Greetings friends, traders.....
You probably have noticed, by now, that I am updating altcoin charts toda. The reason that I have not done this as much lately, is because TA on many of these alts has proven difficult, if not impossible, given the parabolic state of BTC and the rising BTC dominance we have seen over past weeks.
Another overhyped (in my opinion, don't flame me Tron fans) coin that has fallen to this situation, is TRX. I had very much hoped for TRX to avoid breaking Fib channel support and falling out, but it seems with the strength of BTC, these alt pairs stand little chance in the face of the tidal wave of King Bitcoin.
Now, I do not know if "alt-season" will be any time soon, but I tell you what, bounce season better start ASAP if TRX doesn't want to be in a very unpleasant position. We do NOT want to see this get stuck in this downtrend channel. This would not be good for any bullish hope. But hey, it's crypto. TRX could dump to 200 sats tonight and see new all time highs before the end of the week. You just never know.
Best we can do is be consistent in our TA and hope for the best. I am not going to put entries in this chart, because I will not be touching TRX until I see a definite sign of a new set of uptrending Fib channels. I can't even put a retracement on this.
We have just entered the 1.618 time zone from the impulse wave TRX saw this past winter. It does show signs of reacting to this development, and I have modified my previous analysis, to show that I'd still like to see a similar scenario to what I was looking for before, maybe we just needed to fall lower than I had anticipated. At this point, on the weekly we are still (albeit barely) looking at a possible higher low having formed. But it needs to bounce soon, and with some strength. And preferably, commit to a reversal before we spend too much more time underneath that Fib channel above. Otherwise, it could get stuck trending down in this downtrending channel for some time.
Be smart, traders! And good luck.
Previous analysis:
You probably have noticed, by now, that I am updating altcoin charts toda. The reason that I have not done this as much lately, is because TA on many of these alts has proven difficult, if not impossible, given the parabolic state of BTC and the rising BTC dominance we have seen over past weeks.
Another overhyped (in my opinion, don't flame me Tron fans) coin that has fallen to this situation, is TRX. I had very much hoped for TRX to avoid breaking Fib channel support and falling out, but it seems with the strength of BTC, these alt pairs stand little chance in the face of the tidal wave of King Bitcoin.
Now, I do not know if "alt-season" will be any time soon, but I tell you what, bounce season better start ASAP if TRX doesn't want to be in a very unpleasant position. We do NOT want to see this get stuck in this downtrend channel. This would not be good for any bullish hope. But hey, it's crypto. TRX could dump to 200 sats tonight and see new all time highs before the end of the week. You just never know.
Best we can do is be consistent in our TA and hope for the best. I am not going to put entries in this chart, because I will not be touching TRX until I see a definite sign of a new set of uptrending Fib channels. I can't even put a retracement on this.
We have just entered the 1.618 time zone from the impulse wave TRX saw this past winter. It does show signs of reacting to this development, and I have modified my previous analysis, to show that I'd still like to see a similar scenario to what I was looking for before, maybe we just needed to fall lower than I had anticipated. At this point, on the weekly we are still (albeit barely) looking at a possible higher low having formed. But it needs to bounce soon, and with some strength. And preferably, commit to a reversal before we spend too much more time underneath that Fib channel above. Otherwise, it could get stuck trending down in this downtrending channel for some time.
Be smart, traders! And good luck.
Previous analysis:
Comment:
Patience, Friends
Comment:
Check this out. TRX seems like the one to watch right now.
