Good afternoon ladies and gents. I just wanted to give you an update on what I think will happen with Trx/btc over the next couple of weeks.
Wave 3 hit the 1.618 extension mark and Wave 4 retraced to the golden ratio at .618. This is ideal. Preferred extension shows interest and preferred accumulation shows strength and confidence.
TRX/BTC has decided that she wants to absolutely explode. And by explode, I mean if you're a bag holder you're going to be nutting home some serious dough.
Currently TRX/BTC is trading within an ascending triangle on the 1 hour chart
as well as a larger ascending triangle on the 4 hour chart
As far as indicators are concerned, The MACD is setting up very nicely on the 4 hour chart which just now crossed back over, and a new uptrend has been established on the RSI. As soon as RSI picks up to the 60-70 level, look out. We can also see an ascending triangle form on the RSI as well which is a great sign.
I expect Wave 5 to hit 2.618 Extension levels easily. However, this could easily trend up or down depending on the health of the overall BTC market and the effect the mainnet launch has on the coin.
If this is an analysis you appreciate, feel free to upvote and like as many times as you wish!
I appreciate your support.
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Also, the MA's are all close, ready to cross and jump!
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Trading with the 21 day MA.
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Possible bullish divergence on the daily chart.
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As expected, Tron hit 60 on the RSI and exploded out of the ascending triangle. There is tough resistance at 960, and support @ about 905. We will attack the subwaves of Wave 5 if the indicators stay humble, all the way to our target at 2.618.
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I expect TRX/BTC to retrace to support levels allowing indicators to reset for a healthy next leg up! Good luck to all!
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We just witnessed the bounce at 904. Now depending on BTC health we can see another movement upwards.
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As you can see, we bounced HARD off the .382 retracement level.
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This candle really would help us out of it turned green.
Hey! according to my own analysis, wave 3 seems to be the extended wave . what are you basing yourself to speculate that wave 5 will reach 2.618?
Keep up the good work! :)
alexghs07
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@BlackJokerX, hi friend, in certain circumstances wave 3 and wave 5 can extend. If wave 3 hits 1.618, it’s more likely, if wave 5 does extend, that it will hit one of the higher fib extensions. In this case I think the indicators all have reset far enough that a successful wave 5 could hit 2.618 levels in particular.
potadahead
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I like your optimism, I'm holding a big bag myself as well.
It's going to be an interesting week!
BullBearWhaleCat
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And all this depends on BTC health also.
FutureXBT
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thank you, what do you think the price would be close to 31st, under or over 1100?
potadahead
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@john24818, likely that it's going to surpass 1100
alexghs07
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@john24818, As they say, buy the rumor, sell the news. With everything going on with TRX tho I would be very careful when trying to swing or scalp. Don’t want to miss the bus.
Jefhughe
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yeah I just saw the bounce. I agree is BTC stays stable we can see a good push up.