between October 2018 and January 2019. I bought between 250 and 350 sats and sold around 600, taking profits into NEO. Since then, NEO has performed better. My reasoning for this trade was partially due to the poor user interfaces for TRX wallets (was looking to store my various cryptos for the long haul). My entire test wallet with 10 TRX disappeared and that turned me off from the project. I had a much better experience with NEON and O3 for NEO/ONT. Rant over.
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