Intro:
Recently Tron has made some decent gains with the bitcoin run alongside it. Alongside this, FUD spread about a scam claiming to be apart of the Tron foundation had led many investors the wrong way. From recent sources, these individuals lost up to 30 million dollars in the scam. Although Justin Sun has warned multiple times about scammers people are still fooled into ponzi schemes when they do not do their due diligence. About 100 million left the TRX market after the news spread.
Technical Analysis:
I believe this will take a short time to recover giving us a nice discounted price below .035 to as low as .029225
Price has pulled back and kissed the 61.8% hourly fib from recent low of bullish impulse. Prior to recent hyped false alarm news, price did create a new higher HIGH ever so slightly on the 4hr frame. Even so, we must take note that technical analysis shows a symmetrical triangle formation giving no clear sign of direction.
We are currently in a correction 2 wave that played off 2 price denials and 3 bullish impulsive waves. This denied twice around zone .0390 - .0400 with the second price being lower than the first showing a possible bullish harmonic XABCD pattern taking place. IF this is so, we would be followed with a corrective pattern (usually head n shoulder or INV head n shoudler) OR with our current visual of market sentiment a rising valley into bullish impulse wave 4.
A clear break of .04 will send us north to .05 fairly quick to follow with a corrective pattern that traders could peak up to as much as .07 and I can see a nice TP for the year around .066 cents.
I have set a buy order at .029225 with a SL at .01000 since I am holding long term on this I won't touch it much but I will add to the bag around there IF price takes us to the bottom angular range.
Should price make an INV head n shoulder pattern on the 4h, in the middle of this range, and follow up with a tea cup breakout, I will be looking for the 1Hr kiss goodbye back to .038 - .039
Sidenote odd analysis: When price impulsed up..waves 1 and 2 were fairly close followed by 1 more up movement to .0400 *marked by green thin arrows* after a nice consolidated long range build up. In our current sellers knock back starting June 1st price has had 2 fairly close back to back impulsive pullbacks. As always...price has also nicely lined up to fib percentages as well as accumulative range price action points. Honestly? I would be thrilled to get another sub .03 spot buy in before next year. Whats next year? Well lets first see if Tron can keep up with the crazy fud recently....I will give you my thoughts then! Are you in it for the long haul on digital assets or TRX? Tell me below! Thank you and please like and share if you enjoyed this idea!
PS> New followers please review old ideas following tron.
News Following this analysis
www.coindesk.com/tro...ng-affiliate-offices
decrypt.co/7776/poli...n-wave-field-beijing
Recently Tron has made some decent gains with the bitcoin run alongside it. Alongside this, FUD spread about a scam claiming to be apart of the Tron foundation had led many investors the wrong way. From recent sources, these individuals lost up to 30 million dollars in the scam. Although Justin Sun has warned multiple times about scammers people are still fooled into ponzi schemes when they do not do their due diligence. About 100 million left the TRX market after the news spread.
Technical Analysis:
I believe this will take a short time to recover giving us a nice discounted price below .035 to as low as .029225
Price has pulled back and kissed the 61.8% hourly fib from recent low of bullish impulse. Prior to recent hyped false alarm news, price did create a new higher HIGH ever so slightly on the 4hr frame. Even so, we must take note that technical analysis shows a symmetrical triangle formation giving no clear sign of direction.
We are currently in a correction 2 wave that played off 2 price denials and 3 bullish impulsive waves. This denied twice around zone .0390 - .0400 with the second price being lower than the first showing a possible bullish harmonic XABCD pattern taking place. IF this is so, we would be followed with a corrective pattern (usually head n shoulder or INV head n shoudler) OR with our current visual of market sentiment a rising valley into bullish impulse wave 4.
A clear break of .04 will send us north to .05 fairly quick to follow with a corrective pattern that traders could peak up to as much as .07 and I can see a nice TP for the year around .066 cents.
I have set a buy order at .029225 with a SL at .01000 since I am holding long term on this I won't touch it much but I will add to the bag around there IF price takes us to the bottom angular range.
Should price make an INV head n shoulder pattern on the 4h, in the middle of this range, and follow up with a tea cup breakout, I will be looking for the 1Hr kiss goodbye back to .038 - .039
Sidenote odd analysis: When price impulsed up..waves 1 and 2 were fairly close followed by 1 more up movement to .0400 *marked by green thin arrows* after a nice consolidated long range build up. In our current sellers knock back starting June 1st price has had 2 fairly close back to back impulsive pullbacks. As always...price has also nicely lined up to fib percentages as well as accumulative range price action points. Honestly? I would be thrilled to get another sub .03 spot buy in before next year. Whats next year? Well lets first see if Tron can keep up with the crazy fud recently....I will give you my thoughts then! Are you in it for the long haul on digital assets or TRX? Tell me below! Thank you and please like and share if you enjoyed this idea!
PS> New followers please review old ideas following tron.
News Following this analysis
www.coindesk.com/tro...ng-affiliate-offices
decrypt.co/7776/poli...n-wave-field-beijing
Comment:
I should have bought more when we broke low. But I got a ton more ada and xrp :D I I might double up down here now that we are showing a head and shoulder pattern forming..."Possibly" Hindsight 20/20
