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-
-JD-
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-
-JD-
-Magic-