Looking for the big short
Updated
We've come to the very end of this crypto cycle, market makers have begun distributing the coins to the retail. I am going over the charts and trying to figure out what token carries the best R:R reward with a short position. TRX and SOL seem like the best candidates, but TRX has an edge, as litigation against the organizer of this scheme will likely start soon. The legal process against J. Sun and his criminal enterprise will surely spook many who have investments in TRX and a myriad of other tokens revolving around J. Sun.
With this short, we are looking at a classic FOMO setup which has trapped many bulls at these inflated prices, many with high leverage. Indicators are already showing that distribution is ongoing as market maker have started to sell, and bulls have not been able to pass the 0.107 resistance for a month now while the volume declines. All factors show a high potential in a short position.
This alone should cause a correction and leverage the market to at least 0.0825 USDT per token. However, as mentioned before, there is a high chance of legal action against the organizer of this crypto scam and that could cause a deeper correction. If this does happen during the December, TRX could correct down to 0.06250 - which is indeed a target price for this trade.
Stay safe and on high alert, this is a highly manipulated market and many exchanges are business partners with J. Sun and his criminal venture.
With this short, we are looking at a classic FOMO setup which has trapped many bulls at these inflated prices, many with high leverage. Indicators are already showing that distribution is ongoing as market maker have started to sell, and bulls have not been able to pass the 0.107 resistance for a month now while the volume declines. All factors show a high potential in a short position.
This alone should cause a correction and leverage the market to at least 0.0825 USDT per token. However, as mentioned before, there is a high chance of legal action against the organizer of this crypto scam and that could cause a deeper correction. If this does happen during the December, TRX could correct down to 0.06250 - which is indeed a target price for this trade.
Stay safe and on high alert, this is a highly manipulated market and many exchanges are business partners with J. Sun and his criminal venture.
Note
2w charts offers a very clean look of the situation tradingview.com/chart/4rBh1BUo/?symbol=CRYPTOCAP:TRX
Trade active
Note
Strong bearish divergence continues, eventually the rug will be pulled from beneath this price level and it will nuke down.
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