TRON / BitcoinShort
TRX/BTC Short
Updated
Hey Traders.
Today we are looking at Tron vs Bitcoin (TRX/BTC)
As you may have noticed TRX has been performing quite well in the recent weeks. The fundamentals say it is because of the Bit Torrent Free airdrop, ie, those that held TRX will get free BTT .... funny how these things are created out of thin air and sold for value ..... and crypto nerds hate fiat ... the irony :P
Now that the BTT Airdrop has completed, we can expect those that purchased TRX for the free gifts will begin selling. From a T.A. perspective we have double topped at a key Fibonacci level and the oscillators are showing weakening momentum to the up-side (bearish divergence).
Nothing is 100% in TA but if history repeats, Air Drops = pump-n-dumps. I'd be looking to short this (AGAIN!! :) )
Today we are looking at Tron vs Bitcoin (TRX/BTC)
As you may have noticed TRX has been performing quite well in the recent weeks. The fundamentals say it is because of the Bit Torrent Free airdrop, ie, those that held TRX will get free BTT .... funny how these things are created out of thin air and sold for value ..... and crypto nerds hate fiat ... the irony :P
Now that the BTT Airdrop has completed, we can expect those that purchased TRX for the free gifts will begin selling. From a T.A. perspective we have double topped at a key Fibonacci level and the oscillators are showing weakening momentum to the up-side (bearish divergence).
Nothing is 100% in TA but if history repeats, Air Drops = pump-n-dumps. I'd be looking to short this (AGAIN!! :) )
Note
It has come to my Attention that the airdrop is actually on the 11th. Nevertheless, the lines, entries and exists will be slightly adjusted, fundamentals are the same.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.