TRON (TRX)/Bitcoin (BTC) All Aboard
Updated
I've said on my show a hundred times... Tron will shock the market. Against USD Tron has been stellar. Bitcoin not so much. Some of you know in the last several weeks, TRX had it's breakout of it's years-long downtrend. The downtrend line is labeled yellow. This came after a fake-out back in September 2020.
Elliot wave analysis: The first 5 sub-wave structure (labeled blue) of larger cycle wave 1 (labeled green) . It looks as though we are currently in the ABC correction wave 2, labeled as red. More specifically we are finishing off wave B before entering wave C. Then on to Wave 3. Wave 3 is typically 1.618 Wave 1.
Fib. Analysis:
This recent breakout was recently confirmed with a second wick down to the .618. That's a double bounce off the .618. This is a very bullish indicator.
Hidden bullish divergence: Labeled as green trend line. Higher low price action, lower low RSI. Strengthening our chart analysis.
What to look for short term:
Expect the ABC correction to play out, it could bounce again of the yellow trend line at the end of wave C. This would be a perfect opportunity to long, in my opinion.
What to look out for long-term:
Even when an elliot wave structure looks perfect... I always want wave 3 to be confirmed.. that is, a breakout above the previous high. We don't want any double top action which can confuse investors into panic selling their position. That's why you can take profit at previous high, or wait til the end of wave 3. If you choose not to take profits at wave 3, you can still increase your position by buying the wave 4 dip.... and riding this rocket all the way to wave 5. Remember, elliot waves can be seen on micro and macro scales, each set of 5 waves being part of larger macro wave 1 and so on. Each 3 wave correction all part of a larger macro wave 2 correction etc.
Big picture: If you are a hodler or long-term investor... you are in the perfect buying zone. Anything in this price range is going to bring in great returns. We are just beginning a new uptrend after successful breakout.
Elliot wave analysis: The first 5 sub-wave structure (labeled blue) of larger cycle wave 1 (labeled green) . It looks as though we are currently in the ABC correction wave 2, labeled as red. More specifically we are finishing off wave B before entering wave C. Then on to Wave 3. Wave 3 is typically 1.618 Wave 1.
Fib. Analysis:
This recent breakout was recently confirmed with a second wick down to the .618. That's a double bounce off the .618. This is a very bullish indicator.
Hidden bullish divergence: Labeled as green trend line. Higher low price action, lower low RSI. Strengthening our chart analysis.
What to look for short term:
Expect the ABC correction to play out, it could bounce again of the yellow trend line at the end of wave C. This would be a perfect opportunity to long, in my opinion.
What to look out for long-term:
Even when an elliot wave structure looks perfect... I always want wave 3 to be confirmed.. that is, a breakout above the previous high. We don't want any double top action which can confuse investors into panic selling their position. That's why you can take profit at previous high, or wait til the end of wave 3. If you choose not to take profits at wave 3, you can still increase your position by buying the wave 4 dip.... and riding this rocket all the way to wave 5. Remember, elliot waves can be seen on micro and macro scales, each set of 5 waves being part of larger macro wave 1 and so on. Each 3 wave correction all part of a larger macro wave 2 correction etc.
Big picture: If you are a hodler or long-term investor... you are in the perfect buying zone. Anything in this price range is going to bring in great returns. We are just beginning a new uptrend after successful breakout.
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