Hello Traders,
Welcome to the another exciting update for TRXBTC! After testnet was released on March 31st, we saw increase volume in selling, and Tron just bounced roughly at 61.8% retracement level.
So where are we heading from here? I see two possible scenario:
1) Looking at the 4 hour chart, we see Tron is contesting upward black trend line that I drew. This actually overlaps with 50% Fibonacci retracement level, so I expect some resistance in this area. In order to its continue bull run, Tron needs to go above this black line. However, even if Tron manages to go above this black line, EMA20 and EMA50 is right above it, so we may see some sideway movement in next few days. (Pink box) In long run, I expect Tron to hit 800 Satoshi when the Mainnet is released on May 31st.
2) If Tron bounces at the black line, we may see Tron will go to the 78% retracement level (392 Satoshi). (orange box) We see a confluent support in this region, and I expect huge reversal if Tron hits that point. Tron is currently at EMA200, so let's see if it can act as a good support.
I am not going to place any buying order for now, as both of these two scenario can happen in next few days. Wait till the confirmation!
Happy Trading!
Welcome to the another exciting update for TRXBTC! After testnet was released on March 31st, we saw increase volume in selling, and Tron just bounced roughly at 61.8% retracement level.
So where are we heading from here? I see two possible scenario:
1) Looking at the 4 hour chart, we see Tron is contesting upward black trend line that I drew. This actually overlaps with 50% Fibonacci retracement level, so I expect some resistance in this area. In order to its continue bull run, Tron needs to go above this black line. However, even if Tron manages to go above this black line, EMA20 and EMA50 is right above it, so we may see some sideway movement in next few days. (Pink box) In long run, I expect Tron to hit 800 Satoshi when the Mainnet is released on May 31st.
2) If Tron bounces at the black line, we may see Tron will go to the 78% retracement level (392 Satoshi). (orange box) We see a confluent support in this region, and I expect huge reversal if Tron hits that point. Tron is currently at EMA200, so let's see if it can act as a good support.
I am not going to place any buying order for now, as both of these two scenario can happen in next few days. Wait till the confirmation!
Happy Trading!
Comment:
Tron is playing a very dangerous game. Watch out for this bear flag.
Tron just bounced at black line resistance again (orange circle), and we start to see bear flag in 1-hour chart (red lines). Interestingly, we see a surge in buying volume 2 hours ago without huge selling volume to follow. This is usually a bullish signal, and I can see that Tron is very hard to get out from this red bear flag. As of now, I am not going to tough Tron unless I see clear confirmation.