Hello Traders,
As you remember from my previous analysis, I mentioned there were potential 2 buy zones for Tron: 539 Satoshi and 496 Satoshi. Both buying order has been triggered, and hopefully next bull run will start from here! (As long as Bitcoin does not crash)
Looking at 4 hour chart, we still see bull flag formation (red line) and it had decent bounce at 491 Satoshi (38.2 Retracement level). So where are we going from here?
My initial target is 539 Satoshi for now as this is where 23.6 retracement level and downtrend bull flag line meets. (9.7% profit if you bought at 491 Satoshi) If it manages to surpass this resistance, we will have a huge bull run coming ahead of us.
So how am I going to trade in next few days? As you can see my chart, I drew Elliot Waves. According to Elliot Wave Principle, Wave three often extends wave one by a ratio of 1.618:1. So I put my ultimate target at 1043 Satoshi. Are we going to get there before/after beta launch? Probably yes in long term, but I don't think it will reach this target in next few days due to the instability in Bitcoin.
Keep that in mind this is how I am going to trade next few days:
Entry: 490-510 Satoshi. If you need bull flag confirmation 540 Satoshi is a good entry.
Targets: I will cash some profit at every Fibonacci level with few more levels
1) 608 Satoshi (24% Profit)
2) 690 Satoshi (40% Profit)
3) 757 Satoshi (54% Profit)
4) 824 Satoshi (66% Profit)
5) 908 Satoshi (85% Profit)
6) 1043 Satoshi (212% Profit)
For now, my ultimate target is between 757 and 815 Satoshi, but I just give you extra ones for the educational purpose.
Happy Trading!
As you remember from my previous analysis, I mentioned there were potential 2 buy zones for Tron: 539 Satoshi and 496 Satoshi. Both buying order has been triggered, and hopefully next bull run will start from here! (As long as Bitcoin does not crash)
Looking at 4 hour chart, we still see bull flag formation (red line) and it had decent bounce at 491 Satoshi (38.2 Retracement level). So where are we going from here?
My initial target is 539 Satoshi for now as this is where 23.6 retracement level and downtrend bull flag line meets. (9.7% profit if you bought at 491 Satoshi) If it manages to surpass this resistance, we will have a huge bull run coming ahead of us.
So how am I going to trade in next few days? As you can see my chart, I drew Elliot Waves. According to Elliot Wave Principle, Wave three often extends wave one by a ratio of 1.618:1. So I put my ultimate target at 1043 Satoshi. Are we going to get there before/after beta launch? Probably yes in long term, but I don't think it will reach this target in next few days due to the instability in Bitcoin.
Keep that in mind this is how I am going to trade next few days:
Entry: 490-510 Satoshi. If you need bull flag confirmation 540 Satoshi is a good entry.
Targets: I will cash some profit at every Fibonacci level with few more levels
1) 608 Satoshi (24% Profit)
2) 690 Satoshi (40% Profit)
3) 757 Satoshi (54% Profit)
4) 824 Satoshi (66% Profit)
5) 908 Satoshi (85% Profit)
6) 1043 Satoshi (212% Profit)
For now, my ultimate target is between 757 and 815 Satoshi, but I just give you extra ones for the educational purpose.
Happy Trading!
Trade active:
539 Satoshi reached! That was easy 9% was it not?
This rally did lead to bull flag breakout. This is very healthy and we need to let buyers to accumulate for next few hours. Most likely, Tron is looking to bounce at red line again, so we can start next bull run!! (38.2% retracement level)
Next confirmation bull flag breakout signal is around 540 Satoshi plus minus 5 Satoshi.
Warning: Watch out for the red line I drew in this graph. This line will most likely act as a bull run support, and crossing this line may indicate the termination of this rally.
Here is my 1 hour chart:
This rally did lead to bull flag breakout. This is very healthy and we need to let buyers to accumulate for next few hours. Most likely, Tron is looking to bounce at red line again, so we can start next bull run!! (38.2% retracement level)
Next confirmation bull flag breakout signal is around 540 Satoshi plus minus 5 Satoshi.
Warning: Watch out for the red line I drew in this graph. This line will most likely act as a bull run support, and crossing this line may indicate the termination of this rally.
Here is my 1 hour chart:
Comment:
Watch out if it breaks this bull flag!
Comment:
It seems like 577 Satoshi is acting as a pretty heavy resistance at the moment. I would expect Tron to bounce at either EMA20 or 38.2% retracement level (540-545 Satoshi range). However, I would not be surprised if it bounces top red line or orange line again just confirm that they are acting as a good support for this bull run.
Next key zone to look at is definitely 580-600 Satoshi range. Breaking this resistance level officially confirms breakout from the bull flag.
Next key zone to look at is definitely 580-600 Satoshi range. Breaking this resistance level officially confirms breakout from the bull flag.
Comment:
Quick update:
Tron is forming a rising Wedge, and it seems like next move will determine the path of this bull run. If Tron breaks downward, it is expected to hit upward trendline and continue its bull run. If Tron breaks upward, then we can expect huge bull run ahead of us. Watch out for those two levels.
Tron is forming a rising Wedge, and it seems like next move will determine the path of this bull run. If Tron breaks downward, it is expected to hit upward trendline and continue its bull run. If Tron breaks upward, then we can expect huge bull run ahead of us. Watch out for those two levels.