Good Morning, Traders!
Tron recently began testing its EMA(200) once again since March. The last attempt of this breakout resulted in a double top pattern which resulted in the price completely retracing, negating all of the progress it previously made. I'm expecting the opposite this time around. Along with breaching the EMA(200) the chart has formed a bullish flag. The price has tested the top of the flag at least four times and tested the bottom twice, meaning the price is attempting to break bullish rather than bearish. In this case, the best buying price would be the next time the price is near the bottom of the flag, indicated by the rectangle.
That doesn't cancel out the fact that the price is still able to push in the bearish direction for the time being. Looking at the recent candlesticks, we see a dragonfly doji candlestick before what could also be considered a bearish engulfing. Both of these would signify bearish runs soon, but at a smaller scale and could still just mean that the price is expecting to reach the bottom of the flag faster. Although, it could also be the reason that the price breaks out bearish.
Important Resistance Levels: 464, 436
Important Support Levels: 406, 389
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
Tron recently began testing its EMA(200) once again since March. The last attempt of this breakout resulted in a double top pattern which resulted in the price completely retracing, negating all of the progress it previously made. I'm expecting the opposite this time around. Along with breaching the EMA(200) the chart has formed a bullish flag. The price has tested the top of the flag at least four times and tested the bottom twice, meaning the price is attempting to break bullish rather than bearish. In this case, the best buying price would be the next time the price is near the bottom of the flag, indicated by the rectangle.
That doesn't cancel out the fact that the price is still able to push in the bearish direction for the time being. Looking at the recent candlesticks, we see a dragonfly doji candlestick before what could also be considered a bearish engulfing. Both of these would signify bearish runs soon, but at a smaller scale and could still just mean that the price is expecting to reach the bottom of the flag faster. Although, it could also be the reason that the price breaks out bearish.
Important Resistance Levels: 464, 436
Important Support Levels: 406, 389
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst