reza_tayebi

Tron`s chart looking bullish

Long
BINANCE:TRXBTC   TRON / Bitcoin
Tron`s chart is looking promising. After showing strong support on 350 - 400 Satoshi level, Tron is trying to break first resistance level of 690 Satoshi. First two attempts failed, however each time Tron touched resistance the corrections brought higher lows.

If, and if, market continues to stay healthy, we can expect a third attempt to break resistance.

Resistance levels are :
690
955
1300
Going above each resistance level and stabilising there, will turn it to support.

If Tron gets to 1300 level, we should expect an ABC correction afterwards.

I will try to update the chart as frequently as possible.
Comment:
Moving toward first resistance line. High buy volume shows there`s interest in Tron.
Comment:
So far a healthy correction. Sell volume is getting weaker, which suggest if market stays healthy Tron might be creating the base for next leg up.
Comment:
For now support is holding strongly, building a nice break out pattern.
If you don`t have Tron at moment, I suggest you wait until breaking out of this triangle.
Comment:
Broke out of triangle and now having a healthy correction.
If we don`t see huge dumping, it means there`s
interest in higher prices and we can expect another
leg up toward major resistance.
Comment: Bouncing around support area. tight price action
with low volume. If support holds, we might see a
strong breakout. Keep an eye on this one.
Comment: Price broke out of triangle.
First major resistance is
6900 - 7000 satoshi level.
Comment: I think when BTC finishes correcting, Tron will continue moving toward next heavy resistance. For now we might see some side movements and corrections.
Comment: 9051 which used to be a resistance is turning to support now.
If this area holds and price creates a base, we can expect an
up move soon. However it may take a bit of time to create a
base for next leg up. So patience is needed.
Comment: Tron is in ABC correction right now. This can take a while.
If market stays healthy, Tron will continue going up as
technically it has more room to grow.
Comment: As mentioned yesterday, Tron is in ABC correction and it
can take a while to finish. If you're interested in Tron,
I suggest to wait for now until we see clear sign of possible
ending of ABC correction.
Comment: For the past few days price has been moving within a triangle.
Declining volume shows we might see action soon.
To me still it's not clear whether ABC correction is finished or not.
If you have Tron and you're in good profit keep it.
If you don't have Tron, since we`re sitting on support trend line,
you can buy with a tight stop loss. Other option is not to buy
until it becomes more clear wether correction is finished or not.

Comments

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