Things aren't going as we planned eh? It broke the 455 satoshis support and it's looking pretty bad. So I've got a new analysis for TRXBTC (I'm planning to do a TRXUSD as well).
This time I was a little more conservative drawing the major trendline. In addition, I draw another trendline - a internal one (which is based on the mid highs and mid lows) - and it is parallel to the major one (which can indicate that the market will go up eventually).
I saw this bullish flag first when TRX went up to its ATH and then dropped. As you can see, volume went up and then down during the flag. When the volume when up again, the flag ended to confirm it as a bullish pattern. Looking as far as I could, this bullish flag is inside a bullish pennant. As the theory goes, the move after the pennant is completed should duplicate the size of the move preceding it. The move preceding it was +346.64% so we would be talking about ~700% which would result @ 2380 satoshis - giving that it will drop to around 300 satoshis when the pennant is complete.
What are your thoughts?
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Going up pretty quick, i don't think it will hold the uptrend though.
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IT BROKE THE PENNANT. It will probably to this internal trendline @ 816 satoshis, test it and pop it and then go up til @ 1271.
I like it. If larger players are looking to enter long, those numbers are starting to look pretty tasty.
Nom_de_Guerre
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I dont think the fact that they copied big chinks of their white paper and rumours of the founder selling billions of coins in time with the press releases and partnerships has helped
krobolin
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@Nom_de_Guerre, Yes, it hasn't. But this is purely TA, not FA.
Nom_de_Guerre
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@krobolin, Ya i do understand and i'm completely with you on that, i think theres times you have to look to the news to see why something is going down/up relentlessly, makes you consider the more extreme fibs - the Virgin Stocks chart looks great but if they catch Branson in bed with a goat....lol
krobolin
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@Nom_de_Guerre, YES! I agree with you. I'm constantly watching the news and updates, however I always take into consideration that the market has already absorbed the news and that it won't change much when doing TA!