TRON / BitcoinUpdated Tron: April Edition #2!
Hello Traders,
As you remember my last update, I mentioned if Tron does not get back to ascending black channel, we would see a surge in selling volume. And guess what happened? We see Tron lost at least 40 Satoshi since my last update. I see a lot of people posting about descending triangle pattern and predict there will be breakout soon. However, one thing you need to know is that millions of people are reading the chart similar way that you do and big investors are making sure that those predictions do not come true all the time.
Looking at the chart, we see that Tron just lost EMA50 support and potentially heading toward EMA200 support and 78.6% Fibonacci retracement level 490 Satoshi. If Tron does not show major bounce at this level, I am afraid that Tron will go back to 430 Satoshi range again. To be honest, I want Tron to hit 490 Satoshi so Tron can bounce within the pink channel. As long as Tron stays in this pink channel, its bull run is still not over. If Tron manages to bounce at pink line my initial target is 580 Satoshi. If Tron manages to break this resistance, next target is still 680 Satoshi!
Happy trading!
As you remember my last update, I mentioned if Tron does not get back to ascending black channel, we would see a surge in selling volume. And guess what happened? We see Tron lost at least 40 Satoshi since my last update. I see a lot of people posting about descending triangle pattern and predict there will be breakout soon. However, one thing you need to know is that millions of people are reading the chart similar way that you do and big investors are making sure that those predictions do not come true all the time.
Looking at the chart, we see that Tron just lost EMA50 support and potentially heading toward EMA200 support and 78.6% Fibonacci retracement level 490 Satoshi. If Tron does not show major bounce at this level, I am afraid that Tron will go back to 430 Satoshi range again. To be honest, I want Tron to hit 490 Satoshi so Tron can bounce within the pink channel. As long as Tron stays in this pink channel, its bull run is still not over. If Tron manages to bounce at pink line my initial target is 580 Satoshi. If Tron manages to break this resistance, next target is still 680 Satoshi!
Happy trading!
Note
Quick update: Looking at the 4 hour chart, we see that Tron is struggling to go above the middle line of pink ascending channel. As of now, 558 Satoshi and green line will act as a resisntance.
Good thing is that Tron manages to get out from brown descending channel, so we should expect some up movement from here. Personally, I want to see Tron to touch the top of brown channel (or EMA 50) and show a bounce from this region (blue box) to reinforce its support (530 Satoshi).
Two possible scenerios are:
1) Tron goes back to bown descending channel. If so, most likely Tron will go back to 509 Satoshi where bottom of pink channel is. If Tron dont find suppor there, then next support is bottom of brown channel (also EMA200), and this is roughly at 493 Satoshi.
2) Tron bounces at the blue box region. If this is the case, I expect Tron to contest red box resistance area. If Tron manages to go above this resistance level, it is highly probable that Tron will contest 600 Satoshi in near future!!
Happy Trading!
Trade closed: target reached
Target reached! What did I say about touching that brown channel line as a new support? Now let's see if we see a bounce.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.