We are finally coming to a consolidation period after our a heavy correctional period. The current trend still suggests TRX too be bearish (falling wedge formation). However, if we break out of this falling wedge with a solid green candle, that suggests TRX will see a reversal and ill be placing my buy orders appropriately. Supporting this is the possibility of Wave 5 in our Elliot Wave Theory, as well as Stoch RSI nearing its bottom on the daily chart.
It's likely we see a retracement to 23.6% fib level (0.00000678 sats), accumulate, and follow by a bounce. However, the probability of seeing a full retracement to 0.00% fib level is becoming greater as our current trend continues.
Everyone's analysis has been taken in consideration and everyone's analysis has failed the past 3 days.. I am seeing fake buy walls on the exchanges.. what is your opinion of what is happening??
The best we can do in any market is predict, there are no means by which we can predict 100% accurately.
Fake buy walls could indicate a whale(s) trying to maintain an inflated price. Typically when you see a huge buy wall it suggests a support zone and a typically a bounce in an upward direction. In our case, it is a possibility that a whale(s) is slowly off-loading his/her bag while inflating TRX's current price through buy walls. He/she wouldn't want to dump all of his coins at once causing panic in the market and devaluing his/her shares.
In any case, I am LONG on this coin fundamentally.
Updated Technical Analysis:
It's likely we see a retracement to 23.6% fib level (0.00000678 sats), accumulate, and follow by a bounce.
However, the probability of seeing a full retracement to 0.00% fib level is becoming greater as our current trend continues.