Tron Tron- Whats Going on?
Updated
I see this going to 474 with a possible sell down to 440 at lowest (.25 ma on total trend) before trying to find good support.
Then i want to see how it tests at 490 (low of old trend) and the 505 resistance line above. If it can beat these, which i believe it can, i am looking for 587 dropping to 543 up to 622-633 dropping to 587 then a rush up to738. Its possible we find resistance at 640-660, but at that point, were now on top of such a big volume area, that i believe the bulls will really kick back in. Then i see TRX heading up to 740-784. 784 is the .5 fib, but 474 seems much more likely as the buy levels really pick back up around.|
Then id like to see it come back to 667 and then shoot up towards 740. And i believe this is where the real test of this trend (assuming we find resistance on the .25) will be. At this point we need create a new high. Breaking over 825 would be amazing for a good signal upwards.
I could see 543 area lasting, but in the short term, it seems to need to create some new highs. I will check it here and there in the next couple of hours and update, but there just seems to be SOOO much resistance above where we are. I feel that we sat in the 587-610 range for too long and now we have even more resistance above.
Then i want to see how it tests at 490 (low of old trend) and the 505 resistance line above. If it can beat these, which i believe it can, i am looking for 587 dropping to 543 up to 622-633 dropping to 587 then a rush up to738. Its possible we find resistance at 640-660, but at that point, were now on top of such a big volume area, that i believe the bulls will really kick back in. Then i see TRX heading up to 740-784. 784 is the .5 fib, but 474 seems much more likely as the buy levels really pick back up around.|
Then id like to see it come back to 667 and then shoot up towards 740. And i believe this is where the real test of this trend (assuming we find resistance on the .25) will be. At this point we need create a new high. Breaking over 825 would be amazing for a good signal upwards.
I could see 543 area lasting, but in the short term, it seems to need to create some new highs. I will check it here and there in the next couple of hours and update, but there just seems to be SOOO much resistance above where we are. I feel that we sat in the 587-610 range for too long and now we have even more resistance above.
Note
Here is an update with the short term volume profile for this area. You can see that there is SOOO much free space here, yet it seems to not have any real effect on the price action. the bears still seem strong, when free space is usually a bull flag. Even if people don't expect something to pass the free space, often it it bought back up by greedy people/ short term traders to make profits.I just don't feel any real sense of bull power. Also it seems we are creating an average price underneath where we need to be on top of(above 543)
Note
None of this changes anything that i see or believe. It still looks bad and still seems like no reason to buy in. A quick influx of money once btc pumps a small amount means nothing. In other words, I am not worried over a random event. The area of 543 to ~568 is considered free space or not much bear pressure until that top is hit. I still want to see tron go above 622 and only then would I buy in at 622 on the sell down.If not for this BTC event, there is a high possibility that the price would still be under 543.
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