Hello Traders,
Welcome to the exciting new update for Tron!
Looking at the 4 hour chart, we see that Tron is still in the process of correction after the huge rally from April 24th to April 30th.
Fortunately, I think this correction is almost over and we are going to have another rally very soon, and here is why!
Please see the Elliot Wave drew in the chart. If we consider rally from March 18th to April 5th as the first wave, and the rally from April 24th to April 30th as the third wave of Elliot wave, the ratio of is actually very close to 1.618 which is one of the fundamental rules of Elliot Wave Theory. (Please do the math! You will be really surprised!). Upon the completion of Wave 3, it is very common to have 50% retracement in Wave 4, which coincidentally overlaps with potential support. If Tron shows the strength here, I will be very bullish on Tron until the mainnet release at the end of this month. What we need to look for is dragonfly doji and increase in buying volume for next 4-12 hours!
If we follow the rule of Elliot Wave Principle, the length of Wave 1 and Wave 5 are generally the same. So my next target for the upcoming rally is around 1200 Satoshi for now. (which is about 50% profit!)
Happy Trading!
Welcome to the exciting new update for Tron!
Looking at the 4 hour chart, we see that Tron is still in the process of correction after the huge rally from April 24th to April 30th.
Fortunately, I think this correction is almost over and we are going to have another rally very soon, and here is why!
Please see the Elliot Wave drew in the chart. If we consider rally from March 18th to April 5th as the first wave, and the rally from April 24th to April 30th as the third wave of Elliot wave, the ratio of is actually very close to 1.618 which is one of the fundamental rules of Elliot Wave Theory. (Please do the math! You will be really surprised!). Upon the completion of Wave 3, it is very common to have 50% retracement in Wave 4, which coincidentally overlaps with potential support. If Tron shows the strength here, I will be very bullish on Tron until the mainnet release at the end of this month. What we need to look for is dragonfly doji and increase in buying volume for next 4-12 hours!
If we follow the rule of Elliot Wave Principle, the length of Wave 1 and Wave 5 are generally the same. So my next target for the upcoming rally is around 1200 Satoshi for now. (which is about 50% profit!)
Happy Trading!
Stoch RSI and RSI looks pretty healthy, and MACD crossover is about to happen.
If we see increase in buying volume, that's the indication for breakout confirmation.