Sad, Limp, Little Candles — TRON (TRX/BTC)

Well folks, there isn't a lot to say about the crypto space right now. It's pretty quiet, as investors wait on the sidelines, and assess these shifty movements. However, I have noticed some slightly interesting action in Tron. Looking at the four hour TRX/BTC chart, you can see that a bullish crossover happened on the MACD yesterday, and Tron has traded all the way into the very apex of the pink wedge . Normally, price will break out of wedge formations around 3/4 of the way through, but the fact that Tron has traded all the way into the apex, shows me that nobody is touching this thing. Apex or not, it's just not being traded. That could quickly change though. If you look at the Bollinger bands , you can see that they are pinching into the price action right now. That is indicative of a volatility squeeze, as the volume remains suppressed, and price creeps closer and closer to the apex. Volatility squeezes generally precede intense expansions in volatility . TRX/BTC has been incredibly quiet lately, and you can see how small the candles have been, compared to the tall candles seen on the left side of the chart.

A breakout is imminent, but the direction isn't clear. Technically, this is a bearish rising wedge . It was formed in a downtrend, and it has a slight upward tilt, which qualifies it as a bearish rising wedge . Therefore, the bias is to the downside, but we have to wait for the break to see. On the upside, the 50 EMA (in orange) is just overhead, followed by the 78.6% retrace, and then the 200 EMA (in purple.)

It looks like TRX/BTC actually tried to break down below the wedge , about seven candles back. However, it traded right back into the formation. This may be an indication that an upside breakout is coming, but like I said, we just have to wait and see. The first downside support is around 380, followed by some slight support at 325. For educational purposes only, if we see some volatility on the breakout, we could trade it. A big volume spike, with a spike on the chart will be perfect for placing a breakout trade. However, if this thing breaks out with a sad, limp, little candle, then I wouldn't touch it... Sad, limp, little candles. haha. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

評論: Tron has formed a bullish breakout to the upside. Price has actually pierced the 50 EMA, but has retreated after running into the resistance. Volatility has picked up, as anticipated. Let's watch to see if this current breakout candle can close above the wedge.

@MagicPoopCannon , Volatility and volume picked up as you predicted in the short term (big surprise). Can you please do an update on this based on the new trend that emerged. I am not sure what to think about it based on it just trading sideways out of the wedge and then the volatility hit. Please give your insight.
any news on this boy?
@MagicPoopCannon Do you wanna do an update on Tron? Time to buy?
It seems my grandfather urinating
Omg Poop, I can't stand the suspense anymore : (
Lend us your crystal ball and grant us your whisdom!

Gossip Girl
Curious almighty Poop, where do you stand now that it's broken the wedge?
+6 回覆
Dear friend, it is not discouraging to do your brilliant studies of the graphics, to draw triangles and to foresee the movement of the markets when, then, the whales appear and kick the board. On the other hand, I admire your enthusiasm and your knowledge, simply that sometimes the effort seems useless. They have the power to move the strings of this guitar.
+1 回覆
svhill11 asclepius67
@asclepius67, It is actually family (trading) houses, these informal groups of whales and their algo BOTS. They do kick, and slash, and create enormous sell waterfalls...yet somehow MPC gets it right at times. Which is VERY hard to do in this market. The big boys are waiting on the outside--institutional money--after these family house trading BOTS do their thing and thin out this market even more. The good news is they can typically only do this with coins that trade at big volumes, which leaves it to the top 3, and really just BTC most of the time, and the market follows typically. But that is fundamental analysis and you can't chart that.
Estimado amigo, no resulta desalentador hacer tus brillantes estudios de los graficos , trazar triangulos y preveer el movimiento de los mercados cuando, luego, aparecen las ballenas y patean el tablero. Por otro lado, admiro tus ganas y tus conocimientos, simplemente que a veces pareciera inutil el esfuerzo. Ellos tienen el poder de mover los hilos de esta guitarra.
i actually placed a trade in this yesterday
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