Tron - A little more downside in the future
Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
I'm going to keep this analysis short and sweet. Tron is obviously super bullish right now. It went on a crazy impulse and we're in the middle of correcting that bullish impulse. Almost 300% increase from the local low on November 20th. I'm betting on a little more downside before a continuation. One of the main reasons why I believe that is the candle on Jan 10. So much rejection at any price above 800. It would seem that 707 is the agreed daily block resistance.
We've gotten a front run fib rejection at the 20 day EMA which took us to the 23.6 and that coincided with the local fib retrace at the 50 as well, so depending on how you look at it, bulls are protecting the price around 600 and bears are rejecting the price at 700. The 4hour block (chart on the left) shows a candle can't close above 700 anymore. The daily block shows the same. We need to pull back to the 50 day moving average (red trendline on right chart) which coincides with the aqua C on the left chart. Sorry for the back and forth from one timeframe to the other. Each timeframe tells a similar story.
As for the current count, I believe we just finished a 1-2 and we're starting the 3-4-5 to complete the C wave in our impulse correction. The target of approximately 500 happens to have some serious confluence at the 61.8% correction from the large impulse (high probability for a serious bullish bounce) and is also the 23.6 extension from the first corrective wave. If I have the 1-2 count correct, the target also coincides with the 2618 fib extension from that 1-2. You can see that in the left chart as well. 2.618 happens to be a high probability target for a 5 wave structure as well. It doesn't always have to match perfectly, though.
Simply aiming for high probability zones with confluence. I see confluence at 500 - 525 as well as confluence at 725. These are going to be major support and resistance zones. If we fall down to 500 (and I think we will), don't bet big. You're going to see some serious resistance at 700 again. That's still 40% from 500 to 700. Don't be greedy. We're still in a bear market, remember?
Trade safely friends!
I'm going to keep this analysis short and sweet. Tron is obviously super bullish right now. It went on a crazy impulse and we're in the middle of correcting that bullish impulse. Almost 300% increase from the local low on November 20th. I'm betting on a little more downside before a continuation. One of the main reasons why I believe that is the candle on Jan 10. So much rejection at any price above 800. It would seem that 707 is the agreed daily block resistance.
We've gotten a front run fib rejection at the 20 day EMA which took us to the 23.6 and that coincided with the local fib retrace at the 50 as well, so depending on how you look at it, bulls are protecting the price around 600 and bears are rejecting the price at 700. The 4hour block (chart on the left) shows a candle can't close above 700 anymore. The daily block shows the same. We need to pull back to the 50 day moving average (red trendline on right chart) which coincides with the aqua C on the left chart. Sorry for the back and forth from one timeframe to the other. Each timeframe tells a similar story.
As for the current count, I believe we just finished a 1-2 and we're starting the 3-4-5 to complete the C wave in our impulse correction. The target of approximately 500 happens to have some serious confluence at the 61.8% correction from the large impulse (high probability for a serious bullish bounce) and is also the 23.6 extension from the first corrective wave. If I have the 1-2 count correct, the target also coincides with the 2618 fib extension from that 1-2. You can see that in the left chart as well. 2.618 happens to be a high probability target for a 5 wave structure as well. It doesn't always have to match perfectly, though.
Simply aiming for high probability zones with confluence. I see confluence at 500 - 525 as well as confluence at 725. These are going to be major support and resistance zones. If we fall down to 500 (and I think we will), don't bet big. You're going to see some serious resistance at 700 again. That's still 40% from 500 to 700. Don't be greedy. We're still in a bear market, remember?
Trade safely friends!
Trade active:
The little festival over BTT kicked in and there was a little more upside left but there was a small sense of bearish divergence on the 4H timeframe which is one I tend to trust a bit. Barring no crazy market activity, I continue to be short term bearish on TRX. Even more so now. I always tell my pupils to avoid something that's just gone nuts. You're better off trading the pivots than trying to catch a falling knife. The probable zone is much further down than we currently are. I'm not talking about an all time low, but we've got a bit to go.
Chart Update:
Chart Update: