Hey, I am back with another Technical Analysis, this time looking again at Tron.
TRON the cryptocurrency I am hearing most about only with good news, bought Bittorrent, Justin offered big sum of money to someone who can find a error in his main net, succesfull main net launch, listed on many more exchanges.
So Fundamentals are strong, but what does Technicals says? Lets find out.
Afer hitting 1000 levels twice, we have seen profit taking dowtrend line until Tron was able to find some good support level.
Currently it seems like 650 is pretty strong level and may been the bounce area, true bottom.
Currently Tron is riding EMA on uptrend line about to test 750 level.
What I do like about Tron, and why I think that it can remain in uptrend? Lets just look at RSI.
The whole time in this downtrend from 1000 levels we havent seen Tron being in overbought levels, even if, just for a short time, found ressistance at the level and fell without founding some good support and was being oversold most of the time.
But this time, Tron sees some strong bounce from oversold right to overbought, tested the overbought area twice and failed, if it was bearish it would retest 40 and bounce just a bit and fall or keep in neutral zone, but Tron has maintain to find support at high level and has broken the strong demand level on RSI and it looks like we are finding support on the 60 RSI level, lets see if it can hold.
When looking at the MACD you can see that we are in a decision point, we need to see a signal line slide over the slower line in order to remain strong.
Okay, but where is the Ideal buy?
On the uptrend line with a tight stop loss.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel!
Hope I made your view on whats going on with Tron somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are always aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
TRON the cryptocurrency I am hearing most about only with good news, bought Bittorrent, Justin offered big sum of money to someone who can find a error in his main net, succesfull main net launch, listed on many more exchanges.
So Fundamentals are strong, but what does Technicals says? Lets find out.
Afer hitting 1000 levels twice, we have seen profit taking dowtrend line until Tron was able to find some good support level.
Currently it seems like 650 is pretty strong level and may been the bounce area, true bottom.
Currently Tron is riding EMA on uptrend line about to test 750 level.
What I do like about Tron, and why I think that it can remain in uptrend? Lets just look at RSI.
The whole time in this downtrend from 1000 levels we havent seen Tron being in overbought levels, even if, just for a short time, found ressistance at the level and fell without founding some good support and was being oversold most of the time.
But this time, Tron sees some strong bounce from oversold right to overbought, tested the overbought area twice and failed, if it was bearish it would retest 40 and bounce just a bit and fall or keep in neutral zone, but Tron has maintain to find support at high level and has broken the strong demand level on RSI and it looks like we are finding support on the 60 RSI level, lets see if it can hold.
When looking at the MACD you can see that we are in a decision point, we need to see a signal line slide over the slower line in order to remain strong.
Okay, but where is the Ideal buy?
On the uptrend line with a tight stop loss.
So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel!
Hope I made your view on whats going on with Tron somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are always aprreciated, Thanks !
If I see something worth to share on the chart I will surely do an Update.
Comment:
About to retest uptrend
Comment:
Fighting EMA
Comment:
Its a pennant after all, RSI trying to break into high demand zones
Comment:
Still in uptrend, hope you are enjoying the ride.
Comment:
about to retest 6770