TRONUpdated Final Stretch! Dump or Pump?
Hello Traders,
Looking at the chart for Tron/USD pair, we see that Tron bounced major support and testing black trendline again.
I think the question that everyone is wondering "will there be pump or dump"?
Here I will post two different scenarios so everyone can prepare for both options:
1) Pump!
We only have 24 hours till the mainnet launch, and the maximum point that Tron can hit before the mainnet launch is around 7.5 cents mark where the black trendline is. Breakout from this resistance is highly unlikely, but it could be possible. The breakout from the pennant patter is 11 cents for now.
2) Dump...
This is nothing new to Tron traders. Whenever there is a hype, usually big dip to follow. If Tron hits the black trendline, I will short my position and observe the potential development. If we see dip, most likely it will find support around 6 cents mark. Below that we see good support around 5.5 cents mark.
The best way to do this trade is to cashout 50% at the black trendline, and then wait until we see a clear development. If there is a dip, then cashout remaining 50% when the bear signal emerges. If there is a pump, we still have 50% of Tron for the additional profit. This is just an idea, and it is not a financial advice.
Happy trading!
Looking at the chart for Tron/USD pair, we see that Tron bounced major support and testing black trendline again.
I think the question that everyone is wondering "will there be pump or dump"?
Here I will post two different scenarios so everyone can prepare for both options:
1) Pump!
We only have 24 hours till the mainnet launch, and the maximum point that Tron can hit before the mainnet launch is around 7.5 cents mark where the black trendline is. Breakout from this resistance is highly unlikely, but it could be possible. The breakout from the pennant patter is 11 cents for now.
2) Dump...
This is nothing new to Tron traders. Whenever there is a hype, usually big dip to follow. If Tron hits the black trendline, I will short my position and observe the potential development. If we see dip, most likely it will find support around 6 cents mark. Below that we see good support around 5.5 cents mark.
The best way to do this trade is to cashout 50% at the black trendline, and then wait until we see a clear development. If there is a dip, then cashout remaining 50% when the bear signal emerges. If there is a pump, we still have 50% of Tron for the additional profit. This is just an idea, and it is not a financial advice.
Happy trading!
Note
TRXUSD pair is forming a huge wedge in preparation for mainnet release. Looking at the 4 hour chart, we see the doji candle which indicate indecisiveness between bull and bear. If we see a dump after the mainnet release, I will short my position at 5.6 cents hoping to buying in around 5 cents. If we see pump, we may see tron hit 7.1 cents.
RSI is below 40 at the moment, however, we start to see more buying momentum. Technical chart looks very promising in terms of potential profit, but there is always a possibility of going down from the past experience.
Note
I am not here to spread the fud here, but the chart does not look good for Tron now. After the bull flag rejection, we start to see the bear ascending wedge is starting to take place. This idea is supported by the high selling volume. However, this does not mean that we will see dip from here. This wedge looks fairly symmetrical which means that it can swing either ways. Wait until confirmation signal in order to make decisions. The breakout from this bear wedge is 5.2 cents where as breakout in bull's favour is 6.5 cents. Trade with caution. It will be the wild one.
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.
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.