TRON / BitcoinUpdated Tron! Potential ABC corrective Wave is coming!
Hello Traders,
What a bad few days in Crypto community. As you recall from my last analysis, I mentioned the possibility of trend reversal signals. However, the trend reversal was soon rejected by high selling volume.
Looking at the 4 hour chart, we start to see another trend reversal candle for Tron. I am 70% sure the bull run is imminent as we saw huge reversal candle in bitcoin if you look at the 5 min chart. As a matter of fact, I have increased my bitcoin position as well as Tron, EOS, and NULS this morning as I truely think they reached the true bottom.
The RSI is oversold region for the 4th time in last 2 days, and we are about to see MACD crossover.
The first target for this trade is roughly 724 Satoshi, where lead ichikum line is. (followed by 23.6 or 38.2% retracement)
The second test is 766 Satoshi. This is because we saw confluent support in this zone, and most likely it will act as a resistance in first try.
We need to reach to the second target in next 4-5 days or so, as we see heavy kumo resistance after 26 candles starting from now (26 candles/4=6.5 days).
So please pay very close attention to next 7 days in 4 hour chart. I will try to new update every 2 candles.
Happy trading.
What a bad few days in Crypto community. As you recall from my last analysis, I mentioned the possibility of trend reversal signals. However, the trend reversal was soon rejected by high selling volume.
Looking at the 4 hour chart, we start to see another trend reversal candle for Tron. I am 70% sure the bull run is imminent as we saw huge reversal candle in bitcoin if you look at the 5 min chart. As a matter of fact, I have increased my bitcoin position as well as Tron, EOS, and NULS this morning as I truely think they reached the true bottom.
The RSI is oversold region for the 4th time in last 2 days, and we are about to see MACD crossover.
The first target for this trade is roughly 724 Satoshi, where lead ichikum line is. (followed by 23.6 or 38.2% retracement)
The second test is 766 Satoshi. This is because we saw confluent support in this zone, and most likely it will act as a resistance in first try.
We need to reach to the second target in next 4-5 days or so, as we see heavy kumo resistance after 26 candles starting from now (26 candles/4=6.5 days).
So please pay very close attention to next 7 days in 4 hour chart. I will try to new update every 2 candles.
Happy trading.
Note
Before we get into Tron update, lets look at the Bitcoin chart. We see that Ichimoku Kumo lead line is acting as a resistance. If Bitcoin can find higher low in next hour or so, it will attemp to go 6653. Failure to reach this level in next 4-8 hours will be very problematic for bitcoin as there will be heavy Kumo resistance ahead. Looking that the 4 hour chart for Tron, we can see that Tron is sandwiched between MA9 and MA26 Ichimoku line. There are still fear in the market, and bulls are still uncertain if Bitcoin reversal from yesterday was just a bull trap. If Bitcoin can manage to go back 6600 in next 8 hours, most likely Tron will reach 720 Satoshi. If Tron want to have bull rally, it needs to surpass purple box region as soon as possible as we see heavy kumo resistance ahead.
Note
Tron chart
Note
And there was my prediction of testing $6653! Lets see if Bitcoin can hold $6539.Tron will most likely trying to find support at 659 Satoshi area
Note
There may be a possibility of inverse head and shoulders patternI think we need some consolidation when Tron reach 706 Satoshi.
This event will probably coincide when Bitcoin reaches $6800.
I still think we will see breakout at elliptical region.
Note
There was an interesting fake bull breakout this morning, but it was soon denied by the bears. If Bitcoin can close above $6520 it will be a fairly bullish sign. There is a confluent resistance zone between 695 and 707 Satoshi, so we may see accumulation/consolidation in this zone for next few hours-days.
Trade closed: target reached
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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.