BTC is at the top of a triangle which means it is likely to test back down into the triangle.
That means it makes sense to look at what alts are experiencing market rejection to the point that they may get rejected by the market to the point that they will soon no longer exist in any meaningful way.
TRX comes to mind in the sense that really looks like the main theme of the chart is to try to test the december 2018 low, and then maybe see if there's a reason to fill in the low volume pocket between that area and the ultimate all time low from 2017.
ETC and Tron are both consistently the worst performers which are marginable on binance so it's natural to assume these are going to attract a lot of short sellers that accelerate price exploration south.
This can also cause short squeezes. However in the case of tron they recently had a buy back program which apparently failed. They bought back millions in tron and the average price quoted in the news means they have a losing position in their own coin.
Eth on the other hand has the main problem that everyone wants to use their blockchain and they simply can't scale fast enough. People are willing to put up with the 15 transaction/second limit on eth if they can avoid using tron and other similar smart contract blockchains.
So I'm looking at this as a long term short and eth as a long term buy. Eth is still in bear territory so I'm not buying it yet but tron is looking like any bullishness would be favorable for a short especially once btc starts to head back into the triangle below.
That means it makes sense to look at what alts are experiencing market rejection to the point that they may get rejected by the market to the point that they will soon no longer exist in any meaningful way.
TRX comes to mind in the sense that really looks like the main theme of the chart is to try to test the december 2018 low, and then maybe see if there's a reason to fill in the low volume pocket between that area and the ultimate all time low from 2017.
ETC and Tron are both consistently the worst performers which are marginable on binance so it's natural to assume these are going to attract a lot of short sellers that accelerate price exploration south.
This can also cause short squeezes. However in the case of tron they recently had a buy back program which apparently failed. They bought back millions in tron and the average price quoted in the news means they have a losing position in their own coin.
Eth on the other hand has the main problem that everyone wants to use their blockchain and they simply can't scale fast enough. People are willing to put up with the 15 transaction/second limit on eth if they can avoid using tron and other similar smart contract blockchains.
So I'm looking at this as a long term short and eth as a long term buy. Eth is still in bear territory so I'm not buying it yet but tron is looking like any bullishness would be favorable for a short especially once btc starts to head back into the triangle below.
