As we had anticipated last week the failure to break the resistance to 240 satoshi was not a positive signal for TRON; in our last analysis, in fact, we advised to be cautious because, even if the graphs showed a bullish tendency, it was not possible to exclude a fall of the quotations a priori. That is exactly what happened, with TRX that has only struck downs in the last 5 days and has returned below the 200 satoshi level, a level that we reported as a crucial support below which it would have been appropriate to close any open positions. In short, the wind seems to have changed and, as we are about to see, now we can expect a new fall in the price; so let's take a look at the graphs to better frame the situation
BTC / TRX bears have already ended hibernation
For a couple of days we have had the new candle of the month open, slightly below the pivot point; this makes us hypothesize that soon there may be a test of S1, around 170 satoshi, a support that, at least at present, is legitimate to believe it can withstand. If things went like this it would be a good sign for TRX, which would not mark a new low and let us glimpse the possibility of an inversion; now let's move on to the weekly chart, here we see that the penultimate candle broke the pivot point while the current candle seems intent on heading in the direction of the S1, which on this time frame is in the 176 satoshi area. Just the price level between 170 and 180 satoshi seems to be ideal to attempt a phase of accumulation; observing the bollinger bands we note that at this time the median line is acting as a support, but if it were to yield the lower edge of the bands is around 135 satoshi. My advice is therefore to place a purchase order today at 140 satoshi hoping for a flash crash, in this way we can attempt a flash trading and eventually remove the order if we will see a particularly strong bearish trend come to life in the coming weeks. Let's move on to the 1D chart, from which analyzing the MACD we get the price level (around 212 satoshi) that if broken on the upside would represent an important purchase signal; summarizing, therefore, at this moment it is better to remain still out of the market and observe a quota of 170 satoshi (support) and share 212 satoshi (resistance) before making an operative decision.
What I expect at this moment is a fall in the price up to 172 satoshi, followed by a rebound up to 212 satoshi to then resume the bearish trend until it reaches the support of 135 satoshi; this is what I consider the most probable scenario, consequently at this moment I am bearish on TRX. But be careful because the alts are becoming quite unpredictable and my prediction is definitely risky so it could also be wrong. Those who habitually follow us know that I do not normally fear to expose myself in these analyzes, if I had wrong my reading you will find it written, as always, in the next posts, for now we just have to continue to follow the evolution of the facts.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only