Tron Update #5: Not Breakout Yet! But Bright Future Ahead!
Hello Traders,
If you recall from my last analysis, I mentioned that 500-510 Satoshi is the major support for Tron and bounce at this level is a good indicator for next bull run.
As predicted, Tron manages to find its support around that range, and looking to continue its bull run as the Main-net release is approaching.
Looking at the 4 hour chart, we see that inverse head and shoulder pattern is starting to taking place (orange), and I am surprised that if Tron does not get to 558 Satoshi in next day or so. Once Tron reached to 558 Satoshi, I expect minor retracement to complete its right shoulder. It is NOT a breakout unless Tron manages to break 558 Satoshi.
After breaking 558 Satoshi, it is possible to see a rally from 558 Satoshi to 618 Satoshi without any difficulties. I expect 618 Satoshi will be the first major resistance for Tron, and this level coincidentally intersect with red trendline that I drew. One thing that I want you to know about trading Tron is that those trendline is your best friend. Whenever you do your analysis, make sure to draw as many trendline as possible and you will be surprised that how many dips or peaks touches those trendlines.
Unfortunately, I can't predict what will happen in green box region, as there are many resistance in this region. I do not expect Tron to get out from this region easily. If Tron manages to get out the green box, then my next targets are 726 Satoshi, 850 Satoshi, and finally 943 Satoshi.
In summary, 558 and 617 Satoshi are the major level that we need to look for in short term. As long as Tron can stay above purple line, then I see a bright future ahead for Tron.
Happy Trading!
If you recall from my last analysis, I mentioned that 500-510 Satoshi is the major support for Tron and bounce at this level is a good indicator for next bull run.
As predicted, Tron manages to find its support around that range, and looking to continue its bull run as the Main-net release is approaching.
Looking at the 4 hour chart, we see that inverse head and shoulder pattern is starting to taking place (orange), and I am surprised that if Tron does not get to 558 Satoshi in next day or so. Once Tron reached to 558 Satoshi, I expect minor retracement to complete its right shoulder. It is NOT a breakout unless Tron manages to break 558 Satoshi.
After breaking 558 Satoshi, it is possible to see a rally from 558 Satoshi to 618 Satoshi without any difficulties. I expect 618 Satoshi will be the first major resistance for Tron, and this level coincidentally intersect with red trendline that I drew. One thing that I want you to know about trading Tron is that those trendline is your best friend. Whenever you do your analysis, make sure to draw as many trendline as possible and you will be surprised that how many dips or peaks touches those trendlines.
Unfortunately, I can't predict what will happen in green box region, as there are many resistance in this region. I do not expect Tron to get out from this region easily. If Tron manages to get out the green box, then my next targets are 726 Satoshi, 850 Satoshi, and finally 943 Satoshi.
In summary, 558 and 617 Satoshi are the major level that we need to look for in short term. As long as Tron can stay above purple line, then I see a bright future ahead for Tron.
Happy Trading!
Comment:
As predicted, testing 557 level as a support. Let's see if it can hold.
Comment:
Support found. Here is our next rally!
Comment:
Tron is trying so hard to get back to that blue ascending channel! If it manages to go above it, I am not surprised to see 680 Satoshi in next few days. For now, my initial target is 613-617.
Trade active:
Tron just made a huge move. Now we are back to ascending bull channel.
Trade closed: target reached:
613-617 reached!
Will not be surprised that if Tron goes back to 558 Satoshi again and try to find its new support there.
As you can see from 4 hour chart, Tron just bounced at the blue ascending channel. If Tron manages to go back to this blue channel, that will be an extremely bullish signal and I expect new higher high.
For now my next target is green box region.