Hello Steemians! General crypto market still in a firm downtrend. Let's have a look at the BTC daily chart:
After five red days in a row, there is a green candle at the moment of writing this post with BTC trading at around 7900. It is very close to the technical level of 7200, and also psychologically important level of 8000. It can bounce from either levels (I know it is below 8000, but what is 100 dollar among friends :)).
Okay, so this is Tron. I normally do not discuss Tron, but this move is too distinctive to ignore. Please note this is a daily chart of TRX/ETH. Why ETH? Well it is actually the second most traded pair in Binance. The rally is striking as this is perhaps the only major crypto that is rallying over the multi-day basis. Rally is further amplified as price is ETH is dropping dramatically for the last month. So, TRX/ETH pair getting a double boost.
TRX is a strange currency, lot of people just call it a hype. I don't like to get too much into the fundamentals, as I am chart guy mostly and I trade price. So what I see is a big base around 0.00005 for nearly one and a half months. That usually points that majority of the selling is over. The around mid-March it beginning to rally from the base and in 10 days it doubles. Currently it is trading above 0.00010. If it can hold the present level, then there is potential in this thing for a trade.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
