Had a look at the TRXBTC chart and (of course this is way too far into the future to tell) just using some trendlines and a harmonic pattern came up with 75 sats as the potential bottom for this, before it's big run up. I'll post the AB=CD Pattern shortly.
Not trading advice.
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Bullish AB=CD.
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Alternatively, this. But the other one is more correct time-wise.
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Added some more trendlines, because there wasn't enough.
Now I'll probably totally forget about this idea and miss it.
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Alternate idea - if we are in the beginning of a full triangle currently. This would make the end of December the approximate completion date of the triangle.
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See my comment to ks17471 below for a bit of explanation on this.
i understand where your getting numbers from the harmonic pattern. but on your macro wedge thats facing downward- break outs and or reversals dont tend to happen at the pinch point. rather, they tend to push out aprx 80 percent of the pattern completion. im guessing 180-200 sats is strong base where this can occur. i like your projections upward though- too bad it will take over 1 yr- god knows how the ceo will push in and out of childplay within that time frame
Yea, I see what you are saying. I find with using wedges that include the huge price spike when coins are listed, you can't really rely on them too closely to behave like a normal wedge early on (more just like a firm trendline that they may bounce off of a few times on the way down - but don't always lead to the big thrust at the end of many).
You saying that did give me n alternate idea, since TRX was listed so much later than a lot of the other primary cryptos, it really wasn't given a chance to have a proper bullrun and is likely just correcting along with crypto/alts as a whole, it's really difficult to say where we really are in the correction.
A possibility is that what we are seeing here is the first three waves of a larger ABCDE triangle, where 75 sats can still be the bottom, however, we will have Wave-D upwards (I made it 61.8% of Wave-C price, 1.618 Wave-C fib time semi-arbitrarily - to make Wave-E price conform to my 75 sats target and to make it significantly different from Wave-B in time and price, which is to be expected. Likely it will be more complex than Wave-B also) that will expand the triangle trendline from the 0-B trendline.
It would then be followed by Wave-E downwards (61.8% of Wave-A price, which is ideal according to Glenn Neely in his MEW book, and 2.618 fib time of Wave-A, again, semi-arbitrarily but something I notice happens often enough), creating the trendline touch point at the 75 sats mark and leaving plenty of space at the end of the triangle.
One thing I actually really like about this change to the idea is how the midline of the triangle lines up very well with where I would like to draw it (with respect to breaks in the bars on Waves A-C). Another thing that strikes me as interesting is that this would, unfortunately, push the TRX bullrun back until approximately Christmas of this year - which seems like a pretty appropriate time for BTC to end its run as it did in 2017 and alt season to begin.
Korastiz
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@ks17471, Let me know if you have any other suggestions - you may actually be right on 180-200 sats giving strong resistance and causing the bounce at the end of Wave-C. Here I have 125 sats, kind of arbitrarily, as fibs don't really help much with Wave-C. Changing from this would cause Wave-D to end a little higher and likely later to allow for Wave-E to be still 61.8% of Wave-A price, overall leading to just a longer triangle, but the same general idea.