Much of the excitement in the cryptospace has been in the alt universe, Tron (TRX) in particular.
Technically, Tron (TRX) seems to making a climactic blow-off to the upside after taking out resistance at 600 Satoshis (Figure 1). The Crypto.IQ Trading Desk has adeptly identified that major weekly resistance may stop the Tron (TRX) advance in its tracks and perhaps trigger serious profit taking (Figure 2).
Figure 1 Figure 2
With Tron (TRX) possibly topping out, there could be two scenarios for other alts. First, the speculative bid that fueled Tron (TRX) could flow into Stellar (XLM) and Neo (NEO). The second is that other alts stop at resistance and continue to range trade.
Fib speed resistance lines in Stellar vs. BTC (XLMBTC) shows a breakout may be imminent near 1278. Buying resistance is not wise, but you may have to get mentally ready to buy into a breakout if one occurs (Figure 3). Discipline is important.
Neo (NEO) has a similar Fib speed line structure showing a key resistance level at 2253 (Figure 4). It will be a delicate balance between not being swept up by FOMO and intelligently buying into any potential breakout.
Cardano (ADA), like Tron (TRX), is just above diagonal resistance and is pressing against horizontal resistance. Cardona (ADA) does have a round bottom or head and shoulders bottom developing (Figure 5).
Bottom Line: Tron (TRX) may trap people caught up in FOMO. The real question for the cryptospace is whether or not other alts like Stellar (XLM), Neo (NEO), and Cardona (ADA) can mimic Tron’s (TRX) gap move higher.
If Bitcoin (BTC) can hold above a big Gann point at $3,900, then it is possible that a speculative bid flows into other alts.
Whichever way alts go, I will be relying on the Crypto.IQ trading desk and trading community to provide guidance. Truthfully, I have not met a group that knows more about alts, and they have given me my education in this space. Join me there.