✴️ Tron | Is The Top In? Went SHORT This Morning...Tron has been growing since November 2022, together with Bitcoin and most of the Cryptocurrency market.
Total growth to 14-Jan 2024 amounts to 160%... I am wondering, is this the top?
Because if it is it can mean that Bitcoin's top might also be in and what follows next is the down wave.
Here is the major ascending channel with more than a year of sustained growth:
Let's follow by giving this chart a closer look and see if there are signals pointing to a market top.
As we zoom in (main chart above), easy to see that the rise stops completely on January 14. Notice that the day closed red and the price level hit is the same as back in December 2021 (not shown here).
This is not a major signal by its own but today we have a lower high and I can see prices starting to drop. The week is also about to end, which would confirm a daily and weekly lower high after major growth.
Then we have the RSI, with bearish divergence more than two months long.
The RSI peaked in November 2023 while TRXUSDT continued to grow.
Regardless if we are right or wrong, this is a great setup -perfect timing- for a short.
Very low risk (tight stop-loss), great potential on the way down.
Thanks a lot for your continued support.
Namaste.
