Hello Traders,
If you recall from my last analysis, I mentioned the possibility of Tron following the Elliot Wave. However, because of Bitcoin correction in last few days, I felt the urge to change my analysis for Tron. So let's get to it.
Looking at the daily chart, Tron finally found a strong support at 758 Satoshi after 2 weeks of consolidation. This level acted as strong resistance in mid January, so converting resistance into the major support is a very bullish sign.
Additionally, we also see that Tron is bouncing within the bullish pennant pattern. If Tron manages to breakout from this pennant pattern, that would be a very bullish signal. The target for this pennant pattern is 1438 Satoshi, and this level acted as strong resistance in early January.
However, I will take partial profit at every fibonacci level just to cash out my profit.
1) 1181 Satoshi
2) 1277 Satoshi
3) 1432 Satoshi (final target)
In most of the curyptocurrencies, it is common to have 50% retracement after the explosive rally. If we hit the taregt of 1438 Satoshi, I am confident that Tron will find its support at 1183 Satoshi. After that, I will not be surprised that Tron will undergo cup and handle pattern and continue its rally after mainnet release, as there are still many exciting events ahead of them.
If you recall from my last analysis, I mentioned the possibility of Tron following the Elliot Wave. However, because of Bitcoin correction in last few days, I felt the urge to change my analysis for Tron. So let's get to it.
Looking at the daily chart, Tron finally found a strong support at 758 Satoshi after 2 weeks of consolidation. This level acted as strong resistance in mid January, so converting resistance into the major support is a very bullish sign.
Additionally, we also see that Tron is bouncing within the bullish pennant pattern. If Tron manages to breakout from this pennant pattern, that would be a very bullish signal. The target for this pennant pattern is 1438 Satoshi, and this level acted as strong resistance in early January.
However, I will take partial profit at every fibonacci level just to cash out my profit.
1) 1181 Satoshi
2) 1277 Satoshi
3) 1432 Satoshi (final target)
In most of the curyptocurrencies, it is common to have 50% retracement after the explosive rally. If we hit the taregt of 1438 Satoshi, I am confident that Tron will find its support at 1183 Satoshi. After that, I will not be surprised that Tron will undergo cup and handle pattern and continue its rally after mainnet release, as there are still many exciting events ahead of them.
Comment:
Still waiting for breakout confirmation. We need to look for big green candle and big volume bar in next few hours if this is the breakout.
Comment:
Still waiting for the breakout confirmation. Next breakout will most likely send Tron to 1092 Satoshi, and I expect 38.2% retracement. After the accumulation around 950 Satoshi, then Tron should be heading to 1438 Satoshi before the mainnet release. After the mainnet release, I expect it to find support at 1092 Satoshi. This is just the prediction, and the movement may vary depending on how bitcoin moves...
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The big green candle and huge volume that i was talking about!