TRON/BITCOIN is in a range bound and the beginning of uptrend is expected.
The price is below the 21-Day WEMA which acts as a dynamic resistance.
The RSI is at 48.
The price is in a range bound, but we forecast the uptrend would begin.
There is a possibility of temporary retracement to suggested support zone...
4 hour Tron is currently sitting on the diagonal support line which supports upwards targets of 700 and 800 LONG term.
A few resistance lines in play and it will be interesting to see how TRON reacts in the coming days
So we have hit the 618 FIB level for TRON... we need a breakout now over the blue line otherwise we will see further correction down to the 786 level
However with the price of Bitcoin set to hit 6k... I think fruther correction is coming for TRON
As always.. do your own research!
With the test net being released tomorrow, I can only see TRON retracing upon/before release of it. As with most coins, the news is always factored in and a sell off happens before release.
Just my opinion.. it is up to you what you do!
Like I have been saying over the past few days my target is still 650-690..
Once we hit that it will most probably be around the 31st of March when test net is released. I think there will be a big sell off at this point personally but don't take my word for it.
This is not advice, this is just my personal opinion so follow at your own risk.
The chart explains it all in detail to be honest... We have found a major support line which is ascending upwards on a diagonal pathway. WAVE 3 will test the major resistance at 580 but not close above it. This will then retrace to around the 382 - 500 FIB levels but also should not break our new support line.
Overall we are on the way to target of 640....
This is an alternative scenario that could be playing out on the TRON chart. This coin might not retrace as expected due to the fact not many people will be selling until the release of the "test net" on 31st March.
Please have a look at both charts and decide for yourself.
Either way we still hit my target of 650
Wave 2 only retraced to 32% meaning wave 4 will retrace more than this. I am looking at 50/61% meaning TRON could drop below 500 sats before its push up for wave 5
I have wave 5 set around then 640 mark and if you want to be very bullish then it could go as high as 690 just like wave 3 did smashing my target of 540 by hitting 600+.
Let me know what you guys...
Tron keeps trying to break 445 sats and keeps getting rejected. As seen by my chart we are approaching a crucial time for TRON as we near the APEX of an ascending support line and a resistance line.
I am still LONG on TRON!