With the launch of its mainnet in a couple of days, Tron has become more popular a subject for analysis. I choose to believe, however, that the truth is in the price, so all PR and hype aside, let's see what TRXUSD offers as scenarios:
Triangle with triangle
For the past weeks, we've had one triangle broken to the upside, presently hidden in an even larger triangle. Volume is declining, and considering the larger trend, this may become a continuation pattern.
If the triangle breaks to the upside, I expect a move similar to the height of the larger triangle. Similar for a break to the downside of course.
That leaves us with two possibilities (assuming around 80% of triangle height as objective):
TRXUSD - Long position after break upwards:
TRXUSD - Short position after break downwards:
Head and Shoulders
With a bit of imagination, TRXUSD 1D even shows a Head and Shoulders formation that might indicate a move to the downside. The neckline for this H&S-formation lines up nicely with the lower support of the triangle.
A possible bearish scenario there, assuming the price target is around 80% the move from top of the head to the left side of the right shoulder:
In the second part of this idea, I'll add possible Elliot Wave scenarios, which give us both bullish and bearish possibilities.
Triangle with triangle
For the past weeks, we've had one triangle broken to the upside, presently hidden in an even larger triangle. Volume is declining, and considering the larger trend, this may become a continuation pattern.
If the triangle breaks to the upside, I expect a move similar to the height of the larger triangle. Similar for a break to the downside of course.
That leaves us with two possibilities (assuming around 80% of triangle height as objective):
TRXUSD - Long position after break upwards:
TRXUSD - Short position after break downwards:
Head and Shoulders
With a bit of imagination, TRXUSD 1D even shows a Head and Shoulders formation that might indicate a move to the downside. The neckline for this H&S-formation lines up nicely with the lower support of the triangle.
A possible bearish scenario there, assuming the price target is around 80% the move from top of the head to the left side of the right shoulder:
In the second part of this idea, I'll add possible Elliot Wave scenarios, which give us both bullish and bearish possibilities.
Comment:
For those looking for the second part of this idea, you can find it here:
Trade active:
Well, TRXUSD broke the neckline and triangle. If it closes below those two today, I know what I'll be selling!