TRX has literally zero retraces through the original run to 1050. It’s retraced, consolidates, and also been affected by BtC. I think the next 11 days will be huge, and if we break 1364, a run to 2000 is likely. However, it must be done by May 30th.
I would think if the lows are increasing every time it would be a bullish flag pattern occurring and go up not down.
Jefhughe
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@brock166, its an inverted flag, even though it looks like its going up, it will more than likely fall further down before coming back up.
RobbieL811
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@Jefhughe, I was thinking that with Tron VM being released soon, then Main Net launch right behind it, that the TRX price would be going up from here. Not down...???
Jefhughe
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@RobbieL811, I would believe that too. I am not a pro at this but I am just going off what the chart is indicating. I am hoping it goes up but hope is just hope with no substance. I'm just going off what I have read about flag poles and pennants. It could turn out in the next few days it drops and then rallies back up. From what I have seen that is what happens.
Again I am not a professional, hack at best but I like my money and just set proper stop loss gaps.
alexghs07
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We have higher highs and higher lows, don't think this is what's going to happen. This is a healthy retrace that bounced DIRECTLY off .5 retracement already. To go further would suggest a bear market which I don't think is the case.
Try looking a little longer term and also take into account the mainnet launch incoming very soon.
Jefhughe
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@alexghs07, I do agree with long term. I've been looking at the four hour charts and have become a bit obsessed. I am still new to crypto. I got into it in March. I've been doing a lot of research with fib, cypher and starting deeper dives into pennants and flags. I'm an engineer by day.
I appreciate your insight. I've not yet incorporated the physiological factor into my research.
I know the mainnet is near and I believe we will ramp up soon.
Yes we have been in a large consolidation which is good. Once the volume picks up the real trend will show.
Again thanks for your feedback and wish all great success.
alexghs07
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@Jefhughe, Good luck my friend, it's a good community around here most of the time!
If you look back even a little further, we bounced off .618 retracement levels for wave 4. This assumes a preferred accumulation range that will give a great propellant upward. If we did happen to go back down to 610 first I would be thrilled. I just don't see it happening.