TRON - where will it go next, can the support hold?
Updated
Welcome to my analysis on Tron. As can be seen from my prior posts, I am a fan of the project and would love to see it go up, but that is not relevant here.
I added my comments within the graph for easy reading. We can see that Tron has formed a descending Triangle together with the red support line. The same Descending Triangle can be spotted in the volume. The blue trend line originates at the start of the rally (around December 12, 2017) and runs through the all-time low (after the rally) of January 16. The blue trend line was broken shortly after the 50 EMA lost to the 200 EMA. After Tron fell through the trend line on February 1, we can see that, together with the 0.382 fib level, it became upside resistance through which Tron could not consistently break through two days ago. After it hit its head on the trend line it fell right down and is clinging for support on the 0.236 fib level.
The red support has proven hold numerous times but in order for it to remain strong we need the descending triangle to be broken to the upside after which ideally we would like the 50 EMA to surpass the 200 EMA AND the blue trend-line AND 0.382 fib level. These are ALL major resistances. I would already be happy to see Tron just break the Descending Triangle in order to invalidate it.
If Tron manages to break all resistances mentioned above and further could pierce through the 0.5 fib level we might just witness the revival of a new uptrend.
This is just a study of Tron, do not use as financial advice.
I added my comments within the graph for easy reading. We can see that Tron has formed a descending Triangle together with the red support line. The same Descending Triangle can be spotted in the volume. The blue trend line originates at the start of the rally (around December 12, 2017) and runs through the all-time low (after the rally) of January 16. The blue trend line was broken shortly after the 50 EMA lost to the 200 EMA. After Tron fell through the trend line on February 1, we can see that, together with the 0.382 fib level, it became upside resistance through which Tron could not consistently break through two days ago. After it hit its head on the trend line it fell right down and is clinging for support on the 0.236 fib level.
The red support has proven hold numerous times but in order for it to remain strong we need the descending triangle to be broken to the upside after which ideally we would like the 50 EMA to surpass the 200 EMA AND the blue trend-line AND 0.382 fib level. These are ALL major resistances. I would already be happy to see Tron just break the Descending Triangle in order to invalidate it.
If Tron manages to break all resistances mentioned above and further could pierce through the 0.5 fib level we might just witness the revival of a new uptrend.
This is just a study of Tron, do not use as financial advice.
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