Tron update #6: Is it time to accumulate for Mainnet launch?
Hello Traders,
I see there are a lot of Tron updates and I highly respect their ideas. However, most of their ideas are rather dull, and they do not look at bigger picture.
Hopefully, this technical analysis will give you a better understanding what's going on in Tron!
Looking at the 4 hour chart, Tron manages to go back to ascending blue channel, which is a very bullish signal. The bottom line of the ascending channel acted both resistance and support, and I expect it will act as major support in next few days-weeks. (green arrows)
So the ultimate question is will Tron go up? If so, what are the next targets?
Well let me answer the second question first.
My targets for Tron are:
1) 670-680 Satoshi
2) 720-730 Satoshi
3) 830-850 Satoshi
4) 930-940 Satoshi
But those targets are only valid if and only if:
1) Go above the black channel and purple trendline. Top of the black channel acted as heavy resistance last few weeks (red arrows), and it would be very bullish sign if Tron can go above this. Also, the purple line that I drew coincidentally intersect with this black channel and I expect Tron to struggle to go over these resistances in next few days.
2) Go above 680 Satoshi. If Tron can conquer requirement 1, then next target is definitely 680 Satoshi. This level has been heavy resistance (March 29th and April 5th), and failed to go above this level can initiate huge selling order again. However, I see a potential cup and handle formation so let's see how this will turn out. Regardless, there will be some pull back after 680 level.
3) And last but not least, Tron needs to stay in this blue channel in order to continue the bull run. If it does not stay within this channel, I do not see any big profit in imminent future.
Happy trading!
I see there are a lot of Tron updates and I highly respect their ideas. However, most of their ideas are rather dull, and they do not look at bigger picture.
Hopefully, this technical analysis will give you a better understanding what's going on in Tron!
Looking at the 4 hour chart, Tron manages to go back to ascending blue channel, which is a very bullish signal. The bottom line of the ascending channel acted both resistance and support, and I expect it will act as major support in next few days-weeks. (green arrows)
So the ultimate question is will Tron go up? If so, what are the next targets?
Well let me answer the second question first.
My targets for Tron are:
1) 670-680 Satoshi
2) 720-730 Satoshi
3) 830-850 Satoshi
4) 930-940 Satoshi
But those targets are only valid if and only if:
1) Go above the black channel and purple trendline. Top of the black channel acted as heavy resistance last few weeks (red arrows), and it would be very bullish sign if Tron can go above this. Also, the purple line that I drew coincidentally intersect with this black channel and I expect Tron to struggle to go over these resistances in next few days.
2) Go above 680 Satoshi. If Tron can conquer requirement 1, then next target is definitely 680 Satoshi. This level has been heavy resistance (March 29th and April 5th), and failed to go above this level can initiate huge selling order again. However, I see a potential cup and handle formation so let's see how this will turn out. Regardless, there will be some pull back after 680 level.
3) And last but not least, Tron needs to stay in this blue channel in order to continue the bull run. If it does not stay within this channel, I do not see any big profit in imminent future.
Happy trading!
Trade active:
Breakout!
