Hello Traders,
As you recall from my last analysis, I mentioned that black line and purple line would most likely act as a strong resistance, and we may see a potential dip from there? And here it is!!
(this is partially due to Bitcoin crash after reaching to $9000)
To my best of knowledge, I was the only one who called this and this clearly differentiates between good technical analysis and bad analysis.
Let me clarify my 4 hour chart a little bit so you can have better understanding of what is going on.
Yellow channel: bullish region. This is the region that Tron needs to be in order to get sizeable profit.
Green channel: Bear vs Bull region. This is the region where Bulls and Bears are fighting. If Tron goes above this channel, bull wins. If not, bear wins.
Looking at the 4 hour chart, we see that Tron just bounced above the EMA50 region and trying to get out from this green channel.
However at this point, it does not matter if Tron goes back to to yellow channel or not, as we have purple down trend just above us. It would be very interesting to see how Tron will react to this orange box region. Let me warn you though. If Tron can't go above this purple line by April 28th, Tron will be in a big BIG trouble. So here are 3 scenario that I see:
1) Contest orange box --> Fail --> side way movement within green channel --> break purple resistance --> green box region (680 Satoshi)
2) Contest orange box --> Fail --> try to find support at bottom of the green channel --> fail --> massive selling
3) Contest orange box --> Success! --> contest green box region (680 Satoshi)
I will be closely monitoring the movement at those two regions. Happy trading!
As you recall from my last analysis, I mentioned that black line and purple line would most likely act as a strong resistance, and we may see a potential dip from there? And here it is!!
(this is partially due to Bitcoin crash after reaching to $9000)
To my best of knowledge, I was the only one who called this and this clearly differentiates between good technical analysis and bad analysis.
Let me clarify my 4 hour chart a little bit so you can have better understanding of what is going on.
Yellow channel: bullish region. This is the region that Tron needs to be in order to get sizeable profit.
Green channel: Bear vs Bull region. This is the region where Bulls and Bears are fighting. If Tron goes above this channel, bull wins. If not, bear wins.
Looking at the 4 hour chart, we see that Tron just bounced above the EMA50 region and trying to get out from this green channel.
However at this point, it does not matter if Tron goes back to to yellow channel or not, as we have purple down trend just above us. It would be very interesting to see how Tron will react to this orange box region. Let me warn you though. If Tron can't go above this purple line by April 28th, Tron will be in a big BIG trouble. So here are 3 scenario that I see:
1) Contest orange box --> Fail --> side way movement within green channel --> break purple resistance --> green box region (680 Satoshi)
2) Contest orange box --> Fail --> try to find support at bottom of the green channel --> fail --> massive selling
3) Contest orange box --> Success! --> contest green box region (680 Satoshi)
I will be closely monitoring the movement at those two regions. Happy trading!
Comment:
Potential bear flag. If this is the case, target is 568 Satoshi.
Comment:
Tron attempted to go back to yellow ascending channel, but it failed. Bear flag is still a possibility.