So while tron has been shrugged off as a coin that, as my friend likes to put it, “has bullshited their way into legitamacy”, there is quite obviously an accumulation of tron in this ~415-300 satoshi range. Another major point is the triggering of the Squeeze on a weekly time frame with rising momentum nonetheless. For those who are not familiar with the Squeeze indicator, . Basically it shows the momentum via the histogram, and when is low (meaning that price action is range bound and is prime for a break out of some kind) the red dots pop up on the histogram. (Note the Squeeze that I am currently using is custom coded so it’s going to look a bit different from the default one that TradingView provides. Which I think has some issues but I will save my grievances for another time.) On a Squeezes are quite reliable.
The best indication of which side price action will break out is the momentum at the time of the breakout. Currently on the weekly momentum has turned , thus supporting my thesis. Now of course you don’t want to trade on just one indicator. Using this indicator in tandem with basic s/r levels plus some analysis is a good way to gut check your trades.
Here is an example of the Firing short on the weekly chart when was still $6400
or of course if you have followed my TA in the past you would have seen my call to go short back in June
The washout candle on the is also very promising.
Infact this appears to be a classic range bound accumulation phase that we are seeing in . Take a look at the Weekly chart from 2015-2016.
Hmm notice any similarities?
Now I am not saying in anyway that is the next or that will have as massive of a move as had off of those lows but, if this is indeed a bottoming formation and this range is broken by the bulls to start a new public phase of the market (which could be caused by falling more and trxusd falling less.) it would certainly solidify that this is an setup that is fairly reliable and consistent in the crypto universe.
I would like to see a pull back to the mid 300 sat levels to enter into a long, if you havent already. I am long from around 375 but I would buy more anywhere from 388-341. Below 341 I would look to re-evaluate and look to retest the low end of the range. Breaking above 416 would confirm my theory, as long as it held of course.
Either way hope you guys gained some value out of this post.
As always,
I love you all and happy trades!
Love,
Connor
Doge: DGE3rjawPdLWhNrCJrdEmaAgupfFC2jGic
Published at Mon, 17 Dec 2018 07:25:16 +0000
