TRON, TRXBTC - Hourly ABCDE Pattern Forming
Updated
After a nice climb TRON, TRXBTC has consolidated and found support around the 0.00000485 level. This looks like a good support area cause the 0.00000485 - 0.00000500 was several times previous support and resistance area.
When you look at the Elliot Wave theory then you could see a bullish ABCDE pattern forming on the hourly chart. If this ABCDE pattern does follow through then we can see TRXBTC break out of the triangle and move another leg up again. And with all the hype and news coming for TRON, it might do just that.
So here are some trade instructions if you want to short-term swing/daytrade TRON, TRXBTC:
Entry Point:
1. Wait for a bullish confirmation when the ABCDE pattern is formed and/or a clear break of the triangle, preferably above the 12 and 50 ema as well to confirm the upward trend.
2. Enter near support/(E) point. You can get in cheaper/lower but the probability of a breakout or an uptrend is less likely.
Profit Targets:
1. 0.00000556
2. 0.00000578
3. 0.00000600
4. 0.00000622
Keep in mind that you can take profits at any time when you feel comfortable or want to secure your profits. You don't have to wait for a target to be reached in order to sell.
You can also sell a portion and let the rest ride longer. This will give you more patience to stay in the trade and let your winners run longer so you can have a bigger profit in the end.
Stop Loss:
0.00000483. You can also trail your stop loss with the 50 ema if you want to have a tight stop and daytrade this setup on TRON, TRXBTC.
Leave a comment if you have any questions.
And until next time, good luck with your trading!
When you look at the Elliot Wave theory then you could see a bullish ABCDE pattern forming on the hourly chart. If this ABCDE pattern does follow through then we can see TRXBTC break out of the triangle and move another leg up again. And with all the hype and news coming for TRON, it might do just that.
So here are some trade instructions if you want to short-term swing/daytrade TRON, TRXBTC:
Entry Point:
1. Wait for a bullish confirmation when the ABCDE pattern is formed and/or a clear break of the triangle, preferably above the 12 and 50 ema as well to confirm the upward trend.
2. Enter near support/(E) point. You can get in cheaper/lower but the probability of a breakout or an uptrend is less likely.
Profit Targets:
1. 0.00000556
2. 0.00000578
3. 0.00000600
4. 0.00000622
Keep in mind that you can take profits at any time when you feel comfortable or want to secure your profits. You don't have to wait for a target to be reached in order to sell.
You can also sell a portion and let the rest ride longer. This will give you more patience to stay in the trade and let your winners run longer so you can have a bigger profit in the end.
Stop Loss:
0.00000483. You can also trail your stop loss with the 50 ema if you want to have a tight stop and daytrade this setup on TRON, TRXBTC.
Leave a comment if you have any questions.
And until next time, good luck with your trading!
Trade closed: target reached
I'll close the trade cause all targets have been reached. If you took the trade and profit from it, congrats. If you're still in the trade and look to profit more then good for you but don't be too greedy. TRX/BTC has been on a run for some time now and all the hype and news about the testnet and what not is mostly already processed in the price of TRON.
Remember, it's always better to Buy the rumor, Sell the news. Not the other way around!
And have a good and enjoyable day/weekend (good friday/easter) everybody :)
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