TRX/ETH
Updated
Tron hitting some lows against eth. I made the swap today after taking gains on eth from 740 to 1,410 since eth has been feeling toppy to me and i suspect a double top here before a large retracement. I plan to hold until we see what the bounce is like from this trend line and if we can see some of the same volume we had the past week. I feel pretty good about this entry point on the pair but full disclosure i do plan to switch this portion of my investment back to eth during it's retracement.
Note
Not really sure how to edit this chart to show the new channel so I'm just going to create a new chart and reference back to this comment. The downward trend we are in continues this week but we did have a nice volume spike at todays bottom are 4939. The top of the shorter channel (indicated by the blue highlight) is in a different color because it swivels alone the two points to indicate the severity of the down trend. I like to add this in just as a reminders on these larger downtrends. In the update you should see many of the same lines with an adjustment to the lower trend line of the wedge. I suspect it will shift the wedge into more of channel. As for the trade itself; I did have an order to swap from trx to xrp when it neared 1.55. While it hit the buy target trx did not hold up well enough to justify the switch. There's a ton of FUD out there these last few days about the head of trx and their white paper. I'll just say this, I can't read the language it's in and I have no idea if any translation I've seen is accurate or not. From what I have read, they will be putting out their own translation once their Canada office is open. I know the news about the plagiarism has been out there for a while but the news has really spiked these last few days. Usually when I see FUD spike I start to look for entry points or decide my time to get out has passed. I don't like to sell into peak negative sentiment. I feel the same away when the sentiment is overwhelmingly positive, I don't like buying at peak positive sentiment. Keep in mind that both this position is roughly 20% of, and the most speculative part of my crypto portfolio.
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