Tron TRX Tronix Update 4/17 - Power to the Player!
Updated
Hello again! So just to start, I want to go ahead and put out there that I am extremely bullish on Tron through the end of the year. I try not to let this fact get too far in the way of relevant TA.
So, getting right to it we see that Tron had a great impulse wave 1 a couple of days ago. We are currently in consolidation of Wave 2 on the 4 hour chart. As you can see, it played around the golden ratio for a little while and then decided to drop to the .786 retracement level. Because of this, I expect only a moderate impulse Wave 3 to around the 1:1 extension ratio (W3T1). I have also included the 1.618 extension target (W3T2) in case this bounce has more bull power than I am expecting.
Because Wave 2 retraced all the way to .782, we can assume Wave 4 will have a shorter consolidation at the .382 or .5 retracement level once Wave 3 has finished. Wave 4 will encroach wave 1 barely, if at all. If this happens, Wave 5 has BIG potential. IF Wave 3 hits 1:1 extension, we assume Wave 5 at 1.618 extension. IF Wave 3 hits 1.618 extension, we can assume 2.618 extension for Wave 5! This would be huge. If wave 4 continues downward, encroachment into the Wave 1 candle will constitute a failed Wave 5 and we can expect retracement to .618 levels of Wave 1-3.
The other factor to consider is the turnaround in bitcoin. With more bullish sentiment in the crypto market in general, we can expect to see more volatility and impulse than in the last couple of months.
From a fundamental point of view, we have the Main-net release on May 31st. The coin has been churning along at the top of Github edits for quite a while. Justin Sun continues to put out the effort and marketing to make this truly a successful alternative to the internet as we know it.
Any helpful tips you can provide for better TA are very much appreciated!
So, getting right to it we see that Tron had a great impulse wave 1 a couple of days ago. We are currently in consolidation of Wave 2 on the 4 hour chart. As you can see, it played around the golden ratio for a little while and then decided to drop to the .786 retracement level. Because of this, I expect only a moderate impulse Wave 3 to around the 1:1 extension ratio (W3T1). I have also included the 1.618 extension target (W3T2) in case this bounce has more bull power than I am expecting.
Because Wave 2 retraced all the way to .782, we can assume Wave 4 will have a shorter consolidation at the .382 or .5 retracement level once Wave 3 has finished. Wave 4 will encroach wave 1 barely, if at all. If this happens, Wave 5 has BIG potential. IF Wave 3 hits 1:1 extension, we assume Wave 5 at 1.618 extension. IF Wave 3 hits 1.618 extension, we can assume 2.618 extension for Wave 5! This would be huge. If wave 4 continues downward, encroachment into the Wave 1 candle will constitute a failed Wave 5 and we can expect retracement to .618 levels of Wave 1-3.
The other factor to consider is the turnaround in bitcoin. With more bullish sentiment in the crypto market in general, we can expect to see more volatility and impulse than in the last couple of months.
From a fundamental point of view, we have the Main-net release on May 31st. The coin has been churning along at the top of Github edits for quite a while. Justin Sun continues to put out the effort and marketing to make this truly a successful alternative to the internet as we know it.
Any helpful tips you can provide for better TA are very much appreciated!
Note
I believe that we are in the midst of a nice little run! Target 1 has been reached currently, still waiting for the last little push after the profit takers are done doing their thing. Maybe so? Thanks, upvotes would be appreciated!Note
Note
So this worked out nicely. I think if we can break out of this sideways action to the upside we are on track to reach the wave 5 target 1121. Looks like a Bullish Pennant is forming just in time.
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