TRON - Broke out of 2-Year Wedge, Bullish momentum coming
Looking at Tron's daily chart, we can see that it has completed a 2-year descending wedge. So the overhead resistance which had prevented the price from moving higher is no longer there. I also like that the daily MACD is right at the zero-line. A break above this level is bull territory. The bullish signs are there. However, I'm not moving in just yet. I will be waiting for one of two things before buying:
1) Bitcoin to hit bottom - This usually gives the alts permission to move again. The alts are not dropping like they once did against Bitcoin, which suggests their bottom is close. However, even if TRX/BTC doesn't move at all on its Bitcoin chart, its USD chart will lose value. Waiting for BTC to bottom could allow you to buy TRX at a discount.
2) Buyer volume moves in and pushes the price up with force - We had a breakout of the wedge, but the price hasn't moved yet. We're lacking volume. I think once the volume comes, it will come with some force.
Keep Tron on your radar for good entry points. Getting in early as the alt season begins could be very lucrative.
1) Bitcoin to hit bottom - This usually gives the alts permission to move again. The alts are not dropping like they once did against Bitcoin, which suggests their bottom is close. However, even if TRX/BTC doesn't move at all on its Bitcoin chart, its USD chart will lose value. Waiting for BTC to bottom could allow you to buy TRX at a discount.
2) Buyer volume moves in and pushes the price up with force - We had a breakout of the wedge, but the price hasn't moved yet. We're lacking volume. I think once the volume comes, it will come with some force.
Keep Tron on your radar for good entry points. Getting in early as the alt season begins could be very lucrative.
Comment:
Looking good!