TRON (TRX/BTC) New Market Cycle (Long Term)
Updated
On the fundamentals side, TRON is an emerging project with a strong core development team, along with a long term vision as depicted by their roadmap published on their website. Despite not yet being listed on major exchanges, TRX has seen a great surge in trading volume over the past weeks and have quickly gained market capitalization, from ranked over #100 to now being ranked #18.
On the technical side, TRX has recently completed its market cycle as illustrated by the Elliot Wave Cycle of five waves in the direction of the trend and three corrective ABC waves. With volume surging in the past few days coupled with pennant breakouts and heavy support of the trend line, this signals an emergence of a new wave cycle.
First Target: 436
Second Target: 650
Third Target: 850
Take profits at target levels and re-enter at the retracements.
On the technical side, TRX has recently completed its market cycle as illustrated by the Elliot Wave Cycle of five waves in the direction of the trend and three corrective ABC waves. With volume surging in the past few days coupled with pennant breakouts and heavy support of the trend line, this signals an emergence of a new wave cycle.
First Target: 436
Second Target: 650
Third Target: 850
Take profits at target levels and re-enter at the retracements.
Note
We have just hit our first target at 436! Congratulations to those who followed this analysis! No we will look to re-buy at lower prices between 340-400.Note
We have just hit our second target, fell short by a few points but successfully peaked at 644. Look to re-enter around 440 at the 0.5 Fibonacci line. Bitcoin recovering up will provide an excellent TRX buying opportunity for us because traders will look to sell altcoins and enter bitcoin. However, as soon as bitcoin enters into a consolidation, altcoins will recover back and TRX will be en-route to new highs. Trade with caution and stay profitable!Note
*400-440 are excellent buying opportunities.*Trade closed: target reached
Congratulations! TRON (TRX/BTC) has hit our final target of 850. Thank you for following this chart and I hope you have been able to reap some rewards from this trade. More analysis on this cryptocurrency will be done for private members. Stay tuned for more updates!
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