TRX Took More Than 95% Move And Turning More Bullish
Harmonic Bullish Shark Move:
On Sep 2019 I posted that on month chart the Tron has completed a big bullish Shark pattern, the formation of this harmonic pattern was started since Sep Nov 2018 the price action of TRX was driven perfectly as required for Shark pattern as below:
After inertial leg (X to A) the A to B leg was retraced between 0.382 to 0.618 Fibonacci and then B to C leg was projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg was retraced between 0.886 to 1.13 Fibonacci and here the pattern was completed and price action was expected to take a powerful bullish divergence to hit the Fiboancci projection area of C to D leg between 0.382 to 0.786 Fibonacci below was the post:
Harmonic Bullish BAT Pattern:
In the meanwhile the price action of Tron formed another bullish BAT pattern on midterm 3 day chart and this pattern was formed within the potential reversal zone of above Shark pattern and this move confirmed that the TRX is gonna take a powerful bullish move soon, and this pattern was also very perfectly driven as below:
After initial leg (X to A) the A to B leg was retraced between 0.382 to 0.50 Fibonacci and then B to C leg was projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg was retraced between 0.0786 to 0.886 Fibonacci as perfectly required for bullish BAT pattern and I posted this pattern on 16 Dec 2019 on tradingview and then on publishOx:
Execution Of Both Pattern One By One:
Then 1st the price took bullish divergence from potential reversal zone of BAT pattern and entered in potential sell zone of this BAT pattern and eventually the big bullish Shark pattern also executed and price action pushed more and entered in C to D leg’s Fibonacci projection between 0.382 to 0.786 Fibonacci.
Now What Next?
This move produced 95% big gains and after 7 months 1st powerful green heikinashi candle stick is appeared and on week chart 5 powerful green candle sticks are formed, and on week chart the candle sticks are stick with upper band of bollinger bands and the bollinger bands is being expanded and likely to pave the way for the priceline to help moving up and the Basis of bollinger bands (which is in acutal 20 moving average) is also moved up indicating that soon we can see a proper up trend on week chart.
Exponential Mvoing Averages, Supports And Double Bottom Formation:
Price action of Tron has crossed up the exponential moving averages with time period of 10 and 20 and EMA 10 has
formed bull cross with EMA 20 and lifting the price action up.
We can also see that the priceline has found a strong support at $0.012160 which is not broken since Nov 2019.
Now the price action has also formed a double bottom on this support and every one know that double bottom on week chart can lead to very strong bullish rally.
Ichimoku Cloud:
Upto 3 day chart the Ichimoku cloud is turned bullish with lagging span has crossed up the priceline and conversion line crossed up the base line and candle sticks are likely to cross up the cloud very soon, once the priceline will cross up the cloud then the price reversal or pullback will be difficult.
Simple Moving Averages:
On day chart the simple moving averages with the time period of 25, 50, 100 and 200 are likely to form an opened alligator’s mouth as they formed in May 2019.
Sofar the 25 simple moving average has crossed up all other simple moving averages and 50 SMA has crossed up the 100 SMA now there is a golden cross expected between 50 SMA and 200 SMA which can produce more powerful bullish move because golden cross between 50 SMA and 200 SMA is thought to be an ideal golden cross and bullish signal among the professional traders and then finally we will have a golden cross between 100 SMA and 200SMA which will lead to the completion of opened Alligator’s mouth.
Bullish Continuation Pattern Is Being Formed:
On day chart very interesting cup & handle pattern is likely to be formed same as like in Bitcoin's chart.
The wave down and wave up are moved very soft and round shape like a real cup's body, there is no V shape or hard corners and this is a fact that as much this shape will be soft or U shape rather V or hard corner shape as much the Cup & Handle pattern will be true and confirmed.
We have a price resistance level at $0.022100 and this level is also the resistance of expected cup and handle pattern.
At this time the price action is hitting the resistance and from this level there can be a pull back which can lead to start the formation of handle of this cup to complete the pattern and this pull back can be temporary because this pattern is in fact a bullish continuation pattern which can lead the price action to breakout the resistance of $0.022100 then the price line may move to next resistance level at $0.029732.
Soon I will post more update with more developments in TRX.
On Sep 2019 I posted that on month chart the Tron has completed a big bullish Shark pattern, the formation of this harmonic pattern was started since Sep Nov 2018 the price action of TRX was driven perfectly as required for Shark pattern as below:
After inertial leg (X to A) the A to B leg was retraced between 0.382 to 0.618 Fibonacci and then B to C leg was projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg was retraced between 0.886 to 1.13 Fibonacci and here the pattern was completed and price action was expected to take a powerful bullish divergence to hit the Fiboancci projection area of C to D leg between 0.382 to 0.786 Fibonacci below was the post:
Harmonic Bullish BAT Pattern:
In the meanwhile the price action of Tron formed another bullish BAT pattern on midterm 3 day chart and this pattern was formed within the potential reversal zone of above Shark pattern and this move confirmed that the TRX is gonna take a powerful bullish move soon, and this pattern was also very perfectly driven as below:
After initial leg (X to A) the A to B leg was retraced between 0.382 to 0.50 Fibonacci and then B to C leg was projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg was retraced between 0.0786 to 0.886 Fibonacci as perfectly required for bullish BAT pattern and I posted this pattern on 16 Dec 2019 on tradingview and then on publishOx:
Execution Of Both Pattern One By One:
Then 1st the price took bullish divergence from potential reversal zone of BAT pattern and entered in potential sell zone of this BAT pattern and eventually the big bullish Shark pattern also executed and price action pushed more and entered in C to D leg’s Fibonacci projection between 0.382 to 0.786 Fibonacci.
Now What Next?
This move produced 95% big gains and after 7 months 1st powerful green heikinashi candle stick is appeared and on week chart 5 powerful green candle sticks are formed, and on week chart the candle sticks are stick with upper band of bollinger bands and the bollinger bands is being expanded and likely to pave the way for the priceline to help moving up and the Basis of bollinger bands (which is in acutal 20 moving average) is also moved up indicating that soon we can see a proper up trend on week chart.
Exponential Mvoing Averages, Supports And Double Bottom Formation:
Price action of Tron has crossed up the exponential moving averages with time period of 10 and 20 and EMA 10 has
formed bull cross with EMA 20 and lifting the price action up.
We can also see that the priceline has found a strong support at $0.012160 which is not broken since Nov 2019.
Now the price action has also formed a double bottom on this support and every one know that double bottom on week chart can lead to very strong bullish rally.
Ichimoku Cloud:
Upto 3 day chart the Ichimoku cloud is turned bullish with lagging span has crossed up the priceline and conversion line crossed up the base line and candle sticks are likely to cross up the cloud very soon, once the priceline will cross up the cloud then the price reversal or pullback will be difficult.
Simple Moving Averages:
On day chart the simple moving averages with the time period of 25, 50, 100 and 200 are likely to form an opened alligator’s mouth as they formed in May 2019.
Sofar the 25 simple moving average has crossed up all other simple moving averages and 50 SMA has crossed up the 100 SMA now there is a golden cross expected between 50 SMA and 200 SMA which can produce more powerful bullish move because golden cross between 50 SMA and 200 SMA is thought to be an ideal golden cross and bullish signal among the professional traders and then finally we will have a golden cross between 100 SMA and 200SMA which will lead to the completion of opened Alligator’s mouth.
Bullish Continuation Pattern Is Being Formed:
On day chart very interesting cup & handle pattern is likely to be formed same as like in Bitcoin's chart.
The wave down and wave up are moved very soft and round shape like a real cup's body, there is no V shape or hard corners and this is a fact that as much this shape will be soft or U shape rather V or hard corner shape as much the Cup & Handle pattern will be true and confirmed.
We have a price resistance level at $0.022100 and this level is also the resistance of expected cup and handle pattern.
At this time the price action is hitting the resistance and from this level there can be a pull back which can lead to start the formation of handle of this cup to complete the pattern and this pull back can be temporary because this pattern is in fact a bullish continuation pattern which can lead the price action to breakout the resistance of $0.022100 then the price line may move to next resistance level at $0.029732.
Soon I will post more update with more developments in TRX.
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