Update 4: TRON - what happens when we can't break out??
Updated
Welcome to another update on TRON. This is about the only coin I publish TA on nowadays since the other coins are covered by a lot of people already and I mainly focus on Forex. Please also refer to my earlier ideas linked below.
As we can see, Tron has been following the upper apex of the descending triangle since I first drew it. It functions as our main resistance and is only invalidated when Tron break out above it AND stays there (closes above it). As it looks now though Tron seems unable to move above it at all and I am curious what would happen if it can't move out of it. Will we see more sideways movement or will the support break? If the support doesn't hold we will need to evaluate how deep Tron potentially might go. This gives us good opportunity though to strengthen our position though if this happens.
In my opinion there is no doubt that Tron will continue climbing again. Even with all the FUD surrounding this coin it is not as bad as people think. Just look at Ripple; hugely overvalued and now plummeting and barely recovering but NO FUD. So what does that mean for Tron? I think that it means that as I stated in earlier posts, that it is a solid coin. Not based on what the fanboys and girls write or wish for, but solely based on the fact that with all the negative news it is still doing relatively well considering the how bad the whole market is doing. Speaking of the market, it seems it is doing better so now we just have to wait till this starts projecting on the less known coins.
Also if Tron goes lower, I believe that this will just bring in more investors and as said I will use this to strengthen my position.
ON A FINAL NOTE: Tron might have gone down vs. Bitcoin but vs. the Dollar it is still 5 cents!
This is not financial advice but a study of Tron.
As we can see, Tron has been following the upper apex of the descending triangle since I first drew it. It functions as our main resistance and is only invalidated when Tron break out above it AND stays there (closes above it). As it looks now though Tron seems unable to move above it at all and I am curious what would happen if it can't move out of it. Will we see more sideways movement or will the support break? If the support doesn't hold we will need to evaluate how deep Tron potentially might go. This gives us good opportunity though to strengthen our position though if this happens.
In my opinion there is no doubt that Tron will continue climbing again. Even with all the FUD surrounding this coin it is not as bad as people think. Just look at Ripple; hugely overvalued and now plummeting and barely recovering but NO FUD. So what does that mean for Tron? I think that it means that as I stated in earlier posts, that it is a solid coin. Not based on what the fanboys and girls write or wish for, but solely based on the fact that with all the negative news it is still doing relatively well considering the how bad the whole market is doing. Speaking of the market, it seems it is doing better so now we just have to wait till this starts projecting on the less known coins.
Also if Tron goes lower, I believe that this will just bring in more investors and as said I will use this to strengthen my position.
ON A FINAL NOTE: Tron might have gone down vs. Bitcoin but vs. the Dollar it is still 5 cents!
This is not financial advice but a study of Tron.
Note
Mr. Magic posted TA on Tron, check it out:
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