The price, meanwhile, has been reported in the 208 satoshi area, so we are still on the same levels as a week ago, in the meantime, however, as explained in another post, poloniex has taken over the TRON DEX, without this being able to it greatly influenced the quotations; so let's take a look at the charts immediately and try to understand together what lies ahead for the next seven days.
BTC / TRX bears are in more shape than bulls
As mentioned last week the new candle of the month had opened, for the first time in three months, under the pivot point; the retracement we had was timid and this leads us to predict that, in any case, an S1 test will almost certainly be inevitable. As far as the weekly chart is concerned, although MACD and parabolic SAR are still bullish it is the ADX that warns us, showing us how the bullish trend is progressively weakening, however bollinger bands warn us against the risk of a mistake by reading; last week, in fact, the price took advantage of the median to bounce back and even today the price has not cut it to the downside, so it is not possible to exclude a priori that the bulls may still be able to prevail over bears. To clarify the ideas is the 1D chart, here we see that the price has already passed below the median on the bollinger bands, so it seems to be in a downward trend and a return below 200 satoshi seems currently the most likely scenario; very badly the MACD on this time frame, and zero space for optimism even looking at the ichimoku cloud, here the price has not yet returned below the cloud but we have already had a first bearish cross of the moving averages.
Assuming we need to say it right now I'm bearish on TRX; although he believes that TRON is still one of the most interesting projects to observe and probably among the best to invest in in a long-term perspective, I am also moderately convinced that in the coming weeks we will have the opportunity to buy at even lower prices than the current ones. At this moment, unfortunately, all the alt are in a similar situation, so there is not much to do except stay out of the market waiting for the end-of-season sales to start; this, in other words, is not the right time to buy, better exercise our patience and wait for better times.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only