TRX falls past several key areas.Bears are home for the weekend!Hi Everyone,
I was planning on waiting a few days before I updated this chart but Tron Bears have officially sunk their teeth in. I have not adjusted the 50 and 200 MA that I have listed from the previous chart as this is a continuation update from the idea I posted on 2/28.
As you can see we have officially broken down below the 200 MA, the descending triangle and, the 0.76 fib retracement of 0.023780 which are all pretty much right on top of each other so, I would say this is pretty significant. We are in a very strong down trend and I have added a bear flag with an extended pole (black dotted line). I extended the pole for my sake to see if Tron would break down out of my make shift channel which, it rapidly did. It is now approaching my flag pole extension which ends at .022789. The next fib level is not far away either at 0.022387. Stochastic is at 20 which is in the oversold territory and the RSI is at 40 which is still neutral but also getting closer to the over sold side.
Those of you who are in a short position should be seeing quite a bit of profit at this point if you were patient and waited to see where this would go. For those that are the long position types, patience remains the key here until we see how far this will fall before the next rally. I am considering placing an order at around 0.02200 which is extremely on the low side but from the looks of it we may see a drop that far possibly lower. Binance at the time of writing this is currently at 0.02265 with major buy/sell walls, which in my opinion, is a BOT trader. If it pushes lower we will soon be at the next fib level of 0.618 as I mentioned above of 0.022387. From there we have a long way to go before it can get anywhere near the next fib level of 0.5.
The last time we were any where near these levels was around January 13th.
Please hit like if you found this idea helpful or useful. Happy trading and good luck everyone!
-AWC-
I am by no means a professional analyzer however, I am a hobbyist that enjoys technical analysis and sharing my ideas. This is not meant in anyway as trading advice and is strictly meant for educational purposes only.
