reynar

TRON TRX Possible Scenario - Bull Flag Formation

Long
BINANCE:TRXBTC   TRON / Bitcoin
TRX jumped out of nowhere earlier today. (I've been told in the comments it got pumped because of a listing)
Spectacular and all that.
But a jump this big, this fast always has a consequence : running out of steam very fast.
MACD 2H looks as surprised as we are, right now. :/

So, I'd say TRON is looking for some Snickers right now, to be ready to make the next Elliot Wave .
Last time the 3rd Motive Wave happened was when 2H MACD crossed upwards.
I expect a phase cycle of MACD 2H candles to be completed on the downard phase, before we can see another pump.

With that in mind, I believe TRX will form a Bull-Flag Triangle or a Bull Pennant until that happens and the exit from that would be our queue for the next wave.
I also believe this will take some time to happen - no rush.

I also reckon a good buying area for the next Motive Wave to be between 530 and 580 satoshi.

Dream Scenario would be a retracement to 500 sats , but I don't think that is likely, since MA(100) forms a strong support at 530 sats .

With that in mind: lower than 500 sats and staying there = trouble.
Trade active: If we include the wicks in the triangle it will be a little sharper.
MACD 2H is about to cross downwards, so I'm NOT expecting a pump very soon.
Trade active: Well, it seems TRX wants to be *hodl*ed.
It doesn't look that great so far, 480 satoshi is a bit low in my books, but it still holds the elliot wave.
Now we are waiting for a spike/pump.
*when* it would happen....I have no idea.

Comments

i think it should go up,if this was wave 2,we should be expecting wave 3
Reply
reynar lukapetrovic
@lukapetrovic, myup. That's what I'm waiting for also.
Volume went down a bit, but I'm waiting for that MACD 2H to turn around nice and slow.

Hopefully, we won't have to wait for MACD 4H for the next wave....But it is a possibility
Reply
@reynar, yeah,if it will pump, it should do it soon
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it got listed :P wasn't a random jump
Reply
reynar regalia
@regalia, And no TA can predict a listing :/
Reply
regalia reynar
@reynar, exactly. I was already positioned for TRX to hit these target... haha i didn't think it would happen until later in the month. Soo you got me there :) I like ur chart tho! keep up the good work
Reply
reynar regalia
@regalia, Thank you! :)
I was expecting it this week, but a warning sign would have been nice.
However, I still believe there is more to come... with a little patience.
The volume is incredible right now: $1.5 Bil and it keeps on increasing.
+1 Reply
regalia reynar
@reynar, I like TRX. it will hopefully make me a millionare :) GL and HF. Patience is a rare commodity among crypto "traders"
Reply
reynar regalia
@regalia,
I'm more neutral to TRX. But fingers crossed for you ^.^
I have a gut feeling 'thou I can't really put my finger on it (it's not about their plagiarised WhitePaper), but something is a bit off. JustinSun is acting too much like "movie star" and too little like a mature, competent (possibly billionaire) CEO - I don't trust that guy that much... So TRX is not really on my list.

As technology, I'd go with XLM (Stellar) anytime.
Reply
reynar regalia
@regalia, But good point, nonetheless
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