#TRX/USDT.PERP - SHORT - Potential 63.75%

Direction: Long
Market: Futures
Risk: 0.25% - 1%
#TRX_USDT.PERP
Exchange: BINANCE
Timeframe: 3D

TP1: 2792
Entry: 7703
STOP: 9422

Reports of issues at Huobi that could easily bleed into TRX due to Justin Sun's involvement. Looks like Huobi may have insolvency concerns with reports that they hold only 90m in USDT & USDC and not the 631m claimed.

Issue was highlighted when Binance were seen offloading large quantities of USDT as reports that Huobi and TRX staff were being questioned by police - rumoured to be over the the launch of Sun's stUSDT stable coin.

Staked stUSDT is allegedly being pulled into Huobi which is where the wallet shortfalls were observed.

Could be FUD but even if it is there is high potential for price corrections on the back of the widespread reports. Price is at the lower edge of a bear flag having dropped through the EMA20 & 50. A close below the lower trendline would put the illustrated short in play.



Source - Adam Cochrane Twitter