Ok just sold my last bit of TRON and here the reasons why
Fundamental Analysis and Social Media:
- Just too many people talking about
- Every crypto twitter/youtuber pumping tron
- TRON Memes got out of control
- Every single wallet and exchange announce BTT airdrop support
Technical Analysis: Most of the time I just trade against USDT on Binance, I dont trade against BTC unless there is an edge and this is because I dont have to sell altcoin for BTC to get USD, I work the daily, 4 hour and 1 hour chats, but here the BTC charts since most people use BTC.
Sold my last bit of TRON at $0.02770, just got paid from DAPPS but not selling that, regarding DAPPS now that TRON is going down I think some tokens like ANTE that have sold a lot past week will go up in value.
RSI was extremely overbought it got to a point over 80 and as we can see on this image in the past thats when corrections come
What really make me sell was that big red candle after a failed double top, TRON double top and couldn't go higher, this means it will try again latter or will just retrace, and a full retracement, could end up bad at a 50% or even 70%, TRON has been pumping since December 15
After this move to the downside I think that TRON will probably find support at 750 sats with a more serious line of support around 700 sats, in my opinion if TRON really goes into a correction it will bounce from the 700 sats and continue on its uptrend, as you can see on the next image
What worry me a
bit on this situation is that the volume that we saw before is not there anymore as shown on the two white circles
I really expect TRON go into that 20% to 30% range, it will eventually continue to go up during the week, first BitTorrent airdrop is on February 11 that means two weeks from now, got to be careful if it breaks 862 sats we can start to see massive attempts to dump the price, remember that market makers dont care about airdrops, load up when its low and then sell when everyone is collecting for the airdrop.
Keep in mind that if a few whales bought TRX to get BTT during the Binance Launchpad sale and they cant get it, then may look to dump the price, Im not getting or buying TRON again probably after the BTT airdrop drama is over.
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BITCOIN: TSdyx2sfPdJ7zEs4PB7CVkguSmkiP7Cwce
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