DrDovetail

Tron breaking down from upward slanted head & shoulder pattern

Short
BITTREX:TRXBTC   TRON / Bitcoin
I exited my tron position as soon as I got the BTT airdrop the other day We had just gone under the neckline of the head and shoulders pattern and I was anticipating a drop. Sure enough, that is what is playing out. The drop target for the price action suggests it will be retesting the 1 day 200ma again soon....now that price action has closed a few under the 1 day 50ma aka the buy/sell line we know that it is definitely time to exit the position(although I already did after seeing 2 1 day candles close under the head and shoulder neckline.). If memory serves me correctly upward ascending head and shoulder patterns ten to not reach their full drop target more often than convention head and shoulder patterns so there's a chance it may rebound before dropping the whole way...however I think there is still plenty of downside to come for Tron for the next 1-2 weeks. It will probably rebound close to the beginning of next month as people will be vying to get back in before the 11th to receive another BTT airdrop no doubt. We may see a brief consolidation to reset the 1 day stoch rsi before further downside as well.
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