I know that many of the Tron traders are beginners, as Tron was only available on Binance first and Binance took the job of taking in all beginners crypto traders. That's great, we love you, everybody is welcome to trade crypcoturrencies, "The Stock Market for the People" and opportunity for everybody.
But there are a few things that are important to know about when trading in these markets.
One common mistakes we beginners make is to take any "pump" (an increase in price) and live by it. As soon as there is some movement that supports our thinking, desires or expectations, we tend to go all-in into it, which can later come at a huge price.
I am sure this is happening for many of the new Tron traders. Here is an update just for you.
Tron ( TRX ) needs to retrace longer before starting a new bull run.
Tron top was reached on the 5th January 2018. After we reach a top, we normally go on a retrace. We know that the cryptocurrency markets are fast, but they are fast compared to traditional markets like the stock market. For a retrace to be completed we need at least several months, that's fast because stocks can take years to complete a retrace / correction.
When the top was reached, I received hundreds of messages afterwards asking to review Tron as a new run was starting... I kept on saying "We just reached a top recently, what follows is a retrace, please allow this coin some time before we can visit again". Over a month later and Tron is still retracing.
Just like Bitcoin and the rest of the market, this retrace isn't over.
Look at the chart above for possible support levels. If one is broken we visit the next one. The 380 satoshis (0.00000380 btc ) has been holding strong.
The indicators are , the chart is , we seem to be on a consolidation stage with tendencies (which means that it can go sideways but breakdown at any given time).
So here comes my suggestion for you: If you want to trade Tron, wait a bit longer, watch from the sidelines and buy-in when we reach the bottom. When the bottom is reached you will see many signals confirming just that. When a new trend is formed, you will also have many signals. You can check here on Trading View and you will have many updates... For now, stay away from this coin, it is going down some more.
Unless something changes, quickly, expect more slow decline.
So we are still in the consolidation / accumulation period, but we have to watch closely the next few days / weeks as it can start moving anytime.
Here is the 4h chart:
- We can clearly see higher lows on the main chart, MACD and RSI.
- Sellers are losing momentum, which can be seen from the candles and TD count. These are very early signals, keep this in mind, but still these are signals that we are seeing. We are still bearish but change can be coming soon.
- STOCH is at the bottom and curving upwards.
The daily chart is also giving some signal and some are even stronger. We just need to finish the consolidation period to start a new run. Things can change, fast, either way, but let's see how this goes.
Thanks again for reading.
I appreciate your support.
I will start a new one if a new trend starts. For now this is the same, sideways on the bearish side. Yesterday's pump was negated but there are already early signals of possible upwards movement.
Trade with caution.
Have a plan for your trade.
Do not trade blindly, this can become costly.
Thanks for reading.