Hello Lads and Ladies,
Today I was not really able to find a nice coin to do TA on, since we have just have witnessed a pretty nice bloodbath and almost every coin is down on its crucial support, ready to jump back up.
Yet, there are still some coins that are not at their support and still have a little amount to play with. So is TRXBTC in the last weeks a highly and nice discussed coin.
First, a little to TRXBTC itself. In the begging of this month TRON launched their main net and left the Ethereum Blockchain. The interesting part is, that TRXBTC still did not have a huge push, like we saw with EOSBTC after the intended main net launch. Basically TRXBTC still has to reach and at least touch 1000 satoshi. The interesting part is the way up there.
Therefore, I looked at the previous retracement, made a straight line to the followed high and simply cloned it so it has the same angle and the same length, applied it on this low and here you go, the new TRXBTC path we should be following soon. The fact that everyone was awaiting 1000 satoshi and has seen a breakdown, might give TRXBTC a very big and strong jump up that you don't want to miss when it happens. Almost like every other coin Tron is oversold as well and previously hat always a pretty steady and nice movement upwards.
The big question is if TRXBTC is at its bottom now, or if it will go down to 650 and then seriously have a very big bounce. Looking at the fibs lines, TRXBTC likes to disrespect them a little during the retracement period and right now we are sitting at the 38.2% line still having the possibility to at least come very near to the 650 line. I personally have a buy order sitting at 675 just to be "safe" and not miss out the push with some extra capital.
The first target would be just above where the big sell off started at around 780 satoshi. Followed by a retracement to the previous low of 721 and hitting the second target at around 825 pretty soon. The 825 also happens to be the 61.8% fibs line. This is going to be a crucial resistance to break, if we want to see 1000 satoshi.
I hope everybody is doing fine and not panicking during such a beautiful period of a bloodbath xD
Make sure to check it out on Tradingview - https://www.tradingview.com/u/jegerche/
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Cheers, Tomas
