That dreaded or... For me this looks like a bull trap . If you look to the RSI, it tested the resistance and spiked up (from 20.0) to over bought zone (75.0). For me this is not a convincing climb to start an uptrend or breakout out to start a new wave up.
This is not trading advice. This is something I use for education purpose and for fun. Constructive criticism is always welcome
Man, this “shitcoin” is going up. Tron is a must have coin. It’s in its big wave 3, and my target for the wave is about 3800. In the image, I put the target below 3500, but you know what FOMO does with these kind of coins.
RakeshRaavi
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What is the best buy level as of now?
Jeff_Cryptopop
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I must admit I was thinking the same thing when I woke up and saw it had gone from 765 to 805. I hadn't had time to look for divergences yet but you've obviously found something. To me, it hadn't had a proper retrace since the last pump. This has been my hesitance about trading TRX all along. LOTS of manipulation, both in marketing and markets with this coin. I see no cult of true believers anywhere in crypto like these, willing to say or do whatever it takes to make it pump and make it pump NOW.
dowdall
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@Jeff_Cryptopop, spot on mate. I've no hate for TRX it has made me good money. But you're right about manipulation, even justin sun's announcement "hype" to main net was too much. I like to chart it because it has a big "audience" and lot's of people like to see where it's heading. TRX has lots of newcomers to crypto and to charting investing into it because it's cheap, these people usually have none to small understanding of crypto and think because bitcoin jumped from 1k to 21k in a year, Tron will do similiar (in smaller prices) and will make them rich. Justin sun's profile and the hype he has been putting on his announcements has also attracted newcomers to tron and crypto. Also another reason why I like Tron, it brings new people to crypto as a whole
Jeff_Cryptopop
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@dowdall, Its high profile nature is one of the reasons I've decided to give it a whirl, not so much the project long term. (I won't give my long term prognostication here.) People are excited about it, so while most of crypto lacks the volume right now to really pump, TRX is one of the few that holds its ground against a BTC drop. That alone makes it attractive right now. The problem is, good entry points are hard to come by because of manipulation. I tell folks that Tron will return to visit 600 and the true believers are in denial. Yet it HAS TO, because that's how markets work. They aren't monolithic.
I am a novice of TA, so I come here looking for confirmations of my analysis or something I've missed. That's something that's hard to come by in the TRX community and so much of what I see masquerading as TA is just a sceen cap with "moon" or "lambo" and rocketships drawn in. So thank you for doing an honest job at charting. It's much appreciated, even if it appears to be bad news to the fanatics.
Keep up the good work and safe trading.
LEO2003
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@dowdall, Next to that: TRON has DApps in China where nobody in the west have heard about but which are huge; They also have a DATING site like Tinder but different where matches can phone each other. I'll have to ask more about the details but all numbers (members) in China are mind boggling and most westerners have no "feeling" with these numbers since they're not used to them and only look at their own country markets. Personally, I'll see Trx going up quite steep very soon.
nastydawg6r
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Been a Hodler of other coins for years, but I only recently start paying attention to trends and charts, so pls forgive the noob questions. What would a legit trend change look like compared this?
dowdall
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@nastydawg6r, there's no problem with that buddy we're all noobs learning along the way. I am no expert, but, I start with daily charts to see the bigger picture or trend. Checking indicators that I know how to incorporate into my charts ie RSI's, bollinger bands EMA's etc.. This is not always correct because breaking news (good/bad) and hype been built up for a main net lets say can cause upward or downward movements on a chart. Lets just say when all indicators are at a low and theres been a downward trend for a long period of time, then you get a little climb up knocking on a resistance followed by small downward movements then a spike through resistance with another big climb with small downward movements and so on. You're looking for a slow climb not a spike up. Spikes are usually followed with a long ass down trend. Hope this could be some help you should sign up to twitter and get following crypto enthuasiasts and chart analysts it really helps. Hodl strong :)
dowdall
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@dowdall, or google bullish/bearish divergences read up and check images so you have an idea what to watch out for