Tron update analysis
Updated
Hi guys, once again prefacing this post with the fact that I am not an expert, only sharing my ideas and am open to criticism or any advice anyone is willing to give. Now lets get into it! On the 4 hour chart for TRX/BTC I have counted a 12345 Elliott wave and an ABC Correction. Tron is looking very bullish at the moment just completing the C wave of the correction, breaking out of the bull flag while simultaneously hitting off the bottom channel. There is also a bullish MACD cross below 0 signaling bullish as well as the rsi level is bouncing off the rsi bottom support and is once again heading up. The low amount of volume is a confirmation that the flag is completed and I see a spike in volume sometime soon. The price has remained above the 200 EMA for the past 3 weeks, only piercing it twice at the bottom of the correction. Thanks for viewing my analysis on TRX/BTC I value feedback greatly so feel free to let me know what you think and any of your personal ideas!
Note
A rising wedge has formed at the bottom of wave c out of the bull flag. It is rising with the bottom channel and a breakthrough should occur sometime soon.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.