TRX looks like it could begin a new cycle soon
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TRXBTC had an insane run last fall. It wicked all the way up close to 3000 satoshis, but was immediately rejected. This started a long downtrend. It formed a descending triangle that broke up (goes to show you that these patterns don't ALWAYS break one way or another), rose up to 1000, and then dropped in a falling wedge pattern until around August 13th, when many alts bottomed out. Interestingly enough, the top resistance of the falling wedge lines up pretty well with the huge wick up to 2900. Since August, TRXBTC has been consolidating in a range that shows signs of bottoming and accumulation.
Even though TRXBTC failed to make a higher high this year, unlike EOSBTC, it recently bounced off two converging support lines. The blue is the long term support from last year, while the green is the horizontal support we bounced off of earlier this year. However, the breakout has yet to happen. We need to convincingly bulldoze through 470. Short term, breaking the recent swing high near 430 would also be a good buy sign that this is ready to move up.
I am in this coin already since 345 (traded out for something else, but then bought back at 367). Not the greatest entry short term, but this is a long term play for me. In the medium term, I expect something like the red line to play out, repeating the pattern from the last cycle. I expect to find some resistance at 1000 again, but only for a cup and handle to be formed.
Right now, entry is a little risky, since we could still retest the support at 330, but buying the breakout at 470 should be pretty safe.
Potential BUY targets:
350-380 Accumulation zone
348-350 support (STOPS LOSS around 347)
330 support (if this breaks, this idea is INVALIDATED. Final STOP LOSS below here)
430+ breaching recent swing high. A little risk involved, as we could then retest the lower range again.
470 and a little above. ONLY if CONFIRMED breakout with volume. Safe entry.
SELL targets
600
1000
1800
2000+
This is not investment advice, nor am I professional financial advisor. This is a position I currently am in, so this is for anyone to follow along. Will be posting updates if I decide to sell (or buy more).
-Victor Cobra
Even though TRXBTC failed to make a higher high this year, unlike EOSBTC, it recently bounced off two converging support lines. The blue is the long term support from last year, while the green is the horizontal support we bounced off of earlier this year. However, the breakout has yet to happen. We need to convincingly bulldoze through 470. Short term, breaking the recent swing high near 430 would also be a good buy sign that this is ready to move up.
I am in this coin already since 345 (traded out for something else, but then bought back at 367). Not the greatest entry short term, but this is a long term play for me. In the medium term, I expect something like the red line to play out, repeating the pattern from the last cycle. I expect to find some resistance at 1000 again, but only for a cup and handle to be formed.
Right now, entry is a little risky, since we could still retest the support at 330, but buying the breakout at 470 should be pretty safe.
Potential BUY targets:
350-380 Accumulation zone
348-350 support (STOPS LOSS around 347)
330 support (if this breaks, this idea is INVALIDATED. Final STOP LOSS below here)
430+ breaching recent swing high. A little risk involved, as we could then retest the lower range again.
470 and a little above. ONLY if CONFIRMED breakout with volume. Safe entry.
SELL targets
600
1000
1800
2000+
This is not investment advice, nor am I professional financial advisor. This is a position I currently am in, so this is for anyone to follow along. Will be posting updates if I decide to sell (or buy more).
-Victor Cobra
Note
On the move a bit now. 367 and 370 are the areas to breach.Note
Breached 370 a bit today but immediately rejected. This needs follow through, but patience is key. A number of alts look like they're trying to extend their bottoms a bit longer.Note
Sustaining above 370 is a good sign. May have fuel to get up to 400 soon. Let's see how the whole market behaves tonight. Exciting stuff happening!Note
Heading back down to support levels. The good thing about this sideways market is that it offers many chances to accumulate at support.Note
Sitting at 360, but has a good chance of going back down to 350 and then potentially the 330 area before a bounce up and an attempt to break out. The market looks weak and very sideways right now. We may have to wait a bit longer to make any moon landings. Patience is really important with crypto right now. Note
Interestingly enough, this triangle ends at the end of 2018/beginning of 2019, which is when I expect to see the market start to increase in value again. We could always have a surprise breakout before then though.Note
LOL I find it funny that it retested the blue line RIGHT in the area that I circled. How about that for accuracy? Joking, of course. Total coincidence....right?......In any case, this area absolutely needs to hold, or TRX will not be looking too good. Pretty bullish that it's held this level despite the massive market selloff. This shows that demand for this coin is still fairly high.
Note
Actually looking pretty good right now. We may see a bounce soon. Note
After breaking down out of the triangle, we're trying to get back inside it today. This is a chance for bulls to make a market-wide reversal happen. However, I'd still be really cautious. There is some buying going on, but previously broken supports for many coins have still proven to be resistant today. Need a close above the blue line. Note
As you can see, we've actually broken back above the trendline and have held there the past few days. This is VERY bullish for Tron, and I'm happy because I did pick a small amount up at 318. However, in order to see some follow through and an eventual breakout of that pink resistance to the upside, we need to close a weekly candle above the blue line. If this doesn't happen, we can easily fall back down again and continue the downtrend. It's important to note that TRX is one of the few alts to get back above previous supports. It has now joined the ranks of XRP, XLM, and NANO, in terms of their strength against Bitcoin during this bear market.Note
Note
Update: 
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