TRON / BitcoinLong
Is Tron going to the moon or this a FAKEOUT!?
Updated
Hello everyone! Peewee here, with an update on Tron! My past idea for Tron is here:
I believe Tron is in the process of a potential major trend reversal, and there are a lot of solid signals on the chart. If you take a look at my prior idea, Tron recently bounced off the support of a long term potentially-unfolding symmetrical triangle. If this rally is a trend reversal, this would make a third touch of resistance of said symmetrical triangle. Likely, it will break, and with FORCE.
If I am indeed correct with my count, this could also potentially be the start of a large 3rd wave forming. If the third touch of resistance breaks, it would make the most sense for it to be a wave 3.
As of right now, Tron looks to be attempting to break out of strong resistance. If it succeeds this could be a very strong rally, but if it fails or has a major fake-out, Tron is going to dig a hole to China from the exact opposite side of the planet.
Price:
Bear flag. (Not the greatest thing to see but these always occur after huge downtrends anyway. Still, be alert as Tron is a Bitmex coin and big rallies/dumps happen *very* quickly.)
315 sats is a very historical support for Tron, if it dumps seek that area for support.
Price bounced hard after passing the .886 Fibonacci retracement.
Currently fighting to stay above the .786 Fib retracement of the 850 Sats high months ago.
Strong volume bullish engulfing 8H candle.
Consolidation happening directly under the 50 MA on the daily with a bull flag on mid time frames.
2 higher highs and 2 higher lows so far.
Possible inverted head and shoulders. Neckline being around 420 Sats.
Possible ascending triangle Tron is currently re-testing the prior resistance of for support.
Tron is also holding above a very key trendline shown in my prior idea, labeled as the "STRONG support channel".
Indicators:
Bullish divergence from the 16th.
The RSI is above 50 and finding support on 60, indicating for now, bulls are in control.
There is, however, a bearish ascending wedge printing in the RSI and price is indicating a potential bear flag.
Regular bearish divergence is currently printing, but is weak *so far*.
MACD shows a burst above zero line on strong volume after consolidating directly below.
MACD is above 0 so it is bullish but it is also slightly converging.
I don't really see the bear flag playing out, at least not yet, for a few reasons.
Firstly, volume. Although volume still isn't very high in comparison to later history, it is very high on the buy side when compared to the volumes of the bullish bounces that occurred during downtrend. This volume came in on a bounce off the potential symmetrical triangle support.
Second, if you look back throughout the history of Tron, 315 Sats has held extremely strong historical support. Tron recently re-tested this support after plunging well below the .786 retracement, and 300 Sats held. The 2w close was well above 315 Sats, coming in at a whopping 357 magnum.
Third, we are now above the .786 and consolidating in a bull flag. The .786 is a very sought after Fib retracement for support. If Tron closes the current 2w candle above the .786 retracement at 388 Sats we're going to the MOON. Institutions and professionals use this Fib where they can to accumulate.
It usually marks extremely strong support.
Overall, I am in a very long term long on Tron as a test. I will add more capital as Tron conquers the Fib levels from the 850 Sats high and simply raise my stop as it goes. The .786 is located at 388 Sats, meanwhile the .618 is located at 490 Sats. If Tron is indeed reversing Trend I would suspect in the short to mid term that it at least tests the .618, especially considering how many red weekly candles Tron has had.
Sorry people, the chart is ugly. I'm decent at TA but horrible at making my charts look pretty- lol I promise I will work on that. That said, I believe you have all information you need on this chart to make a solid short-term trade if indeed Tron is bullish.
I believe Tron is in the process of a potential major trend reversal, and there are a lot of solid signals on the chart. If you take a look at my prior idea, Tron recently bounced off the support of a long term potentially-unfolding symmetrical triangle. If this rally is a trend reversal, this would make a third touch of resistance of said symmetrical triangle. Likely, it will break, and with FORCE.
If I am indeed correct with my count, this could also potentially be the start of a large 3rd wave forming. If the third touch of resistance breaks, it would make the most sense for it to be a wave 3.
As of right now, Tron looks to be attempting to break out of strong resistance. If it succeeds this could be a very strong rally, but if it fails or has a major fake-out, Tron is going to dig a hole to China from the exact opposite side of the planet.
Price:
Bear flag. (Not the greatest thing to see but these always occur after huge downtrends anyway. Still, be alert as Tron is a Bitmex coin and big rallies/dumps happen *very* quickly.)
315 sats is a very historical support for Tron, if it dumps seek that area for support.
Price bounced hard after passing the .886 Fibonacci retracement.
Currently fighting to stay above the .786 Fib retracement of the 850 Sats high months ago.
Strong volume bullish engulfing 8H candle.
Consolidation happening directly under the 50 MA on the daily with a bull flag on mid time frames.
2 higher highs and 2 higher lows so far.
Possible inverted head and shoulders. Neckline being around 420 Sats.
Possible ascending triangle Tron is currently re-testing the prior resistance of for support.
Tron is also holding above a very key trendline shown in my prior idea, labeled as the "STRONG support channel".
Indicators:
Bullish divergence from the 16th.
The RSI is above 50 and finding support on 60, indicating for now, bulls are in control.
There is, however, a bearish ascending wedge printing in the RSI and price is indicating a potential bear flag.
Regular bearish divergence is currently printing, but is weak *so far*.
MACD shows a burst above zero line on strong volume after consolidating directly below.
MACD is above 0 so it is bullish but it is also slightly converging.
I don't really see the bear flag playing out, at least not yet, for a few reasons.
Firstly, volume. Although volume still isn't very high in comparison to later history, it is very high on the buy side when compared to the volumes of the bullish bounces that occurred during downtrend. This volume came in on a bounce off the potential symmetrical triangle support.
Second, if you look back throughout the history of Tron, 315 Sats has held extremely strong historical support. Tron recently re-tested this support after plunging well below the .786 retracement, and 300 Sats held. The 2w close was well above 315 Sats, coming in at a whopping 357 magnum.
Third, we are now above the .786 and consolidating in a bull flag. The .786 is a very sought after Fib retracement for support. If Tron closes the current 2w candle above the .786 retracement at 388 Sats we're going to the MOON. Institutions and professionals use this Fib where they can to accumulate.
It usually marks extremely strong support.
Overall, I am in a very long term long on Tron as a test. I will add more capital as Tron conquers the Fib levels from the 850 Sats high and simply raise my stop as it goes. The .786 is located at 388 Sats, meanwhile the .618 is located at 490 Sats. If Tron is indeed reversing Trend I would suspect in the short to mid term that it at least tests the .618, especially considering how many red weekly candles Tron has had.
Sorry people, the chart is ugly. I'm decent at TA but horrible at making my charts look pretty- lol I promise I will work on that. That said, I believe you have all information you need on this chart to make a solid short-term trade if indeed Tron is bullish.
Note
Short-Term chart:
Note
Beware:Note
As my grandpa use to say;“Not bad for a hairlip!”
The bitcoin dump the other day caught me off guard and I got liquidated for my TRX position so I missed this run. Sigh. Oh well.
Happy for anyone else that got in while I was getting smacked
Note
Extreme resistance may be flipping back into support. This is a very good sign!
Also holding support at the IHS neckline I was talking about.
This could moon IF it holds above, but especially if it closes then current candle as bullish engulfing! One more possible support test and off she may go.
Note
If the bulls of Tron are going to show they have balls, this needs to be itNote
A possible double bottom?Note
Tron has broken out of the diagonal trendline shown in the update previous to this one. It is currently seeking support. Keep an eye on the marked area, if Tron is to hold support it needs to be there or we may experience a lower low.Note
Let’s see if Tron has any strength. 
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