I'm on a highway to hell
With so much positive action going on in the space right now, it's hard to stay in any TRX position with the chart looking this ugly. Volume is anemic and the Jan push up was spurred by BTT hype. There aren't alot of tricks left up Justin Sun's sleeve and social media really destroyed him for screwing up a recent Twitter giveaway. The charts don't inspire confidence, neither does public sentiment.
The interior of my bands is the 20 ema and TRX consistently resides below that. And by consistently I mean ~200 days since Jan 18, 2018. It lives there. It has had two different periods of trading below the 20 ema for >30 days, and the first period was followed by more lows, and more trading below the 20 ema. Those periods are marked by the info indicators on the chart.
Currently the boll bands are opening up like a rattle snakes mouth injecting consecutive daily red candles that extend below the lower bands. This type of action kicked off the most recent downturn in Feb 19. If it blows through 500 sats, which I think it will, it has very flimsy support at 396 sats. If people are checking their blockfolio, and majors are posting moon candles everywhere, they're going to hate seeing Tron bleed out in their app. Their going to bail, and it will end up in a very critical zone marked in blue.
Personally I think the Tron, um, supporters will step in and guard that zone pretty well. 300 sats will probably bring a QE styled defense or we'll see a really odd string of announcements around then. If 220 sats fails, it's game over.
Full disclosure in that I held a position in Tron until I dove into this chart tonight. On Binance right now, 1000 tron will net you roughly 1.3 BNB. I'll check back in 6 months and see how this played out.
With so much positive action going on in the space right now, it's hard to stay in any TRX position with the chart looking this ugly. Volume is anemic and the Jan push up was spurred by BTT hype. There aren't alot of tricks left up Justin Sun's sleeve and social media really destroyed him for screwing up a recent Twitter giveaway. The charts don't inspire confidence, neither does public sentiment.
The interior of my bands is the 20 ema and TRX consistently resides below that. And by consistently I mean ~200 days since Jan 18, 2018. It lives there. It has had two different periods of trading below the 20 ema for >30 days, and the first period was followed by more lows, and more trading below the 20 ema. Those periods are marked by the info indicators on the chart.
Currently the boll bands are opening up like a rattle snakes mouth injecting consecutive daily red candles that extend below the lower bands. This type of action kicked off the most recent downturn in Feb 19. If it blows through 500 sats, which I think it will, it has very flimsy support at 396 sats. If people are checking their blockfolio, and majors are posting moon candles everywhere, they're going to hate seeing Tron bleed out in their app. Their going to bail, and it will end up in a very critical zone marked in blue.
Personally I think the Tron, um, supporters will step in and guard that zone pretty well. 300 sats will probably bring a QE styled defense or we'll see a really odd string of announcements around then. If 220 sats fails, it's game over.
Full disclosure in that I held a position in Tron until I dove into this chart tonight. On Binance right now, 1000 tron will net you roughly 1.3 BNB. I'll check back in 6 months and see how this played out.
Trade closed: stop reached:
Tron team came in and saved the day, printing an inverse h&a now