Hello Traders,
Wow, what a pump. People usually regard Tron as a "pump and dump coin", but there is always a "strategic"meaning behind those "pumps and dumps".
And today's pump is because Tron will be listed on Bithumb. (ambcrypto.com/tron-t...-listing-on-bithumb/)
Looking at the 4-hour chart, TRXBTC is back to the ascending channel and looking to continue its rally. It is becoming evident that 680 Satoshi is a major resistance, and Tron needs to break this area in order to continue its bull run. However, I still want to see Tron hits the bottom of the black ascending channel (green box) before next rally, so it can act as a good support in the future. Most likely we will see a good bounce in green box region as this is where 61.8% Fibonacci retracement level, and potentially EMA20 will further reinforce this region as the good support. As of now 434 Satoshi is a major support.
Entry: Inside the green box (520-530 Satoshi). Wait till the bounce back in 1 or 4 hour chart.
Target1: Inside the blue box (660-680 Satoshi)
Target 2: 780 Satoshi
Target 3: 830 Satoshi
Happy Trading! Don't forget to leave a big thumb up if you enjoy my updates!
Wow, what a pump. People usually regard Tron as a "pump and dump coin", but there is always a "strategic"meaning behind those "pumps and dumps".
And today's pump is because Tron will be listed on Bithumb. (ambcrypto.com/tron-t...-listing-on-bithumb/)
Looking at the 4-hour chart, TRXBTC is back to the ascending channel and looking to continue its rally. It is becoming evident that 680 Satoshi is a major resistance, and Tron needs to break this area in order to continue its bull run. However, I still want to see Tron hits the bottom of the black ascending channel (green box) before next rally, so it can act as a good support in the future. Most likely we will see a good bounce in green box region as this is where 61.8% Fibonacci retracement level, and potentially EMA20 will further reinforce this region as the good support. As of now 434 Satoshi is a major support.
Entry: Inside the green box (520-530 Satoshi). Wait till the bounce back in 1 or 4 hour chart.
Target1: Inside the blue box (660-680 Satoshi)
Target 2: 780 Satoshi
Target 3: 830 Satoshi
Happy Trading! Don't forget to leave a big thumb up if you enjoy my updates!
Comment:
My position still remains the same. I see some people are saying it is forming falling wedge pattern or bullish pennant pattern. However, if that is the case one of the candles should be at least reaching 23.6% retracement level (629 Satoshi). For now, I will regard it as a bear flag.
Comment:
My prediction is on fire!! Looking at the 4-hour chart, we see that Tron bounced exactly at the black ascending channel, which indicates that Tron still wants to continue its bull run :) There was a minor pump as Bithumb opened the exchange for Tron around that time.
Do not get too excited though. If Tron does not quickly recover to 600 Satoshi in next day or so, I can still see Tron can go below this ascending channel. I will be looking very closely what happen in next few hours as it can bounce back and forth in the purple channel or blue channel I drew in the chart. If Tron bounces within the blue channel, this would be a very bullish signal and I expect it to contest 680 Satoshi again (green box region). If it stays within the purple channel, expect some fall in price (EMA20 and EMA50 would be good support: 531 Satoshi)
Do not get too excited though. If Tron does not quickly recover to 600 Satoshi in next day or so, I can still see Tron can go below this ascending channel. I will be looking very closely what happen in next few hours as it can bounce back and forth in the purple channel or blue channel I drew in the chart. If Tron bounces within the blue channel, this would be a very bullish signal and I expect it to contest 680 Satoshi again (green box region). If it stays within the purple channel, expect some fall in price (EMA20 and EMA50 would be good support: 531 Satoshi)
Comment:
Hello Traders,
As you remember from my last update, I mentioned that there was a possibility that Tron might go blow the ascending channel and bounce at 531 Satoshi. And guess what happened!???
Looking at 4 hour chart we see that Tron is desperately wanting to go back to the black ascending channel, but as of now it was rejected and I expect some sideway movement in next few hours. As a matter of fact, Tron put themselves into a very tricky situation. Even if Tron manages to go above ascending black channel, we see the orange line that could act as resistance and send Tron below the black line. Mark my word, if Tron does not go above the orange line and black ascending channel by tomorrow morning, we may see surge in selling volume.
As you remember from my last update, I mentioned that there was a possibility that Tron might go blow the ascending channel and bounce at 531 Satoshi. And guess what happened!???
Looking at 4 hour chart we see that Tron is desperately wanting to go back to the black ascending channel, but as of now it was rejected and I expect some sideway movement in next few hours. As a matter of fact, Tron put themselves into a very tricky situation. Even if Tron manages to go above ascending black channel, we see the orange line that could act as resistance and send Tron below the black line. Mark my word, if Tron does not go above the orange line and black ascending channel by tomorrow morning, we may see surge in selling volume.