Hello Tron Lovers,
We all know that a lot of people are waiting on this stubborn coin to start heading up. I am very sure this will find its way to the top again, but patience is a virtue friends. We may see a little more downside before we start the mission to moon. We know that TRX has a Mainnet launch coming soon on the 31st May, so I am looking at a good near future for this coin.
Lets get to the technical side of it. So in the chart you see there are two diagonal support lines, and a few horizontal resistance and support levels.
Currently the price is heading towards the red diagonal support line, which will probably be touched. We still have time in the Mainnet Launch, so of course the big players want to buy this one cheaper, so I wouldn't be surprised if we break the red diagonal support, and move down to anywhere between 700-760 before we move up. That is for the diagonal support levels.
Coming to the horizontal support levels, those are for your reference, so that you know what to expect if the price breaks those support levels or start heading up and takes a fight with the resistance levels.
Also, as we can see in the chart, the MACD and RSI both are pointing downwards, and we do not have a sign of reversal yet, but RSI is pretty low and is nearing oversold zone currently, so we can expect for a short term bounce or a reversal soon, but look at MACD, it has just crossed the signal line, and is also below the Zero line, so a little more retrace is expected before it turns to the upside.
When can we buy?
I would suggest to HODL this coin if you are already in it because this one definitely has some bright future. If you are looking for an entry, here a trick. Buy a portion (lets say 1/4 of what you are planning to invest in TRX) of TRX at a support level, if we go down more, buy some more around the next support. Make sure you buy more amount at the red diagonal support level, because there are high chances it can bounce from there. The more it goes down, buy more. They don't say "Buy the Dips" without any reason. It works.
Note: The circles on the chart also indicates buy zones.
Follow the price closely on this one along with this chart. I will be updating this chart as and when needed. We will be trading this one very smartly as we all know "Smart trading and emotionless trading is the key to success". Am I right or am I Right?
Follow along with the rest of the community in our group/channel listed below. We don't just trade, we learn first and then we earn.
Happy Trading Friends!
We all know that a lot of people are waiting on this stubborn coin to start heading up. I am very sure this will find its way to the top again, but patience is a virtue friends. We may see a little more downside before we start the mission to moon. We know that TRX has a Mainnet launch coming soon on the 31st May, so I am looking at a good near future for this coin.
Lets get to the technical side of it. So in the chart you see there are two diagonal support lines, and a few horizontal resistance and support levels.
Currently the price is heading towards the red diagonal support line, which will probably be touched. We still have time in the Mainnet Launch, so of course the big players want to buy this one cheaper, so I wouldn't be surprised if we break the red diagonal support, and move down to anywhere between 700-760 before we move up. That is for the diagonal support levels.
Coming to the horizontal support levels, those are for your reference, so that you know what to expect if the price breaks those support levels or start heading up and takes a fight with the resistance levels.
Also, as we can see in the chart, the MACD and RSI both are pointing downwards, and we do not have a sign of reversal yet, but RSI is pretty low and is nearing oversold zone currently, so we can expect for a short term bounce or a reversal soon, but look at MACD, it has just crossed the signal line, and is also below the Zero line, so a little more retrace is expected before it turns to the upside.
When can we buy?
I would suggest to HODL this coin if you are already in it because this one definitely has some bright future. If you are looking for an entry, here a trick. Buy a portion (lets say 1/4 of what you are planning to invest in TRX) of TRX at a support level, if we go down more, buy some more around the next support. Make sure you buy more amount at the red diagonal support level, because there are high chances it can bounce from there. The more it goes down, buy more. They don't say "Buy the Dips" without any reason. It works.
Note: The circles on the chart also indicates buy zones.
Follow the price closely on this one along with this chart. I will be updating this chart as and when needed. We will be trading this one very smartly as we all know "Smart trading and emotionless trading is the key to success". Am I right or am I Right?
Follow along with the rest of the community in our group/channel listed below. We don't just trade, we learn first and then we earn.
Happy Trading Friends!
Comment:
BTC is messing up our trades. We shall wait for BTC to become stable.
Comment:
As I said, TRX got in the range of 700-760 and showed us a little bounce from there. Thanks to BTC. Now lets see if it holds that price level. It should.
Comment:
A possible inverse Head & Shoulder pattern for TRX. If this is correct, it is bullish
