Tron just broke the bottom support of the ascending right triangle formation it was in for weeks now and this can only mean one of two things...
1. BTC will continue to head lower and take alts with it OR
2. WHALES ARE ACCUMULATING AT THIS LEVEL.
I have a bullish bias atm so I think that while BTC is ranging here at 200EMA support on the 4hr, Whale bots are accumulating massive positions in strong coins with big upside as many alts are showing flash crashes with long wicks quickly bought up as stops are triggered (ICX, BTS, XVG to name just a few I've been looking at). All of these have massive upside potential if BTC were to reverse upward here and the spikes can be violent.
Definitely something to keep an eye on.
Please like/follow so I can unlock comments on others' articles. Almost there.
1. BTC will continue to head lower and take alts with it OR
2. WHALES ARE ACCUMULATING AT THIS LEVEL.
I have a bullish bias atm so I think that while BTC is ranging here at 200EMA support on the 4hr, Whale bots are accumulating massive positions in strong coins with big upside as many alts are showing flash crashes with long wicks quickly bought up as stops are triggered (ICX, BTS, XVG to name just a few I've been looking at). All of these have massive upside potential if BTC were to reverse upward here and the spikes can be violent.
Definitely something to keep an eye on.
Please like/follow so I can unlock comments on others' articles. Almost there.
Note
Forgot to mention that RSI is oversold and MACD is quite low too. HOWEVER both have more room to the downside and haven't showed a reversal just yet. SO WATCH AND WAIT. But once they turn TRX could go vertical.Note
Well that was quick. BTC took a nose dive from 10600 through key support to 9900 in about 10min and took market with it, including TRON, right through its key support just mentioned above to hit 0.0365! All stops likely have been hit whether for benefit of the traders reducing risk or the whales amassing huge positions. Either way, it looks like this break was more of a breakdown than a bullwick unfortunately.
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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.