TRON!!! Where Are The Supports? Whats Going On? WHAT DO I DO!?!?
Updated
(The analysis is down below, Read for priors)
Hey guys, I'm back with a better analysis of my favorite coin TRX/ETH and like everyone else, I was confused this morning waking up to TRX/ETH being up 33%. While I have nothing against TRX/ETH being up, WE have to understand why. First thing I do is check Twitter and there you have it Justin Sun, my main man, the legend, the one man army, tweets,
"#TRON is listed on @BithumbOfficial @Bithumb_Korea Welcome trading #TRX in bithumb.com"
But that's not all, there more.
"TRX/KRW trading pair is now available in @UPbitExchange."
This is the Creme-De-La-Creme. The Finger Licking Good News.
He finally got a TRX/ETH to fiat trading pair on a PROMINENT Korean Exchange, UpBit! Now we're not talking some small money here because this is the real deal. How real? Well TRX/ETH is the third most traded coin as of writing this, 200m shy of taking down TETHER! Basically, he just added 500 MILLION dollars to the liquidity of TRX/ETH and placed it as a prominent coin. Not one that jumps up 60% and then gets hit by a 51% attack on its mining. (Ya its a rip, take it as it is).
But let's get into the meat. After all, we are traders here and not blind to the market. So let's look at the technicals. (I mainly use Japanese Candlestick Charting with Western Technicals)
First off, right off the bat. We have a VERY STRONG Resistance at the .000012xxx/ETH exchange rate. The first time we tried taking it down we developed an Evening Star Pattern on the candlesticks and immediately after we also developed a Bearish Engulfing Pattern on the candlesticks which were not good signals and they subsequently became a SELL indication. It brought us down to around .00008xxx, where we got a clear Hammer, a buy signal, and created a support which was confirmed last night with the Morning Star Pattern. Together, these patterns confirmed a short-term support around the .382 Fibonacci Retracement. Cut and Dry these are simple techniques that I use to see where the resistances and supports lie.
So this is what happened, Now let's try to look at whats going to happen.
So there are a few scenarios. First off, the volume is shrinking, meaning we are losing buying pressure since the pump and we may see a sell-off in the near future. While writing this there also seems to be a confirmation of the Evening Star Pattern, a sell signal, the pattern being a Green bar followed by a bar (could be buying or selling) that doesn't close at the top of the real body followed by a Red bar that closes into the previous Green body. There's also a highish RSI. Generally, this indicates a reversal, so watch out. But, where will we reverse too? The answer is we wait for the confirmations. If we see a pattern and it confirms then we can buy and sell based on these patterns. TRX/ETH has its supports, which are indicated on the chart, so you have to watch for those to be key indicators for major movement. My best guess would be that if we drop down, we will probably see the bottom of the uptrend channel at around .00084xxx. and if we are able to hold great but if not then we will have lower lows. Personally, I would rather go sideways and maintain our exchange rates than risk dropping up and down too quickly, creating more unnecessary volatility.
In addition, if you're a hodler that's fine by me. I honestly don't think you'll lose out by holding until May 31 and this is just a short-term analysis. Hold and you'll be fine too.
See you later, and if you liked my analysis give it a Thumbs Up. It's Much appreciated. Comment below! THANK YOU!
Hey guys, I'm back with a better analysis of my favorite coin TRX/ETH and like everyone else, I was confused this morning waking up to TRX/ETH being up 33%. While I have nothing against TRX/ETH being up, WE have to understand why. First thing I do is check Twitter and there you have it Justin Sun, my main man, the legend, the one man army, tweets,
"#TRON is listed on @BithumbOfficial @Bithumb_Korea Welcome trading #TRX in bithumb.com"
But that's not all, there more.
"TRX/KRW trading pair is now available in @UPbitExchange."
This is the Creme-De-La-Creme. The Finger Licking Good News.
He finally got a TRX/ETH to fiat trading pair on a PROMINENT Korean Exchange, UpBit! Now we're not talking some small money here because this is the real deal. How real? Well TRX/ETH is the third most traded coin as of writing this, 200m shy of taking down TETHER! Basically, he just added 500 MILLION dollars to the liquidity of TRX/ETH and placed it as a prominent coin. Not one that jumps up 60% and then gets hit by a 51% attack on its mining. (Ya its a rip, take it as it is).
But let's get into the meat. After all, we are traders here and not blind to the market. So let's look at the technicals. (I mainly use Japanese Candlestick Charting with Western Technicals)
First off, right off the bat. We have a VERY STRONG Resistance at the .000012xxx/ETH exchange rate. The first time we tried taking it down we developed an Evening Star Pattern on the candlesticks and immediately after we also developed a Bearish Engulfing Pattern on the candlesticks which were not good signals and they subsequently became a SELL indication. It brought us down to around .00008xxx, where we got a clear Hammer, a buy signal, and created a support which was confirmed last night with the Morning Star Pattern. Together, these patterns confirmed a short-term support around the .382 Fibonacci Retracement. Cut and Dry these are simple techniques that I use to see where the resistances and supports lie.
So this is what happened, Now let's try to look at whats going to happen.
So there are a few scenarios. First off, the volume is shrinking, meaning we are losing buying pressure since the pump and we may see a sell-off in the near future. While writing this there also seems to be a confirmation of the Evening Star Pattern, a sell signal, the pattern being a Green bar followed by a bar (could be buying or selling) that doesn't close at the top of the real body followed by a Red bar that closes into the previous Green body. There's also a highish RSI. Generally, this indicates a reversal, so watch out. But, where will we reverse too? The answer is we wait for the confirmations. If we see a pattern and it confirms then we can buy and sell based on these patterns. TRX/ETH has its supports, which are indicated on the chart, so you have to watch for those to be key indicators for major movement. My best guess would be that if we drop down, we will probably see the bottom of the uptrend channel at around .00084xxx. and if we are able to hold great but if not then we will have lower lows. Personally, I would rather go sideways and maintain our exchange rates than risk dropping up and down too quickly, creating more unnecessary volatility.
In addition, if you're a hodler that's fine by me. I honestly don't think you'll lose out by holding until May 31 and this is just a short-term analysis. Hold and you'll be fine too.
See you later, and if you liked my analysis give it a Thumbs Up. It's Much appreciated. Comment below! THANK YOU!
Note
So far I was correct and we reached the bottom of the uptrend channel right at .00084xxx and immediately after popped right back up to around .0009xxx where we are right now. This followed the Evening Star Pattern which I warned about on Thursday. If somebody wants another update then hit the like button or comment below thank you.
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.