When I saw Tron (TRX) on Binance going up yesterday, I wanted to post an update to suggest caution. As Tron is part of the cryptocurrency markets and the market is going through a huge correction.
I know that many of the Tron traders are beginners, as Tron was only available on Binance first and Binance took the job of taking in all beginners crypto traders. That's great, we love you, everybody is welcome to trade crypcoturrencies, "The Stock Market for the People" and opportunity for everybody.
But there are a few things that are important to know about when trading in these markets.
One common mistakes we beginners make is to take any "pump" (an increase in price) and live by it. As soon as there is some movement that supports our thinking, desires or expectations, we tend to go all-in into it, which can later come at a huge price.
I am sure this is happening for many of the new Tron traders. Here is an update just for you.
Tron (TRX) needs to retrace longer before starting a new bull run.
Tron top was reached on the 5th January 2018. After we reach a top, we normally go on a retrace. We know that the cryptocurrency markets are fast, but they are fast compared to traditional markets like the stock market. For a retrace to be completed we need at least several months, that's fast because stocks can take years to complete a retrace / correction.
When the top was reached, I received hundreds of messages afterwards asking to review Tron as a new run was starting... I kept on saying "We just reached a top recently, what follows is a retrace, please allow this coin some time before we can visit again". Over a month later and Tron is still retracing.
Just like Bitcoin and the rest of the market, this retrace isn't over.
Look at the chart above for possible support levels. If one support level is broken we visit the next one. The 380 satoshis (0.00000380 btc) support level has been holding strong.
The indicators are bearish, the chart is bearish, we seem to be on a consolidation stage with bearish tendencies (which means that it can go sideways but breakdown at any given time).
So here comes my suggestion for you: If you want to trade Tron, wait a bit longer, watch from the sidelines and buy-in when we reach the bottom. When the bottom is reached you will see many signals confirming just that. When a new trend is formed, you will also have many signals. You can check here on Trading View and you will have many updates... For now, stay away from this coin, it is going down some more.
Namaste.
Komen
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I've been looking at the charts looking for early signs of reversal and not much. The price went down to 490 and bounced back but the volume is really low and not much action.
Unless something changes, quickly, expect more slow decline.
Komen
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Tron (TRX) is moving according to my analysis, but there are some very, very early signals that it wants to start to reverse the trend.
So we are still in the consolidation / accumulation period, but we have to watch closely the next few days / weeks as it can start moving anytime.
Here is the 4h chart:
- We can clearly see higher lows on the main chart, MACD and RSI. - Sellers are losing momentum, which can be seen from the candles and TD count. These are very early signals, keep this in mind, but still these are signals that we are seeing. We are still bearish but change can be coming soon. - STOCH is at the bottom and curving upwards.
The daily chart is also giving some signal and some are even stronger. We just need to finish the consolidation period to start a new run. Things can change, fast, either way, but let's see how this goes.
Thanks again for reading. I appreciate your support.
Namaste.
Komen
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Update: Tron is now going strong based on my original opening. The early signals have all been negated. So we continue on a slow decline + possible sideways.
Dagangan aktif
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Tron (TRX) bounced strong from the 450 level, which can be seen on the chart below. This is a huge breakout, this can change the charts and start a new trend going up:
Dagangan ditutup secara manual
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I won't be updating this trade idea any longer. I will start a new one if a new trend starts. For now this is the same, sideways on the bearish side. Yesterday's pump was negated but there are already early signals of possible upwards movement.
Trade with caution. Have a plan for your trade. Do not trade blindly, this can become costly.
I have been following Tron closely on trading view just like you suggest. Many analysts have been suggesting that it will be going up soon, so for your new perspective I highly appreciate. Thank you
Alan, I m confused. It is going strong according to your analysis that says that the trend is bearish and the coin might go down? So in a nutshell you are still bearing on the coin and think it will go down or sideways some more...Could you please clarify? thank you forehand
AlanSantana
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@Lolo3000, Yes, that was true until the breakout that started just now. Strong bounce from the 450 price level.
darkandblue
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Hey @alanmasters , do you mind looking at POE on binance. They are doing great things on fundamentals and they are announcing new ceo in the next couple of days
Thank you. :)