TRON / BitcoinPanjang
TRX/BTC Possible cup and handle (+400% long term)
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Hi guys, I’ve been meaning to update my Tron analysis for a while and as you can see a cup and handle formation looks like a possibility in TRX. I called the rough 400 sat bottom in my past analysis (feel free to check it out) and we have stuck around this area for a while. We may go lower but I think the USD price (4 cents) will stay bottomed out.
Keep in mind this analysis is geared more for investors as I think it is going to be difficult to try and trade TRX at this point as it is highly manipulated. I say this because you can see many many bot orders on Binance even before we reached this bottom area and every breakout we do get is quickly quashed giving us our failed breakouts. These failed breakouts forms the WXY (and ABCs) Elliot wave pattern and I suspect we will get a WXYXZ in the future so be very cautious of attempting to trade these false/ failed breakouts. This will likely mean we will trade sideways while the whales accumulate but when we do breakout it will be very violent. Please keep in mind this could take months to occur which is why I say this is more for the investor.
Buy zone: 350-420 sats
Stop loss: 300 sats
Target area is on the chart and for all the HODLERS out there you must have an exit plan or you will end up watching your long term gains erode especially if this cup and handle does form.
Thoughts and feedback are appreciated and please like and follow for updates.
*This is not financial advice*
Keep in mind this analysis is geared more for investors as I think it is going to be difficult to try and trade TRX at this point as it is highly manipulated. I say this because you can see many many bot orders on Binance even before we reached this bottom area and every breakout we do get is quickly quashed giving us our failed breakouts. These failed breakouts forms the WXY (and ABCs) Elliot wave pattern and I suspect we will get a WXYXZ in the future so be very cautious of attempting to trade these false/ failed breakouts. This will likely mean we will trade sideways while the whales accumulate but when we do breakout it will be very violent. Please keep in mind this could take months to occur which is why I say this is more for the investor.
Buy zone: 350-420 sats
Stop loss: 300 sats
Target area is on the chart and for all the HODLERS out there you must have an exit plan or you will end up watching your long term gains erode especially if this cup and handle does form.
Thoughts and feedback are appreciated and please like and follow for updates.
*This is not financial advice*
Nota
I saw this alternate count to my own from the legendary Haejin Lee (be sure to check him out) and thought I would share it with you guys as it means a breakout is imminent once BTC breaks its downtrend channel. May or may not happen but it's worth having the scenario in mind.All credit to Haejin .
Nota
Take a look at the buy orders on binance at 380 sats and above every single one of them is in excess of 2 btc and much much more. This is why TRX still has the 4th largest volume on binance because of these whale orders. I wouldn't trade on it but looks like a breakout its imminent once btc finishes its next rally as such a high volume for such a stagnant coin is fishy.Nota
We got the breakout but like I said it proved to be another false breakout trying to shake weak hands.Nota
We are in a good buy region for investors, the big fat whale orders in this region indicate this is very close to the bottom. 380 sats is my base hit, I will update if the price progresses there to see if we can undercut some of whale orders these orders. Good luck all with your other trades.Nota
Hey guys no real reason for an update just accumulating but i thought i would anyway. I see a 97 btc order at 397 sats so lets see what this does to the price, last time i saw an order that big we got that recent spike to 480 sats. I still expect to trade sideways for a while but just be careful of these fake breakouts.Nota
Also don't be scared of that wick at 340 I beleive that was due to the binance hack and not a real sell off.Dagangan aktif
We have been going strong this week you could book partial profits in case this becomes another failed breakout. However if BTC continues to show strength and breaks the log scale downtrend channel I think we could begin our descent to the cup and handle target.Dagangan aktif
Looking strong, I recommend doing a trailing stop to protect our profits in case the market fails us. There is also the matter of the main net launch on the 31st, tread carefully because I see many tokens/coins dump after a product release regardless of it being successful or not.Dagangan ditutup secara manual
Hi guys my trailing stop has been hit due to the dump I anticipated after the test net launch. We still made a nice 30-60% profit depending on where you bought and took profit so I will be closing this trade/investment for now and I will likely re open when i see a bottom occurring. Thankyou to those who followed this idea much appreciated.
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