TRON / BitcoinUpdated Tron Update 4! 1 more week until Mainnet release!
Hello Traders,
As most of the people in crypto-market, I am slightly annoyed by the bitcoin correction. Due to the recent dip, I have to change my technical analysis in preparation for Mainnet release.
Looking at the 4 hour chart, Tron found support at the bottom of ascending channel. If Bitcoin manages to recover in next few hours, I expect Tron to reach the top of this ascending channel (red box), and find support at the purple line (38.2 Fibonacci retracement), followed by ABC correction. Tron will be releasing TronVM v0.1 on May 25th, this trade should take place as long as Bitcoin does not crash!
I have 2 second targets for this trade. The second target for potential bull flag is 1149 Satoshi, but there may be a possibility that Tron will follow Elliot Wave. The target for wave 3 is 1206 Satoshi. (please take partial profit at the green box). I expect 38.2 or 50% fibonacci retracement when Tron reached to my second target and complete wave 5 which is 1241 Satoshi.
I think we still have plenty of room for growth until the mainnet growth, so be patient and be strong.
Keep you guys updated when I see any development changes.
Happy trading!
As most of the people in crypto-market, I am slightly annoyed by the bitcoin correction. Due to the recent dip, I have to change my technical analysis in preparation for Mainnet release.
Looking at the 4 hour chart, Tron found support at the bottom of ascending channel. If Bitcoin manages to recover in next few hours, I expect Tron to reach the top of this ascending channel (red box), and find support at the purple line (38.2 Fibonacci retracement), followed by ABC correction. Tron will be releasing TronVM v0.1 on May 25th, this trade should take place as long as Bitcoin does not crash!
I have 2 second targets for this trade. The second target for potential bull flag is 1149 Satoshi, but there may be a possibility that Tron will follow Elliot Wave. The target for wave 3 is 1206 Satoshi. (please take partial profit at the green box). I expect 38.2 or 50% fibonacci retracement when Tron reached to my second target and complete wave 5 which is 1241 Satoshi.
I think we still have plenty of room for growth until the mainnet growth, so be patient and be strong.
Keep you guys updated when I see any development changes.
Happy trading!
Note
Good bounce at blue line. Now we are testing pink trendline as a resistance. Probably find support at 900 Satoshi and form pennant pattern. The breakout of this potential pennant pattern is exactly at purple resistance line. (970 Satoshi) Breakout from purple line will get Tron to 1030 Satoshi. Trade active
Breakout confirmation spotted!
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Related publications
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.