This is the 4th hit we get on the .786 FIB on TRX. which indicate a strong support at that level but also a VERY BIG RED FLAG if it break through it. BTC is currently dropping (5th wave in my opinion and will drop all the way to $4700). IF the BTC move happens TRX wont be able to hold its position VS the 200 BILLIONS dollars market of BTC and will have no choice but to drop lower than the .786 FIB, which means BAD TIME FOR TRX. We will then be looking at what level it can possibly bounce off of and begin on its way to the top and believe me there isn't that much levels down there.
The first level that I see is at about 332 which will NOT hold on a -60% drop from BTC (again if it happens).
The second level is at 250, that is a big level with A LOT of consolidation therefore it could potentially hold.
If the second level (250) fails to HOLD and BTC is no where near sub $6 000 yet then we have to look at the possibility of TRX dipping all the way down to the 100 satoshis area.
I put emphasis on the word selection here ''DIPPING'' because I dot no believe TRX would stay at that level for a long time at all. I have pointed 3 VERY BIG candles on the chart (green arrows) that were never squared up. This represents BILLIONS of dollars and is generally a VERY GOOD indication that the price will revisit those levels at one point or another.
LONG I am very bullish on TRX but SHORT very bearish. Be careful with this one guys!
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The first level that I see is at about 332 which will NOT hold on a -60% drop from BTC (again if it happens).
The second level is at 250, that is a big level with A LOT of consolidation therefore it could potentially hold.
If the second level (250) fails to HOLD and BTC is no where near sub $6 000 yet then we have to look at the possibility of TRX dipping all the way down to the 100 satoshis area.
I put emphasis on the word selection here ''DIPPING'' because I dot no believe TRX would stay at that level for a long time at all. I have pointed 3 VERY BIG candles on the chart (green arrows) that were never squared up. This represents BILLIONS of dollars and is generally a VERY GOOD indication that the price will revisit those levels at one point or another.
LONG I am very bullish on TRX but SHORT very bearish. Be careful with this one guys!
Follow me on telegram if you want to be updated on this chart.
Like and comment if you agree with this chart!
