Tron -- RSI near historic low -- Re-Accumulation time
It's worth standing back and looking at the big picture with Tron. This last decline from January showed a lot of sell-off.
First of all: The RSI is near historic lows (it has only been lower once before, in August after Bitcoin's fizzle-run up to $8,000). Whether you accumulate here or wait for it to regain the low 500's is up to your accumulation strategy. Accumulating here is probably a bet on Bitcoin moving down slowly (as opposed to quickly) over the next few weeks to find support in the $4,200-4,800 range.
Secondly: The MACD looks to be curving up.
If Tron ends up ranging over the next several weeks until BTC settles down for a confirmed support, this TRX range could be anywhere in the 350 - 450 area. If you accumulate now, be prepared to range this area. If BTC falls too quickly through, say, $4,600, or if it fails to show solid confirmation of support above $4,200ish, this entire previous accumulation range could break down. That could lead to a fall down in the 300-250 area, or a devastating fall down below that--25 sats. This would only be imaginable if there were a market-wide melt-down.
First of all: The RSI is near historic lows (it has only been lower once before, in August after Bitcoin's fizzle-run up to $8,000). Whether you accumulate here or wait for it to regain the low 500's is up to your accumulation strategy. Accumulating here is probably a bet on Bitcoin moving down slowly (as opposed to quickly) over the next few weeks to find support in the $4,200-4,800 range.
Secondly: The MACD looks to be curving up.
If Tron ends up ranging over the next several weeks until BTC settles down for a confirmed support, this TRX range could be anywhere in the 350 - 450 area. If you accumulate now, be prepared to range this area. If BTC falls too quickly through, say, $4,600, or if it fails to show solid confirmation of support above $4,200ish, this entire previous accumulation range could break down. That could lead to a fall down in the 300-250 area, or a devastating fall down below that--25 sats. This would only be imaginable if there were a market-wide melt-down.
Comment:
Red circles -- are we going to repeat the Aug. and Sept. bottoming here in this new range?
Comment:
Fractal? Bull flag in the RSI...