MagicPoopCannon

Tron Sticks His Foot in Quicksand! (TRX/BTC)

BINANCE:TRXBTC   TRON / Bitcoin
Welcome friends and haters alike — to this spectacular analysis, brought to you by the often imitated, never duplicated, legendary wizard of the markets! Let's jump right in! Looking at the four hour chart for TRX/BTC             , we can see that price action is pushing the Bollinger bands to the downside, and trying to reenter the downtrend channel . If you recall from my last post, I said "Yes, a breakout above the downtrend channel has occurred, but there is no follow through. Nothing is happening." When you see weak breakouts like that, they often end up failing. Looking at TRX/BTC             , it's toying with the top trendline of the channel, and I'm starting to suspect that if we reenter the downtrend channel , we will get the volatility spike that we've been expecting. For those who may not have seen yesterday's post, or need a refresher, we were talking about the clear volatility squeeze that is occurring in TRX/BTC             .

For those of you who don't know what a volatility squeeze is, it is "when volatility falls to low levels and the Bollinger Bands narrow. According to John Bollinger , periods of low volatility are often followed by periods of high volatility . Therefore, a volatility contraction or narrowing of the bands can foreshadow a significant advance or decline. Once the squeeze play is on, a subsequent band break signal is the start of a new move. A new advance starts with a squeeze and subsequent break above the upper band. A new decline starts with a squeeze and subsequent break below the lower band."

A break back into the downtrend channel , will signal a miserable failed breakout attempt, and smart money will probably rush for the exit, prompting a rapid decline. On the downside, there is slight support at 450, but a break below that would send TRX/BTC             into a state of freefall, because of a lack of downside support. If the top of the channel is held, the moving averages just overhead, and the 78.6% retrace, should act as heavy resistance.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-
Looks like Tron broke out of the downward channel. What are your thoughts on it now? Thanks.
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Quicksand you say, well could have been something worse ;)
Interesting ideas.
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Thanks for sharing MagicPoopCannon. Good luck!
+1 Reply
Just remember when BTC has a big fall, all ALT follow it. BTC is about to down hard, so... Good Luck. Good Profit.
+2 Reply
streamDr lemosedmirf
@lemosedmirf, I'm interested to see you still believe BTC has further and harder to fall? There seems to be a double (poss triple) bottom, plus some stronger hints (at last) of bullish signals, plus we seem very oversold right now? My gut feeling is... I actually agree with you, but my eyes are telling me a very different story! Are you planning on posting an update on your channel any time soon? Cheers. And, good luck all.
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@streamDr, hi, my new strategy says it is 100% sure that BTC will fall, and yes I will keep updating it.

I am not saying it is easy to see what will happen, my strategy is not on the chart, it is so more complex then what it is there.

Well, if predict BTC's direction was easy then everybody would get rich, but this is not reality; in this crypto trading world some win a lot and some lose a lot.

In addition, it is even harder when you post a prediction and offer your face to get hit, because in this market everything is possible. But there are many ways of looking the same graphic, and that's one thing i love about it.

I try to put my feeling away from this world, also my eyes are seeing something very different from yours, but this is a good thing, otherwise, if everybody had the same view, this world would not exist.

Thanks for following.

Good Luck. Good Profit. All in.
+1 Reply
streamDr lemosedmirf
@lemosedmirf, Good man. And thx for the reply, appreciated.

I agree with all the points you make, except for... anyone (such as yourself), who offers their opinion (and it is just an opinion), for free, with charts and good solid reasoning to back it up, must be thanked. Those opinions shared by you & others are gratefully received, regardless of whether those opinions are ultimately followed. So, I guess I disagree that by putting your name to your opinion, you put yourself out there for "your face to get hit", as you put it? There's no way around it, we MUST all take ultimate responsibility in our judgement calls and our own research, (etc etc...yada yada...). There. Just sayin', that's all. :-)

So, thank you, and good luck

PS

Bullish signals have pretty much evaporated (at least, some have, anyway)

Cheers
Reply
@streamDr, I agree about every person's responsibility, but I think when we sell an idea, we should at least consider that many people could lose a lot of money from it.

So this is why I am trying to come up with a new way of trading perspective. All the strategies that I tried learning and looking around gave me at most 60% of profit probability; to me, that is almost a gamble, as 50% - 50%.

Well, market is like this my friend, on 60 seconds, everybody could change their ideas.

The main thing here is to try to understand what the heck is going on in this crazy market, from a high altitude point of view, inside the waves we can never see where the sea will lead the price.

GOOD LUCK. GOOD PROFIT. ALL IN.
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streamDr lemosedmirf
@lemosedmirf, Fair enough. Totally fair enough. Appreciated.

Cheers
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Thank you... just remember Robert Frost "Two roads diverge in a road and I took the less travel by and that has made all the difference:... Thanks for guiding us through the road less travel...Forget about the haters, they are just scared.
+2 Reply
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