nicostran
Long

LONG TRX - Last chart I swear! Mr. Elliott and the Hype Monster

BINANCE:TRXBTC   TRON / Bitcoin
A few things going on here with TRX in this chart. I did not feel that the last chart adequately stated my idea.

If you look at the beginning of the last big rally (end of 2017), We can see the same sort of double top form on a resistance line and a little consolidation before a mega breakout.

Right here, we may be in a similar scenario. Take a look at the fib retracement levels from the last run. We are between the .236 and .382 levels, which have been acting as suppport / resistance. The other fib levels have stayed pretty important to price action as well. They may provide good entry and exit points on this carnival ride.

If Tron is in fact ready for another run, let's now turn to our good friend Elliott . I see 2 scenarios. Either the recent rally is wave 1, or it is wave A of an ABC correction after a 12345 wave going down. It is really hard for me to tell right now, but further price development should give us an idea of what's to come.

Now, let's discuss HYPE! Tron's Mainnet is scheduled to launch May 31. This is sure to provide some sort of interest in the coin, but how much?

So this is why I don't really think it matters whether it's ABC or 12345, as long as we can break this resistance. If it is an ABC correction, we may begin a 12345 movement up again right after completion of the C wave. If it is wave 1, great! But traders should wait for the resistance to break (where the double top formed) to enter, and consider taking some amount of profit at the given fib / resistance levels, and re-entering at the nearest support level beneath it, or if that resistance gets broken before the support level is reached.

Lastly, if you would like some inspiration take a look at the chart for XVG. They had some positive news, and the hype kickstarted their Elliott cycle.
That coin is almost revisiting its previous highs. So why can't Tron?

I am by no means trying to shill Tron. It is good to stay cautious, and not marry a single trade. There's many alts that are looking good, but none of that matters if bitcoin flips shirt again (or so we say).

Here's a quote to live by: "The market is, until it isn't" moral of the story, practice proper risk management! Set stop-losses so your weak hands don't get the better of you.

Happy trading! :)

***Trade at your own risk, it's a volatile market with outcomes unknown***
Comment: I had to zoom out a bit for this chart. To see initial price, look for the small red number on the far right of the graph, it's 519 sats. Current price appears in blue after playing the chart.
Comment: Appears in green, not blue. Apologies.
Comment:
Comment: Tron making its way up to test the next resistance. Got stopped out right at 543 sats today on binance. Now it is consolidating, and I'm hoping we can break out to our next target
Comment:
Comment: We are in a new channel now, between 550 and 580 satoshis. Buy dips, sell failed breaks
Comment: TRX should reach 800 sats within a week from now going off the charts.
Still strong, far way to travel
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