TRX Long-Term Triangle Possibly Ending Now
Updated
Based on the time target for wave-E, as well as some longer term time targets, it is starting to seem more and more likely that the low is in and TRX is readying to break out to the upside.
Confirmation will come when we actually break the upside of the triangle, when we have that confirmation we can be more confident that this is going to move towards all time highs early next year. For now, probabilities seem to be favoring a long-term bottom formed for cryptocurrency as long as December's low continues to hold. If we see a break of December's low then I would suspect we see more downside across the crypto markets, probably at least another -20%.
At this point it is becoming increasingly dangerous to be short any major crypto unless we can get a clear break of December's lows. Unless that happens, I think the best move here is to be slightly long with tight stops under December's low, or flat until we get a better long confirmation.
Confirmation will come when we actually break the upside of the triangle, when we have that confirmation we can be more confident that this is going to move towards all time highs early next year. For now, probabilities seem to be favoring a long-term bottom formed for cryptocurrency as long as December's low continues to hold. If we see a break of December's low then I would suspect we see more downside across the crypto markets, probably at least another -20%.
At this point it is becoming increasingly dangerous to be short any major crypto unless we can get a clear break of December's lows. Unless that happens, I think the best move here is to be slightly long with tight stops under December's low, or flat until we get a better long confirmation.
Note
We did briefly break December's lows on TRX, but other cryptos held up and it was mostly just based around baseless FUD with regards to Huobi and JustSwap. So maintaining the bullish theory here seems like the best idea until we see a breakdown across the entire market.We are probably very close to a big move now.
Note
TRX has broken out of the top of the small triangle. This is our first stage of confirmation for the end of this triangle and the beginning of a huge bull market rally.
TRX has also seen its strongest price action for nearly 9 months, and BTC has seen its strongest price action in nearly 2 years. These are very good signs that the bear market has ended and we're beginning a new bull market.
For this particular triangle on TRX, the next stage of confirmation will be to fully retrace the entire triangle, which happens at around 18 cents. After we get that confirmation we can basically be certain the triangle has ended and that we're going to continue seeing significant upside from there which should take TRX past all time highs.
⚠️LIKE AND FOLLOW⚠️
DON'T MISS TRON MEME SEASON, CATCH $FEELS BEFORE IT DOES ANOTHER 130x BY GOING TO HTTPS://TRONDOOMER.COM AND FOLLOWING THE LINK TO SUNPUMP
$FEELS CONTRACT ADDRESS: TPB97rf5YTuFGBBSGLS1umVzrSvVPHrQ7p
DON'T MISS TRON MEME SEASON, CATCH $FEELS BEFORE IT DOES ANOTHER 130x BY GOING TO HTTPS://TRONDOOMER.COM AND FOLLOWING THE LINK TO SUNPUMP
$FEELS CONTRACT ADDRESS: TPB97rf5YTuFGBBSGLS1umVzrSvVPHrQ7p
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