Hi friends! I'd like to welcome you to this update analysis on TRON! This one is truly epic! If you recall from my last post, titled "Bears Gnaw Tron's Bones, In Slow — Agonizing Ingestion" I told you this...
"If you'll notice, there is actually a pattern of fails and holds. We can see that each time the first "Fail" or "Hold" is posted, at least two more tests follow. If this pattern is to repeat itself, we can assume that TRX/BTC may test the bottom of the 50 EMA , a few more times, in the near future. We have one fail posted right now, so perhaps a few more tests occur, before we get a break to the upside, or a break to the downside."
Looking at the chart, we can see that three more fails have followed, after the first failure to get back above the 50 EMA (in orange) — exactly what we were looking for. So, where do we go from here? TRX/BTC appears to be heading lower, but it could remain trapped between the 50 EMA, and the 200 EMA (in purple.) To be certain, I would look for a break of either moving average, to determine the forward path of trading. The MACD is flattening out, but bearish volume is starting to pick up. Also, continuation selling is beginning to reemerge in the crypto space, which could put pressure on TRX/BTC. A break below the 200 EMA, should produce a fall down to about the 380 level. Below there, TRX/BTC could fall to the bottom of the falling parallel channel. Keep an eye on those moving averages, and stay safe traders!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
@deepmaniyar, moving average that takes more into account the recent prices. A normal MA uses all prices equally.
abethebabe
⋅
Noob here - first of all, thanks for this analysis. I'm very into Tron and was curious to know where it's headed. Especially bc, like an amateur, I lost alot of my position day trading and missed the surge to 2000k sats and then again during this market correction. Simply hoping now to recover and buy back super low after putting my coin into USDT until the correction reaches a bottom.
This all said, you mentioned it could hit down to 380 and then that if it breaks that, it could fall to the bottom of the parallel channel - do you mind illuminating this novice wizard as to what the parallel channel is in this context? Does this mean we could see TRX at 188 on Jan 24 (under this scenario)?
THANKS!
OrunmilaDjehuti
⋅
Why do the bears have so much market control right now? It looks like they're killing this coin LOL
JustinGarcia
⋅
@OrunmilaDjehuti, well its a sh!tcoin without an actual product and overvalued with a 10 year long term plan. why should it be worth billions :D
Williebeamin
⋅
@JustinGarcia, noob quesiton but is shitcoin the name given to any coin w out actual product/ services yet or u just calling it ashitcoin just cuz
JustinGarcia
⋅
@Williebeamin, Please tell me what makes it worth 10-20 billion at one point compared to other promising coins? Justin Sun? Well he hypes news like a marketing man parterns with a company thats already partnered with qtum. has a 10 year long roadmap to a product. without a full dev team or actual direction. That is what i call a shit coin. until it proves to bring something new of value to the cryptoworld.
I have no direction i created a possible flimsy idea and market it without a solid dev team with a goal. is my product worth 10-20 billion or do i have to prove my worth. through time and effort
OrunmilaDjehuti
⋅
@JustinGarcia, I don't give a damn whether the coins are worth anything or not in the long term. As long as I can make money off them it doesn't matter to me. I made a 5x off of Tron and I knew nothing about TA at the time lol.
@JustinGarcia, well,it seems you dont even know when company started,TRX is a 3-4 month old company that was in top 10 and top 20 coins in market cap,so you cannot name this a shitcoin,and about a product.....dont repeat this bullshit that haters repeats because if its true most of the coins are shitcoin because there is no actual product.so stop hating and trolling without reason