That being said, neither I am a crypto expert, nor a fundamental researcher, I like to trade based on purely technical and price action analysis. Show me the chart then I would tell you the news.
I do not care also about the technology, I only care about what I see on the chart and try to share it with you.
Market structure: 1. Downtrend is confirmed. Be careful when People or "YouTuber," say the market now is in the bottom process. It also means that the market will go deeper and lower, then it will create the Divergence or retest the double or triple time the EMA, etc. Of course, I don't exclude the V Shape recovery.
2. Major flow: From point 1,2,3,4,5 >> bearish. Minor flow: From 6,7,8,9,10 >> bullish, however, notice that the resistance line is still holding the price action from the Supply sellers! This means buyers are not that stronger than sellers at the moment I am writing this post.
3. Less is more, I think that you could see there is a "highly probable" short trade set up with a 1 to 5 or even 8 risk/reward ratio. From my own "stupid" experience, please do not leverage more than x20, and please do not overtrade, because I expect that Tron price actions could be highly volatile, as long as there is no body of candles in 4H or 8H closing above the washing lines. The market will continue its first motion, Major flow >>> towards the Ultimate target!!!
Cheers, and thank you.
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TRX is now reaching to retest the supply zone as expected. Let's see how market reaction, it could be a potential trade setup?!
Trade active
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Price is now forming a nice rejection combo candles. I will use the closed stop loss just about few points in the grey liquidity supply zone. In case this short trade will not work, I dont risk a lot. Since if TRX could break out the supply resistance grey zone, price would go up fast and quick. Therefore, no need to have a wide stoploss. Big sellers are normally there with us for short, if not ok. We need to wait and see a new price range for TRX.
Order cancelled
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Price did try to attack the supply liquidation zone, however it failed to close the candle above it. I will need more confirmation from BTC and ETH, if possible it should be one more leg down before a new setup for reversal pullback LONG in July.