Hi friends! Welcome to this analysis on Tron! Let's jump right in! Looking at the four hour TRX/BTC chart, we can immediately see how important the 50 EMA (in orange) has been for Tron. After the rally to the all time high, we can see that Tron corrected below the 61.8% retracement level, to an area just above the 50 EMA, on three different occasions (held.) Shortly after the third hold, we can see that price action pushed below the 50 EMA, and began defining it as overhead resistance (fail.) As you can see, there have been four failed attempts to break above the 50 EMA. We will have to pay close attention to the 50 EMA going forward, to see how Tron reacts. Tron is currently testing the recent (Support) level, as it consolidates in a mostly sideways trading range. A break below the red support level, will likely send Tron down to the 78.6% retrace, around 625. Below that, it will likely fall to the 200 EMA (in purple,) around 550. The bulls need to get back above the 50 EMA, and begin forming higher highs (above 950,) for a bullish reversal to be confirmed. This has been your friendly market legend — MPC! Please follow, comment, like, and share on social media.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-