Tron, TRXBTC is coming with its independence day on June 25th. This is an exciting moment for TRON and its holders cause with it the TRON Foundation will have a burn of 1,000,000,000 TRX and with the current market price, this can be valued at around 50 mln USD.
This is pretty significant and you already have seen the price of TRON going up the past few days mainly because of this upcoming news event.
For a change I want to do a quick and relative simple trade analysis and setup for Tron, TRXBTC similar as before cause it doesn't have to be complicated and especially with current market conditions, it's best to take shorter term trades and take profits earlier.
And with still a few days left leading up to this event, I think there's a quick little trade opportunity with some good risk to reward so let's take a quick look, shall we?
I think we're still in a wave 4 of a smaller degree but if we manage to hold around the 690 satoshis level which was the top of wave 1 and the previous bottom and move up from here, then this wave count is still valid, a double bottom is set and we're looking to make the wave 5 up.
Conservatively, the 1.618 fib extension level at around 775 is a good target to go for and take (some) profit.
So if you want to take a quick swing trade with Tron, TRXBTC just a few days before the actual burn then this is how you can trade it:
Buy area
690 - 705
Target
775
Stop
675
So about 10% upside and 3% downside for a Risk Reward (R) of about 3.3. Not bad, not bad at all!
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
This is pretty significant and you already have seen the price of TRON going up the past few days mainly because of this upcoming news event.
For a change I want to do a quick and relative simple trade analysis and setup for Tron, TRXBTC similar as before cause it doesn't have to be complicated and especially with current market conditions, it's best to take shorter term trades and take profits earlier.
And with still a few days left leading up to this event, I think there's a quick little trade opportunity with some good risk to reward so let's take a quick look, shall we?
I think we're still in a wave 4 of a smaller degree but if we manage to hold around the 690 satoshis level which was the top of wave 1 and the previous bottom and move up from here, then this wave count is still valid, a double bottom is set and we're looking to make the wave 5 up.
Conservatively, the 1.618 fib extension level at around 775 is a good target to go for and take (some) profit.
So if you want to take a quick swing trade with Tron, TRXBTC just a few days before the actual burn then this is how you can trade it:
Buy area
690 - 705
Target
775
Stop
675
So about 10% upside and 3% downside for a Risk Reward (R) of about 3.3. Not bad, not bad at all!
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
