Hello Again Everyone,
Here are the latest levels I am watching with Tron on the 4 hr chart. My previous head and shoulders pattern did break down below the neck line 0.0253, but, it hasn't broke down very far as of right now and has been holding near that level. This has been a slower moving chart and unless there is some major news, we haven't seen much action since the niTRON summit and the release of the BTT ICO. We seem to have a little rally going on currently, but, I am correlating it to the upward movement of BTC and ETH, Even thought we have a small rally happening, as you can see we are in a descending triangle pattern which is a bearish sign.
Our current resistance level is .02659 which is extremely close to the 200 MA (pink) 0.025917 and the top of the descending triangle. It has been trying to break out above the current level of 0.25691. So, I simplify things for myself by just calling the major resistance levels of roughly 0.026-0.027.
Looking from a bullish view point: Tron is currently holding strong above the 10 MA (roughly 0.0246, If we can break above the top of the descending triangle and the 200 MA, we can make a harder push towards the major resistance levels I have charted. The last time we came anywhere near the upper levels of 0.033 was on January 9th but it immediately pulled back and broke down over the next month to where we are currently at, however, nothing ever came of it. It also tried to rally again on January 26th but also failed. RSI is currently at 50 so we are at a neutral point on whether Tron is over or under sold. I am watching the bullish viewpoint cautiously because again, this slow moving uptrend may just be because the top coins are rallying. Any pullback can affect Tron and cause it to fall lower.
Looking from a bearish stand point: If we are unable to hold our current levels and unable to break above any of the mentioned levels above, this will most likely send Tron even lower. We are in a descending triangle pattern and it is fighting to pierce the upper channel of the descending triangle.
I am waiting to see what happens before I make any moves. Tron has been moving sideways for roughly the last 2 weeks and hasn't really done much (in my opinion) which, is keeping me on the sidelines until I can see some confirmations one way or another. I have also included my last idea which shows the head and shoulders pattern and previous fib levels (in the narrative).
I am by no means a professional analyzer, just a hobbyist of technical analysis that likes to share thoughts and opinions with others. This is not meant in anyway as trading advice, it is strictly meant for educational purposes.
Happy trading and please hit like if you found this information useful or helpful! Good Luck!!
Here are the latest levels I am watching with Tron on the 4 hr chart. My previous head and shoulders pattern did break down below the neck line 0.0253, but, it hasn't broke down very far as of right now and has been holding near that level. This has been a slower moving chart and unless there is some major news, we haven't seen much action since the niTRON summit and the release of the BTT ICO. We seem to have a little rally going on currently, but, I am correlating it to the upward movement of BTC and ETH, Even thought we have a small rally happening, as you can see we are in a descending triangle pattern which is a bearish sign.
Our current resistance level is .02659 which is extremely close to the 200 MA (pink) 0.025917 and the top of the descending triangle. It has been trying to break out above the current level of 0.25691. So, I simplify things for myself by just calling the major resistance levels of roughly 0.026-0.027.
Looking from a bullish view point: Tron is currently holding strong above the 10 MA (roughly 0.0246, If we can break above the top of the descending triangle and the 200 MA, we can make a harder push towards the major resistance levels I have charted. The last time we came anywhere near the upper levels of 0.033 was on January 9th but it immediately pulled back and broke down over the next month to where we are currently at, however, nothing ever came of it. It also tried to rally again on January 26th but also failed. RSI is currently at 50 so we are at a neutral point on whether Tron is over or under sold. I am watching the bullish viewpoint cautiously because again, this slow moving uptrend may just be because the top coins are rallying. Any pullback can affect Tron and cause it to fall lower.
Looking from a bearish stand point: If we are unable to hold our current levels and unable to break above any of the mentioned levels above, this will most likely send Tron even lower. We are in a descending triangle pattern and it is fighting to pierce the upper channel of the descending triangle.
I am waiting to see what happens before I make any moves. Tron has been moving sideways for roughly the last 2 weeks and hasn't really done much (in my opinion) which, is keeping me on the sidelines until I can see some confirmations one way or another. I have also included my last idea which shows the head and shoulders pattern and previous fib levels (in the narrative).
I am by no means a professional analyzer, just a hobbyist of technical analysis that likes to share thoughts and opinions with others. This is not meant in anyway as trading advice, it is strictly meant for educational purposes.
Happy trading and please hit like if you found this information useful or helpful! Good Luck!!
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