TRON (TRX): Why Analyze TRX/USD and NOT TRX/BTC?
SUMMARY
TRON (TRX/USD) is analyzed and it's important to emphasize that the /USD pair is my primary mode of analysis because it has a single variable; the change in demand for the coin. The /BTC has TWO variables; the change in coin demand and rate of change in BTC price. THIS difference makes the /BTC pair chart LAG the /USD pair; especially during the uptrend. IF the coind does not have a /USD pair on exchange; I STILL analyze on USD chart and then translate this into the /BTC equivalent but the buy/sell actions are still modulated by the USD price analysis. I've explained this before but with many new comers, please review my tutorials for more details.
TRON (TRX/USD) is carving out what seems likely to be a bowl or cup formation. Price action thus far shows that the Hurry Up & Wait syndrome is still in progress. The correction often goes a bit sideways during the bottom of the pattern. The white vertical line shows the half way point and since it's been passed; the remaining waves 3,4 and 5 are likely to start putting in the righ wall side of the cup formation. The target is $0.19 in this process.
Closeup shows that the Ascending Right Triangle pattern is still valid; so live and kicking. It has actually progressed since last update as shown by the blue arrow line. Price is expected to be entrapped within the triangle contracting lines and as it becomes more proximal to the Apex, the breakout strength should only build. For this pattern to remain valid, the lower white line support must hold.
When a pattern becomes embedded within a larger pattern; it's quite bullish. The Ascending Right triangle is shown to be embedded with a larger symmetrical. Volume decline can also be noted as confirmation. More proximal price is to the Apex; more likely the breakout time will occur. Let's see what happens the next few days. For this pattern to remain valid, the lower white line support can't be breached decisively.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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The reason why I would not evaluate alt-coin vs USD is because most of the value of these alts is assuming growth potential at becoming a money like Bitcoin.
If alts were actually competing again't Bitcoin they would go up again't bitcoin when bitcoin goes down vs USD but the opposite has been happening consistently.
Wow! 56$ for a single upvote? I'm very jealous. LOL
Anyways, I agree with your point, but until when do you think this will happen? Do you think if BTC falls, the blockchain industry falls altogether?
Probably, BTC is the king. But who am I to say, I have no idea about TAs...Just my speculation.
BTC is unstable, has been for a long time now. Though its good to evaluate all ALT coins against USD, because USD doesn't aggressively fluctuates as much as BTC does.
Plus its easier to measure how much you will make or lose looking at usd versus btc.
the /USD pair has only one variable; that being the change rate of demand for that coin while the USD stays constant. The /BTC has two variables; the change in demand and rate of change in BTC price. This makes it lag the /USD pair consistently and thus, the /USD pair can often be used as the leading indicator.
There is no technical error in this.
You are censoring by forcing others to see it as you want only. Do you realize that?
You downvoted this post? This TRX analysis was requested by someone....NOT YOU! The person who requested this wanted the USD format beause he trades in the USD format and NOT the BTC. Why do you feel the need to dictate to the requestor what he should and should not request. I just don't get it.
You and @sneak have this almighty complex of trying to dictate and censor to your whims. What gives?
Send that someone's TRX analysis via email or whatever else that Steem's trending.
You are about to really hit my nerves with your disingenuity.
Disagree with rewards so I flagged it. You do not deserve >$5 for this in many peoples opinions.
Yep. I think there are more than plenty more-than-reasonable solutions to this whole thing. I'm not sure what to think with these attempts of humility that aren't actually followed by acts of humility... very odd
judging from codebase tron seems dead..
Interesting
thanks
Why did this post get low ratings? TRON isn't a shitcoin. It will be the better ethereum by the end of the year.
spammers are killin' @haejin posts. it's really frustrating.
Low rating? This is one of the 50 highest payout posts in the last 24 hours. So are the other 10 posts Haejin makes a day. What do you mean by low ratings? Tron is much more close to a shitcoin than it is to being better than Ethereum.
yeah, but when it was first posted, it was flagged so hard that it was blocked. eventually, he gets enough upvotes to bring the content back, but at first, it gets very low ratings.
No it's that inevitably he get a 200$ upvote on every post from a single individual. Anyone downvoting is just downvoting it to detract from the inevitable 200$ upvote from rancho, and then the other 50$ upvote by him for himself. At no point was the content blocked. It might have been hidden. He is guaranteed a 200$ upvote every post so he does not need to worry about his content being hidden.
ok, makes sense. i didn't mean blocked, just hidden. i'm so confused by the drama. if he's posting good stuff, why does it matter?
@haejin .... can you please tell us who rancho is? why do they upvote you every time when they seem very inactive, otherwise? is that you gaming the system?
He has said that it is not him and he does not control it. I agree the drama does suck. I am not opposed to haejin making money for his posts. I would just like to negate the 200$ vote he gets for every post.
It matters because there are 50,000 active people on here. Haejin takes 5% of the rewards every day. The Lions share of that money comes from rancho and rancho only, the other large portion is from haejin himself. Rancho is upvoting him for a million dollars a year all by himself. If haejin had 0 views on a post, rancho would have still upvoted his post for 200$.. it's a problem because if you go to the trending or hot pages it is full of his posts, not because of merit. Because of ranchorelaxo.
I am sorry all this drama is around. It is centralized around a few people and if you block those few people you won't see it. Maybe I am one of them. I don't know.
I want what is best for the platform but at this point my desire to keep fighting is thinning. I should be gaming the system like everyone else and using this place to maximize my profits regardless of the impact on this new technology and new currency.
that makes a lot of sense. something is very fishy and i hope it gets figured out. this rancho person has $4m in their wallet! hhhmmmm, something strange happening.
TRON is far from a shitcoin. They've gained high profile partnerships. Once TRON's blockchain platform is released, they can finally dump Ethereum into the garbage.
Because Ethereum has zero partnerships. Something like 80% of the top 100 coins are ERC-20 tokens specifically using the Ethereum blockchain.. What is TRON doing, trying to make up for the fact that they copy pasted a large portion of their white paper. Blamed it on translation at which point people found the same copy pasting in the Chinese whitepaper. The majority of coins have high profile partnerships, what sets Tron apart? You own it? They are about to do a burn, lowering the total supply and increasing your value? Trondogs which is like the knockoff brand at the store of cryptokitties?
Tron it s the future!
TRON, Ripple, Stellar, EOS, Syscoin, Verge etc., are the future.
I think people will be surprise once this thing hit $1.00, after that it will be too late to get it in a low price!
http://www.coinliker.com/forecast/tron-eSFC-prediction
I must admit his analysis is lacking in detail and his version of a cup & handle formation is also far fetched. Where's the indicators??? does this guy not know how to use indicators? lmao
Holding pretty enough TRX ! thank you
how much you holding if you dont mind?
TRON is a coin that you simply HODL till the end of the year. This thing is going to be huge IMO. TRON reminds me of Ripple, with so many partnerships.
Coins mentioned in post:
Please, keep doing that. It is great as long as you stay objective. So far you are and I appreciate that.
matthewoz101: WIsh you all the best for the comment
informative from your side wait for some good
Thank you Haejin! I am a HODler of Tron. Excited about this project.