Tron | The Catalyst?Do you guys think this will be the catalyst?
➢ Tron Technical Analysis
The top was set 25-August. Price action following this date is classic of a top formation; no new highs, the highest volume on a daily session closed red, and all is happening where everything marketwide is pointing toward a major flush next.
The daily candles, looking at them up close, clearly indicate the loss of bullish momentum. I know this is hard to either spot or visualize if you are invested in the current situation, but a drop only comes out of rise.
➢ Oscillators
The daily MACD is trending lower. It peaked 20-Aug. and produced a lower high 25-Aug., a small bearish divergence. What isn't small is the downward bias:
The weekly MACD peaked November 2023 and produced a strong lower high 19-August 2024, a very strong long-term bearish divergence:
It is pointing straight down.
The daily RSI already peaked and started to curve down. The histogram reveals where things are going... The red arrow shows how these things tend to resolve:
The weekly RSI is still bullish and trending higher, but there is an extreme bearish divergence with TRXUSDT, it peaked March 2024:
➢ Conclusion
To warn caution would be an understatement. When things are heated up, things can pop-up unannounced.
The market moves up and moves down... It balances itself out.
➖ The ones that are low, near support, look good to buy and hold.
➖ The ones that are high, near resistance... RUN!
Namaste.
