Super Catchy Title! Cool Stuff Inside! TRON!!! (TRX/BTC) =p
Hi friends! Let's have a look at TRON! Looking at the four hour chart, we can see that Tron has rallied off of Tuesday's low, with the rest of the crypto space. However, it was rejected by heavy overhead resistance at the 61.8% retracement level (pink trendline,) forming the top of a downtrend channel. Looking at the 61.8% retrace, you can see how reactionary it's been. After the all time high was put in, TRX/BTC dropped and sort of leveled out on it before falling lower. Once it broke below, TRX/BTC tested it a few times, trying to get above, but it ended up failing and turning lower. Then, just yesterday, Tron rallied up to it again and got rejected with the quickness. So you can see how important the 618 is.
Taking a closer look at the chart, you can see that Tron has formed a bear flag right on top of the 50 EMA (in orange.) Additionally, the MACD appears to be rolling over, showing a return of bearish momentum. The bear flag appears to have broken to the downside already, and price is pushing right into the 50 EMA. If a sustained breakdown occurs, below the 50 EMA, the 78.6% retrace is just below, followed by the 200 EMA in purple. Below that, there is a clear gap down to the 380 level, and then the bottom of the falling parallel channel. On the upside, the top of the falling parallel channel should act as resistance. Overall, I think we could see TRX/BTC trade around in this channel, as the selling pressure resumes in the market. A sustained break below the 50 EMA, coupled with a complete crossover on the MACD, would signal further downside.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
Taking a closer look at the chart, you can see that Tron has formed a bear flag right on top of the 50 EMA (in orange.) Additionally, the MACD appears to be rolling over, showing a return of bearish momentum. The bear flag appears to have broken to the downside already, and price is pushing right into the 50 EMA. If a sustained breakdown occurs, below the 50 EMA, the 78.6% retrace is just below, followed by the 200 EMA in purple. Below that, there is a clear gap down to the 380 level, and then the bottom of the falling parallel channel. On the upside, the top of the falling parallel channel should act as resistance. Overall, I think we could see TRX/BTC trade around in this channel, as the selling pressure resumes in the market. A sustained break below the 50 EMA, coupled with a complete crossover on the MACD, would signal further downside.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
