Tron TRX/USDT - Bear Flag - Break may be imminent
Tron is very likely in its final moments of a bear flag continuation pattern.
By taking the pole of the previous big move down, one can assume that it will go as far down as the low 4 cents.
Personally, I am calling this the floor. After this final move down to that low 4 cent range, Tron will not go below it, possibly for the rest of the year. This will be my buy zone and I will hold long.
4 cents is also the price at which Tron was right before its big December move up to all time highs. So the most likely scenario is that it will simply return to its mean level before the big move, and nothing lower.
From its current price point, 4 cents is about a 30% move down!!! A move like this usually doesn't happen to just one coin unless there is some major bad news that comes out directly to that coin, soooo, I am willing to bet that the rest of the crypto markets are also just about to take a nice hit too.
Personally, I am currently all on USDT until the markets figure out what they want to do.
Comment:
***Correct chart to last post
Comment:
Support was broken, Bear Flag confirmed.
And just like I said, a move down this big is a good indicator of where the entire crypto market is heading. The rest of the crypto market did break all supports as well and all cryptos did go down. Some more than others.
Tron's RSI is oversold, but you never go in on a coin on its first initial oversold move. You buy in when it moves down further but the RSI does not go down as it did previously, this is a Bullish Divergence, and it the absolute best time to get into any market.
Tron still has a good way to go to my projection, but notice is stopped on that first Fib level. If it makes the next move down, the next Fib level is not a support, and will likely not bounce for long, and go down to my target level of about $0.04
I'm just going to be patient on all coins for now.
Im looking at Verge too by the way. It was one of the coins that did not get hit as hard. Probably since its been getting rekt for the past month so it reached its floor sooner than all other coins.
And just like I said, a move down this big is a good indicator of where the entire crypto market is heading. The rest of the crypto market did break all supports as well and all cryptos did go down. Some more than others.
Tron's RSI is oversold, but you never go in on a coin on its first initial oversold move. You buy in when it moves down further but the RSI does not go down as it did previously, this is a Bullish Divergence, and it the absolute best time to get into any market.
Tron still has a good way to go to my projection, but notice is stopped on that first Fib level. If it makes the next move down, the next Fib level is not a support, and will likely not bounce for long, and go down to my target level of about $0.04
I'm just going to be patient on all coins for now.
Im looking at Verge too by the way. It was one of the coins that did not get hit as hard. Probably since its been getting rekt for the past month so it reached its floor sooner than all other coins.
Comment:
Tron blasted right through that 0.0473 level
Tron blasted right through that 0.0473 level
Comment:
Almost at my target.
I hope that this TRX does not take any short term bounces and just goes straight to my target level quickly. Reason: if there are any small bounces, it will only allow the RSI to take a small break and will only reset it for even further downward movement.
I am keeping a super close eye on all coins right now, but with great caution. I am not expecting a dramatic bounce back. We are not in a bull market. Had we been in a clear bull market, a nice big bounce would be expected. This just isn't the case.
Safest bet is to simply HODL your USD (Fiat).
Almost at my target.
I hope that this TRX does not take any short term bounces and just goes straight to my target level quickly. Reason: if there are any small bounces, it will only allow the RSI to take a small break and will only reset it for even further downward movement.
I am keeping a super close eye on all coins right now, but with great caution. I am not expecting a dramatic bounce back. We are not in a bull market. Had we been in a clear bull market, a nice big bounce would be expected. This just isn't the case.
Safest bet is to simply HODL your USD (Fiat).
Trade closed: target reached:
Target reached, but I will continue to update as I get the feeling this down trend may not quite be over. Looking good right now though.
Target reached, but I will continue to update as I get the feeling this down trend may not quite be over. Looking good right now though.
Comment:
If you have been following this idea to the T, then at this point you have made yourself a solid 10% Gain.
Sell now, 30 Min RSI just made a bearish divergence, and the crypto markets are due for a correction. Be happy with your short term gains.
My graph shows you what I personally am expecting of the next few days.
I do not believe we are out of the greater bearish trend, but we will be setting up a nice week of up and downs. This may likely be a Bear Flag Continuation just as where we started about a week ago before the big down movement.
If you haven't sold, start looking at your indicators (such as RSI on the short term charts).
I am expecting Tron to return to that fib section on the lower $0.04
If you have been following this idea to the T, then at this point you have made yourself a solid 10% Gain.
Sell now, 30 Min RSI just made a bearish divergence, and the crypto markets are due for a correction. Be happy with your short term gains.
My graph shows you what I personally am expecting of the next few days.
I do not believe we are out of the greater bearish trend, but we will be setting up a nice week of up and downs. This may likely be a Bear Flag Continuation just as where we started about a week ago before the big down movement.
If you haven't sold, start looking at your indicators (such as RSI on the short term charts).
I am expecting Tron to return to that fib section on the lower $0.04
Just a closer view of the chart.
If you would like to follow the Fib table, use the following numbers...
Price 1 (0.0) - 0.03059843
Price 2 (1.0) - 0.07432153
I do check the box for "Reverse"