Hello Traders,
WOW, what an exciting couple days in cryptoland. Bitcoin just went up $1000 in just 30 mins!
Now let's get down to business. While most of the alt coins were recovering in last 2 days, Tron is not moving at all. So what the F^&# is happening?
As you recall my technical analysis from my latest update, I mentioned the possibility that Tron may go below the pink channel that I drew and find its support at EMA200 and 78.6% retracement level.
And that is exactly what happened this morning. The question is which way will Tron go from here?
Personally, I think Tron just hit the bottom, and go up from here.
1) If Tron failed to find support at EMA200, then unfortunately Tron will probably go to 429 Satoshi as we see a confluent support in this region.
2) If Tron manages to bounce at the level, then my first target 505-510 Satoshi. Tron really needs to break from this red outlined descending pole pattern in order to show some strength. If Tron goes over this red line, then next target is the bottom of the pink line which is 530-540 Satoshi. If Tron wants to continue its bull run, Tron really needs to get back to at least pink ascending channel or white ascending channel. It is necessary for Tron to go back to 600 Satoshi range in order to reinforce the idea of bull rally again. Otherwise, I don't see any pump any time soo until the Mainnet release at the end of May.
Happy trading.
WOW, what an exciting couple days in cryptoland. Bitcoin just went up $1000 in just 30 mins!
Now let's get down to business. While most of the alt coins were recovering in last 2 days, Tron is not moving at all. So what the F^&# is happening?
As you recall my technical analysis from my latest update, I mentioned the possibility that Tron may go below the pink channel that I drew and find its support at EMA200 and 78.6% retracement level.
And that is exactly what happened this morning. The question is which way will Tron go from here?
Personally, I think Tron just hit the bottom, and go up from here.
1) If Tron failed to find support at EMA200, then unfortunately Tron will probably go to 429 Satoshi as we see a confluent support in this region.
2) If Tron manages to bounce at the level, then my first target 505-510 Satoshi. Tron really needs to break from this red outlined descending pole pattern in order to show some strength. If Tron goes over this red line, then next target is the bottom of the pink line which is 530-540 Satoshi. If Tron wants to continue its bull run, Tron really needs to get back to at least pink ascending channel or white ascending channel. It is necessary for Tron to go back to 600 Satoshi range in order to reinforce the idea of bull rally again. Otherwise, I don't see any pump any time soo until the Mainnet release at the end of May.
Happy trading.
Comment:
Currently, Tron is trying to find its support at top of the red descending triangle. Let's see if we see a bounce here.
Comment:
Fib Time Zone analysis tells me that Tron will most likely break out very soon.
Keep an eye on Tron.
Keep an eye on Tron.
Either way we will know our answer by April 14th!