Tron VS Bitcoin Uptrend Again
Updated
Tron recently formed a bottom, hitting 612 satoshis low. At that point it rejected the 3/1 Gann Fan trendline, which has acted as the support. Yesterday, under the heavy volume, TRX/BTC broke above the 4/1 Gann Fan trendline as well as the 50 Moving Average, suggesting the beginning of an uptrend, or a corrective wave up.
Today price corrected back to the Moving Average and it seems found the support there, at 690 satoshis. It seems that current price is very attractive in terms of a buying opportunity and price should continue increasing.
The first strong resistance is at 64.8% Fibonacci retracement level, that is 860 satoshis, which corresponds to the 8/1 Gann Fan trendline. If that resistance is broken, Tron is likely to test 900-1000 satoshis area, that is 76.4% Fibs. Only break and close below 600 satoshis support could invalidate this scenario.
Today price corrected back to the Moving Average and it seems found the support there, at 690 satoshis. It seems that current price is very attractive in terms of a buying opportunity and price should continue increasing.
The first strong resistance is at 64.8% Fibonacci retracement level, that is 860 satoshis, which corresponds to the 8/1 Gann Fan trendline. If that resistance is broken, Tron is likely to test 900-1000 satoshis area, that is 76.4% Fibs. Only break and close below 600 satoshis support could invalidate this scenario.
Comment
Tron back at the support, lets see if its a double bottom
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