Tron has found strong buying pressure at 800 satoshis, we had a triple bottom on the 4 hour chart. The rally further exemplifies our current short term bullish momentum. However, what was worrying was that TRX dropped 16% overnight, meaning a lot of investors are itching to sell the coin.
Furthermore, the forces may turn at any moment, as TRX is having trouble climbing over 875. I do believe most the selling pressure from retail investors is gone however, since we dropped 20 percent in 48 hours.
How to trade
Buy in:
860 satoshis
Stop loss:
847 satoshis
Selling points
930 satoshis. (This is possibly the strongest resistance point TRX will face, as the drop was due to mainly bots liquidating, so many retail investors are stuck holding bags around this area)
Thank for reading! Leave all your criticisms in the comments below. It helps me improve my technical analysis.
Furthermore, the forces may turn at any moment, as TRX is having trouble climbing over 875. I do believe most the selling pressure from retail investors is gone however, since we dropped 20 percent in 48 hours.
How to trade
Buy in:
860 satoshis
Stop loss:
847 satoshis
Selling points
930 satoshis. (This is possibly the strongest resistance point TRX will face, as the drop was due to mainly bots liquidating, so many retail investors are stuck holding bags around this area)
Thank for reading! Leave all your criticisms in the comments below. It helps me improve my technical analysis.
Note
Bull flag on the 15 min chart. All altcoins showing this pattern. Tron has a more clean flagging.Note
More developed patternNote
Big TRX dump bought up instantly. Don't know what to sayNote
Also, I think the dump is over. I cannot say, but since we are overdue for a dump, it probably won't happen.Trade active
New chart updated guys.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.