In the previous idea we were looking for safe buy opportunities. The breakout long trigger had been attached to the trendline, and the price broke it @ 8200. Then it took some time for a classic bottoming pattern to emerge (H&S). This breakout trade was best exploited in TRON: Currently, the standard H&S target is 9018. Short-term trend is now 'Sideways' and is quite in terms of volatility. In fact, it is extremely quite (squeezed), because the average volatility now is even lower than on May 3 - just before sharp price moves occured. We should now be prepared for similar price action.
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Price has entered the support zone following a smaller-degree H&S pattern (M15). Given the formation of bearish Triangles in ETH and RIpple (chart is under way), we may see yet another sell-off here. For me 8200 is the invalidation level for this bullish scenario.
We would need to break past the 8600-800 resistance.
Also this looks more like a corrective structure.
I expect more downside.
Yuriy-T
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Hey Nick we are coming to a correction in the district 8400-8200 (Yes, again going back to it) - it's a second chance to purchase before the move to the 9000
Nickonomics
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@YURY-T, If it drops below 8200, I will change my point of view.
Also this looks more like a corrective structure.
I expect more downside.