TRON / BitcoinUpdated Tron update 5: what to expect till mainnet release?
Hello traders,
Looking at the 4 hour chart for Tron, it seems like we had a fake breakout but Tron found a good support at pink trendline. If we see a good bounce here, we can still expect some good profit here.
So what are realistic targets in this trade? In past months, I posted multiple targets for Tron, but as you may all know, Bitcoin is definitely not performing well in last few weeks, and all those targets need to be adjusted accordingly.
Before we get into the mainnet target, let's just review what happened in testnet release.
If you recall 2 months ago, Tron released its testnet on March 31st. We can see that the pump started on March 26th, and Tron gaind about 26.1% in value (173 Satoshi) in 3 days. We still have 3 days 3 hours till mainnet release, so we still have some room for growth.
If we see similar scenario, we can either set our target at 26.1% profit mark (1272 Satoshi), or 173 Satoshi (1100 Satoshi) from the breakout point.
Keep this in mind, my target for the pennant pattern breakout is either 1067 Satoshi or 1100 Satoshi (black and blue line), which coincidentally overlap with the latter prediction. (yellow zone)
I will probably cash out most of my profit in this range (probably 50% - 75%) and set the second target at 1250 Satoshi. It seems like Tron is running out the gas, and unless we see more bullish signal emerges, I will not be trading Tron for awhile. I will keep you guys updated if there is any development.
Happy Trading!
Looking at the 4 hour chart for Tron, it seems like we had a fake breakout but Tron found a good support at pink trendline. If we see a good bounce here, we can still expect some good profit here.
So what are realistic targets in this trade? In past months, I posted multiple targets for Tron, but as you may all know, Bitcoin is definitely not performing well in last few weeks, and all those targets need to be adjusted accordingly.
Before we get into the mainnet target, let's just review what happened in testnet release.
If you recall 2 months ago, Tron released its testnet on March 31st. We can see that the pump started on March 26th, and Tron gaind about 26.1% in value (173 Satoshi) in 3 days. We still have 3 days 3 hours till mainnet release, so we still have some room for growth.
If we see similar scenario, we can either set our target at 26.1% profit mark (1272 Satoshi), or 173 Satoshi (1100 Satoshi) from the breakout point.
Keep this in mind, my target for the pennant pattern breakout is either 1067 Satoshi or 1100 Satoshi (black and blue line), which coincidentally overlap with the latter prediction. (yellow zone)
I will probably cash out most of my profit in this range (probably 50% - 75%) and set the second target at 1250 Satoshi. It seems like Tron is running out the gas, and unless we see more bullish signal emerges, I will not be trading Tron for awhile. I will keep you guys updated if there is any development.
Happy Trading!
Note
Another perspective TRXUSD pair. Target for this trade is 7.6 cents. Breakout of this pennant structure is 12 cents.
Note
After recent bitcoin dip, Tron just went inside the bull flag channel again... Looking at the 1 hour chart, Tron hold very nicely at 870 Satoshi, and looking to breakout from the bull flag. (the initial breakout was probably bull trap)
However, there may be a possibility of bear flag formation within the bull flag, so I will be monitoring very closely what will happen in next few hours.
The target for the pink bull flag is 1100 Satoshi, and the target for the bear flag breakout is 800 Satoshi.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.