Tron (TRX) Still bearish, no sign of reversal, area's to watch
Updated
Tron has been on a huge downtrend with no sign of reversal still. This leads me to believe the drop is still not over and we have some more dropping inbound. The bullish divergence on Tron has long been invalidated.
Currently 260 - 200 could be the bounce zone, but I think if BTC goes below 5.8k we might see under 200 sats per Tron.
Therefore, if you have Tron, sell it now. I have long sold mine around the 400 sats mark, and have entered a short once Tron broke 324 sats.
My advice is to avoid doing any sort of long. You may be right for a few hours before another dump occurs. Shorting is not only safe, but more profitable in this market. I plan on closing my long around 200-230 sats if we ever reach there. Buying right now is like shorting during the 2017 rally, there is no "too low" just like there is no "too high". The more we drop, the more opportunity there is in the market for the next bull run. There will be another bull run, we just don't know whether some altcoins will survive. I think Tron will survive, but many of the less valuable coins might be going effectively to 0.
Thanks for viewing! If you have any comments, please leave them below. This has been the bloodiest day in last 8 months for cryptocurrencies.
Currently 260 - 200 could be the bounce zone, but I think if BTC goes below 5.8k we might see under 200 sats per Tron.
Therefore, if you have Tron, sell it now. I have long sold mine around the 400 sats mark, and have entered a short once Tron broke 324 sats.
My advice is to avoid doing any sort of long. You may be right for a few hours before another dump occurs. Shorting is not only safe, but more profitable in this market. I plan on closing my long around 200-230 sats if we ever reach there. Buying right now is like shorting during the 2017 rally, there is no "too low" just like there is no "too high". The more we drop, the more opportunity there is in the market for the next bull run. There will be another bull run, we just don't know whether some altcoins will survive. I think Tron will survive, but many of the less valuable coins might be going effectively to 0.
Thanks for viewing! If you have any comments, please leave them below. This has been the bloodiest day in last 8 months for cryptocurrencies.
Note
Last night I shorted tron from 300 down to 288. Today I am going for another short once it hits my short level. Bear div on the 15 min.
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