Hello Traders,
2 more days until main-net beta release!! I mentioned that my previous post was my last analysis before beta release, but I just can't cage my excitement!
Let's dive into technical analysis.
Looking at the 4 hour chart, we see that 570 Satoshi is acting as a very strong resistance at the moment, and Tron needs to break this resistance in order to have next bull run.
We see black bull flag formation within blue bull flag formation, which is a very bullish signal. However, I still think that some sideway movement is necessary in order to have next rally as Stoch RSI is about to cross in next 4 hours or so. This does not mean that it can't have next rally. It just simply means that momentum is starting to favour bear side, and the situation can flip at any time. RSI still look healthy for next rally.
In my previous analysis, I mentioned few targets based on the Elliot Wave analysis. It is just purely based technical analysis, it is not guaranteed to happen.
If you are low-risk, medium reward trader like me, this is how I will trade for Tron next 2 days or so:
Entry: 570 Satoshi (need to break that resistance!)
Target 1: 600-610 Satoshi (I know this is not big profit, but I think we may see some resistance in this zone: Jan 2nd, and Feb 10th)
Target 2: 660-680 Satoshi (I like to take some profit at 15% just to be safe, and I see some resistance around this level)
Target 3: 700-720 Satoshi
Target 4: 750-770 Satoshi (Target 3 and 4 are my ultimate target)
Target 5: 800-900 Satoshi (I know this is a big range, but anything you sell at this range is a significant profit regardless)
Let me warn you before I finish this idea. This trading idea ONLY works if we don't see a major crash in Bitcoin.
Happy trading!
PS: this bull run finishes if Tron cross the orange line.
2 more days until main-net beta release!! I mentioned that my previous post was my last analysis before beta release, but I just can't cage my excitement!
Let's dive into technical analysis.
Looking at the 4 hour chart, we see that 570 Satoshi is acting as a very strong resistance at the moment, and Tron needs to break this resistance in order to have next bull run.
We see black bull flag formation within blue bull flag formation, which is a very bullish signal. However, I still think that some sideway movement is necessary in order to have next rally as Stoch RSI is about to cross in next 4 hours or so. This does not mean that it can't have next rally. It just simply means that momentum is starting to favour bear side, and the situation can flip at any time. RSI still look healthy for next rally.
In my previous analysis, I mentioned few targets based on the Elliot Wave analysis. It is just purely based technical analysis, it is not guaranteed to happen.
If you are low-risk, medium reward trader like me, this is how I will trade for Tron next 2 days or so:
Entry: 570 Satoshi (need to break that resistance!)
Target 1: 600-610 Satoshi (I know this is not big profit, but I think we may see some resistance in this zone: Jan 2nd, and Feb 10th)
Target 2: 660-680 Satoshi (I like to take some profit at 15% just to be safe, and I see some resistance around this level)
Target 3: 700-720 Satoshi
Target 4: 750-770 Satoshi (Target 3 and 4 are my ultimate target)
Target 5: 800-900 Satoshi (I know this is a big range, but anything you sell at this range is a significant profit regardless)
Let me warn you before I finish this idea. This trading idea ONLY works if we don't see a major crash in Bitcoin.
Happy trading!
PS: this bull run finishes if Tron cross the orange line.
Comment:
Tron is looking to break out!
Comment:
Broke up! Going to target 1!
Trade closed: target reached:
First target reached!!
Comment:
Good rally! Now Tron needs to find support at purple box region. Most likely Tron will bounce red line as indicated in the graph, and next bull run shall follow.
Next target is 650 Satoshi, and one after that is 723 Satoshi.
If we are lucky we may be ale to see 828 Satoshi.
Happy Trading!
Next target is 650 Satoshi, and one after that is 723 Satoshi.
If we are lucky we may be ale to see 828 Satoshi.
Happy Trading!
Trade closed: target reached:
Second target reached with 1 Satoshi difference!!
Comment:
If you are following my target range in the technical analysis, this is a good place to cash out for some profit!
Comment:
Alrite people. Although Bitcoin is crashing at the moment, Tron is staying very sTRONg!
Looking at the 4 hour chart, we see that Tron is trading in the second half of this uptrend and I would expect the middle line will act as a decent support for this bull run. RSI is at overbought region and Stoch RSI is also above 80, so Tron is looking to go some sideway movements for next few hours before beta launch!
For now I would set the next sell range around 700 and 770 Satoshi.
Looking at the 4 hour chart, we see that Tron is trading in the second half of this uptrend and I would expect the middle line will act as a decent support for this bull run. RSI is at overbought region and Stoch RSI is also above 80, so Tron is looking to go some sideway movements for next few hours before beta launch!
For now I would set the next sell range around 700 and 770 Satoshi.
Comment:
Good boy Tron. Bounced at middle line. Bull run still continues!
Comment:
Might break out soon!
Gimme big likes if you enjoy my analysis and updates!
Gimme big likes if you enjoy my analysis and updates!
Trade active:
And there we go! Next target 686 Satoshi for now.
Comment:
Lets see if Tron can break this resistance!
Comment:
As I mentioned in my technical analysis, this idea only works if and only if Bitcoin does not fluctuate. Unfortunately, Bitcoin went below 7K and things are not looking too bright at the moment. Therefore, few modification needs to be made in my analysis.
Fortunately, Tron just bounced at the critical upward trend line, which indicates that bull run is still not terminated. My target for now is 680 Satoshi. Stay strong everyone!
Fortunately, Tron just bounced at the critical upward trend line, which indicates that bull run is still not terminated. My target for now is 680 Satoshi. Stay strong everyone!
Comment:
Just quick update. The upward trend line is still acting as a strong support. Therefore, the bull run has not finished as of now.
However, EMA 20 is acting as a strong resistance at the moment in the 1 hour chart. (Watch out around 610 Satoshi range as we may see another bounce)
Looking at the 4 hour chart, Stoch RSI is about to cross, indicating the momentum starts to shift for bull side. My target is still 660-680 Satoshi at the moment, as long as Bitcoin does not tank again.
However, EMA 20 is acting as a strong resistance at the moment in the 1 hour chart. (Watch out around 610 Satoshi range as we may see another bounce)
Looking at the 4 hour chart, Stoch RSI is about to cross, indicating the momentum starts to shift for bull side. My target is still 660-680 Satoshi at the moment, as long as Bitcoin does not tank again.
Comment:
Why I think 684 Satoshi is a realistic goal.
As you can see in my 15 mins chart, every fibonacci levels corresponds to the resistance and support.
However, this does not mean that it can't go higher.
As you can see in my 15 mins chart, every fibonacci levels corresponds to the resistance and support.
However, this does not mean that it can't go higher.
Trade closed manually:
After the testnet was released, we saw a huge dumping actions. I warned you that if Tron goes below orange line, that means the bull run is over... or maybe not.
If you look at the 4 hour chart, we can see that overall trend for Tron is starting to shift. Until March 12th, we see Tron is oscillating in between downward channel, but after that day Tron is oscillating between upward channel. I am looking very cautiously where Tron is going around 510-515 Satoshi, as there may be a potential bounce. If Tron does not bounce that level, then next target is 494 Satoshi, followed by 452 Satoshi.
If you look at the 4 hour chart, we can see that overall trend for Tron is starting to shift. Until March 12th, we see Tron is oscillating in between downward channel, but after that day Tron is oscillating between upward channel. I am looking very cautiously where Tron is going around 510-515 Satoshi, as there may be a potential bounce. If Tron does not bounce that level, then next target is 494 Satoshi, followed by 452 Satoshi.