TRON macro view looks bullish as the trend is clearly up (higher lows).
If we count the waves, we seem to have completed all waves apart from the last fifth wave up. Once that is done, we may have a longer cool-off.
Price appears to be around half-way towards the top on this last wave. It's hard to guess the top, but I'd bet anywhere around $0.20 is a good place to secure profit. Some possible resistance levels are on the chart.
I don't exclude another re-test of support which would present a good buy opportunity before the last pump up. Then we need to re-assess the chart.
On weekly timeframe, indicators are bullish but I don't like the lacking volume. Hence, why on daily it does look like tron wants to re-test our support before we push higher again. So best to buy then if you are interested in longing Tron. If this plays through, you can double your entry, not bad.
Hello, do you think this will happen in the short term or in the long term?
DU09
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@bhrozz, I think before the end of the year for sure we will know. In the short term we may re-test our support when you can take a long entry.
benG11
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That stochastic RSI being oversold doesn't worry you at all?
DU09
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@benG11, You mean overbought? RSI in general is a poor indicator of trend. We can stay up for quite some time, look at MACD. In any event, I don't exclude a re-test of support before we push higher.