Its not one hundred percent, but this really does look like a continuation inverse head and shoulder pattern, everything matches in terms of volume and shape of the graph. The price objective if the inverse head and shoulders were to break upwards would be 1249 satoshis which can be seen in the purple arrow. In addition there is major support around 300 satochis, the risk/reward on this would be insane, so if one were to invest close to 300 satoshis, there would be extraordinary lower risk for the possible reward. Bitcoin has been a tank lately, powering through everything, so its highly probable that Bitcoin will just steam roll through Tronix despite everything.
Continuation Inverse Head And shoulder:
1.) The general shape and volume match those of an inverse head and shoulder, it can be seen that volume is decreasing throughout the movement and there is a lot less volatility on the right shoulder suggesting possible accumulation.
2.) Using the Moving average convergence divergence (MACD), it can be seen that during the head portion of the last move, as the weekly moving averages converged and had a bullish cross, there was huge upside potential in tronix.
3.) Also, using the stochastic, there were two bullish crosses that occurred in this move, the second one was a significant divergence. (It could be argued that since the divergence isn't as large on the right shoulder when compared to the head, there will not be as much upside potential as well)
However, for something like this to occur, bitcoin would either need to be stagnant while tronix pushes up, maintains its price while BTC drops in price, or increases faster than bitcoin. This is possible, but I don't think it is highly likely, thus, I do believe this is a gamble.
Continuation Inverse Head And shoulder:
1.) The general shape and volume match those of an inverse head and shoulder, it can be seen that volume is decreasing throughout the movement and there is a lot less volatility on the right shoulder suggesting possible accumulation.
2.) Using the Moving average convergence divergence (MACD), it can be seen that during the head portion of the last move, as the weekly moving averages converged and had a bullish cross, there was huge upside potential in tronix.
3.) Also, using the stochastic, there were two bullish crosses that occurred in this move, the second one was a significant divergence. (It could be argued that since the divergence isn't as large on the right shoulder when compared to the head, there will not be as much upside potential as well)
However, for something like this to occur, bitcoin would either need to be stagnant while tronix pushes up, maintains its price while BTC drops in price, or increases faster than bitcoin. This is possible, but I don't think it is highly likely, thus, I do believe this is a gamble.