TRX Target Hit! But we're still at the mercy of the Bear's bite!
Hello Everyone,
Welcome back to my latest TRX Update, Here We Go:
The 0.02200 Long Target hit with room to spare (I have included previous analysis on 3/1 for comparison). TRX's movement followed my charting channel from the bear flag very well (blue and black dotted lines) and with considerable accuracy, I was able to update and enter slightly lower at 0.2120, it dipped as low as .20. Tron ended up dropping a lot faster than I had initially anticipated, it has been a slow sideways mover over the last several weeks into well over a month now. The yellow circles are the entry points for long positions that I have been using. Now...... I wait and see which way we go next. If this drops again, I have not decided if I want to dollar cost average or, set the appropriate stop loss and re-enter. I will make that determination depending on what the market shows me and how far it looks like it will drop.
If we drop steeply, I will take a stop loss position and re-enter at a lower cost. Small drops, I will suck it up and DCA. If we rally upward, I will again see what the market is showing me and make the decision on letting it ride or pulling profit when the time comes. Too soon at this point to predict with the volatility that's been going on, not to mention the major BOT trading that I think was going on ALL weekend! Major buy/sell walls that perfectly inline and holding price points for a significant amount of time, can you say BOTS!!
Earlier long entry points of .238-.239 are still valid if we rally upward. I would personally wait for confirmation of an actual uptrend rally before entering any higher than .023 at this time.
Short positions can be entered into now as well, if......and that's a big IF, you are brave enough to take the risk and enter now. I say this because we are in such a major downtrend with the bears in charge so there is great possibility of this dropping and retracing even lower. However, tron is due for another rally so, there is a lot of risk to enter a short position. My indicator is signaling a small short position entry at this time due to the significance of the trending bear conditions. If you take a short position I would consider setting a stop loss for .024.
Stochastic is at 13 which is in the oversold range.
RSI is at 38 which is on the border of the oversold range as well.
We are below all of the Moving Averages except the 100 SMA (.0217) and 200 SMA (.0219).
We've been in this major downtrend for the last 8 days. Based on TRX's performance since January of this year, it seems to change from uptrend to downtrend and vice versa every 6-10 days.
At the time of writing this, we are back up to the 0.786 fib retracement at 0.0229 and climbing, which, is in a major support zone starting at roughly 0.021 with major overhead resistance at 0.026. Please keep in mind that we are still very much in a downtrend and at the mercy of the bear. There will be the monthly BTT airdrop for all TRX holders on March 11th, we may see a brief rally at this point however, I am not hopeful. The BTT airdrop played no effect on the price of TRX during the February 11th airdrop, in fact, we even saw a slight decrease in price.
Hit that follow or like button if you find this analysis useful or helpful.
Good Luck and Happy Trading!!
AWC
**For Educational Purposes Only. This is not meant as any buy/sell trade advice, trading is volatile and at your own risk.*
Welcome back to my latest TRX Update, Here We Go:
The 0.02200 Long Target hit with room to spare (I have included previous analysis on 3/1 for comparison). TRX's movement followed my charting channel from the bear flag very well (blue and black dotted lines) and with considerable accuracy, I was able to update and enter slightly lower at 0.2120, it dipped as low as .20. Tron ended up dropping a lot faster than I had initially anticipated, it has been a slow sideways mover over the last several weeks into well over a month now. The yellow circles are the entry points for long positions that I have been using. Now...... I wait and see which way we go next. If this drops again, I have not decided if I want to dollar cost average or, set the appropriate stop loss and re-enter. I will make that determination depending on what the market shows me and how far it looks like it will drop.
If we drop steeply, I will take a stop loss position and re-enter at a lower cost. Small drops, I will suck it up and DCA. If we rally upward, I will again see what the market is showing me and make the decision on letting it ride or pulling profit when the time comes. Too soon at this point to predict with the volatility that's been going on, not to mention the major BOT trading that I think was going on ALL weekend! Major buy/sell walls that perfectly inline and holding price points for a significant amount of time, can you say BOTS!!
Earlier long entry points of .238-.239 are still valid if we rally upward. I would personally wait for confirmation of an actual uptrend rally before entering any higher than .023 at this time.
Short positions can be entered into now as well, if......and that's a big IF, you are brave enough to take the risk and enter now. I say this because we are in such a major downtrend with the bears in charge so there is great possibility of this dropping and retracing even lower. However, tron is due for another rally so, there is a lot of risk to enter a short position. My indicator is signaling a small short position entry at this time due to the significance of the trending bear conditions. If you take a short position I would consider setting a stop loss for .024.
Stochastic is at 13 which is in the oversold range.
RSI is at 38 which is on the border of the oversold range as well.
We are below all of the Moving Averages except the 100 SMA (.0217) and 200 SMA (.0219).
We've been in this major downtrend for the last 8 days. Based on TRX's performance since January of this year, it seems to change from uptrend to downtrend and vice versa every 6-10 days.
At the time of writing this, we are back up to the 0.786 fib retracement at 0.0229 and climbing, which, is in a major support zone starting at roughly 0.021 with major overhead resistance at 0.026. Please keep in mind that we are still very much in a downtrend and at the mercy of the bear. There will be the monthly BTT airdrop for all TRX holders on March 11th, we may see a brief rally at this point however, I am not hopeful. The BTT airdrop played no effect on the price of TRX during the February 11th airdrop, in fact, we even saw a slight decrease in price.
Hit that follow or like button if you find this analysis useful or helpful.
Good Luck and Happy Trading!!
AWC
**For Educational Purposes Only. This is not meant as any buy/sell trade advice, trading is volatile and at your own risk.*
