TRON, TRX/BTC - A Good Buy For a Swing Till The End of May?
Updated
Let's do a little different kind of analyses this time and look at a potential nice swing trade for the coming weeks instead of days/week.
TRON, TRX/BTC a popular coin, ambitious project and arguably one of the most hyped up coins by their media machine and CEO Justin Sun.
As you might know, they're planning to have their mainnet launched on May 31. This is a big milestone for TRON or any platform based projects and with the community and Justin Sun hyping it up, this should give TRX/BTC a nice surge in price leading up to the launch.
If you look to swing trade TRX/BTC for the upcoming mainnet launch
then this is how you can trade it.
Trade Instructions
Buy Area
Around the 0.00000800 level should be a nice buy area cause we might see some more downside first (to finish wave 4) before TRX/BTC can make its next wave (5) up.
800 sats is also a nice support area and around the .382 fib retracement level and where it crosses/hit the upward trendline shown in the chart.
Profit Target
As a target, I would aim for around the 1100 - 1300 sats area. More specifically:
1. 0.00001049
2. 0.00001126
3. 0.00001202
4. 0.00001312
But remember to take some profits along the way.
Stop Loss
You can use a 5% stop loss from your entry or a larger stop or no stop at all if you believe in this coin for the mid-long term. You can then just ride it out and don't have to worry to get stopped out and miss the swing.
But do invest accordingly and use an amount your willing or can afford to lose.
Leave a comment if you have any questions or concerns.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
TRON, TRX/BTC a popular coin, ambitious project and arguably one of the most hyped up coins by their media machine and CEO Justin Sun.
As you might know, they're planning to have their mainnet launched on May 31. This is a big milestone for TRON or any platform based projects and with the community and Justin Sun hyping it up, this should give TRX/BTC a nice surge in price leading up to the launch.
If you look to swing trade TRX/BTC for the upcoming mainnet launch
then this is how you can trade it.
Trade Instructions
Buy Area
Around the 0.00000800 level should be a nice buy area cause we might see some more downside first (to finish wave 4) before TRX/BTC can make its next wave (5) up.
800 sats is also a nice support area and around the .382 fib retracement level and where it crosses/hit the upward trendline shown in the chart.
Profit Target
As a target, I would aim for around the 1100 - 1300 sats area. More specifically:
1. 0.00001049
2. 0.00001126
3. 0.00001202
4. 0.00001312
But remember to take some profits along the way.
Stop Loss
You can use a 5% stop loss from your entry or a larger stop or no stop at all if you believe in this coin for the mid-long term. You can then just ride it out and don't have to worry to get stopped out and miss the swing.
But do invest accordingly and use an amount your willing or can afford to lose.
Leave a comment if you have any questions or concerns.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Note
After taking another look at the chart after two days and going through another possible Elliot Wave count then it looks like Wave 4 has been set already and we're already in an impulse wave 1-5 and finishing wave 2 and at the start of wave 3:Cause it looks like TRX/BTC is following the upper blue trendline very well at the moment. If it keeps staying and respecting this trendline, then this should be the main wave count I think.
Lets see how things develops but if you're not concerned of dipping below these levels and believe in further strenght of TRX and the overall market for the coming weeks, then this could be a nice (alternative) buy area as well. So don't say I didn't warned you ;)
Trade closed: stop reached
You can see update on trade here:
Disclaimer
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