Last April Tron Update: Disecting Mystery Behind Tron Chart
Hello Traders,
Wow, what an exciting month in cryptocurrency community! I am hoping that many people got sizable profit this month!
For my last Tron update of this month, let me give you some of my future prediction for Tron.
Looking at the daily chart, we see doji candlestick at the moment, which indicates that indecisiveness between bear and bull.
Unfortunately, I expect bear will take control in next few days and here is why:
1) Stoch RSI and RSI at overbought region: bearish signal
2) Similar pattern indicated in the blue box (green candles --> retracement candle --> doji --> dip)
3) Tron is well known for its pump and dump. When I calculated fibonacci retracement level, most of them were actually over 50%. (Ofc thing may be different from now)
Currently, Tron is trying desperately to find support at 757 Satoshi level, which coincidentally overlap with 23.6% retracement level. As indicated above, I highly doubt that Tron will find support here, and I am 90% sure that Tron will dip further.
So here is what I expect or want to see in next few days/weeks:
1) Confirmation (If Tron goes below 747 Satoshi, I will short some of my positions)
2) 38.2% retracement (perhaps 50% retracement): If we consider this wave as 3rd wave in Elliot theory, it is common to have 50% retracement in 4th wave (657 Satoshi). What I want to see is Tron to find support at 697 Satoshi (38.2% retracement) which Tron struggled to surpass on March 29th and April 5th. If Tron manages to find support there, I will be very bullish.
3) 5th Wave target is 943 Satoshi.
If you liked my analysis, please leave a big thumb up, and leave the comment if you have any criticism. I am still not an expert in reading the chart and I am opened to learn new ideas.
Also, I am currently raising money for Ride for Heart (Heart and Stroke Foundation), so if you appreciate my analysis, any donations are welcome!
All donation will go toward Heart and Stroke Foundation!! (secure-support....ite/SPageServer?pagename=r...)
ETH: 0x8301afec98673002fef1dff82a604a010a6a9330
Wow, what an exciting month in cryptocurrency community! I am hoping that many people got sizable profit this month!
For my last Tron update of this month, let me give you some of my future prediction for Tron.
Looking at the daily chart, we see doji candlestick at the moment, which indicates that indecisiveness between bear and bull.
Unfortunately, I expect bear will take control in next few days and here is why:
1) Stoch RSI and RSI at overbought region: bearish signal
2) Similar pattern indicated in the blue box (green candles --> retracement candle --> doji --> dip)
3) Tron is well known for its pump and dump. When I calculated fibonacci retracement level, most of them were actually over 50%. (Ofc thing may be different from now)
Currently, Tron is trying desperately to find support at 757 Satoshi level, which coincidentally overlap with 23.6% retracement level. As indicated above, I highly doubt that Tron will find support here, and I am 90% sure that Tron will dip further.
So here is what I expect or want to see in next few days/weeks:
1) Confirmation (If Tron goes below 747 Satoshi, I will short some of my positions)
2) 38.2% retracement (perhaps 50% retracement): If we consider this wave as 3rd wave in Elliot theory, it is common to have 50% retracement in 4th wave (657 Satoshi). What I want to see is Tron to find support at 697 Satoshi (38.2% retracement) which Tron struggled to surpass on March 29th and April 5th. If Tron manages to find support there, I will be very bullish.
3) 5th Wave target is 943 Satoshi.
If you liked my analysis, please leave a big thumb up, and leave the comment if you have any criticism. I am still not an expert in reading the chart and I am opened to learn new ideas.
Also, I am currently raising money for Ride for Heart (Heart and Stroke Foundation), so if you appreciate my analysis, any donations are welcome!
All donation will go toward Heart and Stroke Foundation!! (secure-support....ite/SPageServer?pagename=r...)
ETH: 0x8301afec98673002fef1dff82a604a010a6a9330
Yes, we see a bull flag. Yes, the selling volume decreased after the initial breakout.
Yes, Stoch RSI is shifting toward buyer sides. Yes, there may be MACD crossover.
But, RSI is at overbought region. I would be very careful if you are going in.
I do not have good feeling about this.