TRX - Continuation of the bulls

Updated

Tron is on the rise. It is breaking out as I am typing this. The last bull run retraced to .382 level and has not broken out from the downtrend. After finishing its correction with the ABC series, Tron is now once again heading up. My target price for Tron is 900sats for this runup and if Bitcoin behaves without rising or dropping too fast then perhaps we can smash through the 900 sats and head towards the next fib sequence of 1.25k sats!

This is not investment advice, this is just my take on TRX. Happy investing all.

Note

The catalyst that initiated tron's rise was dual listing on both bithumb and upbit (top korean exchanges). Now that the bulls are calming down, profit takers are reaping the benefits thus leading to the price consolidation around the .5 fib level. MACD is potentially showing a bearish setup short term so I can see tron retracing back to the .382 fib level. Volume is drying up which indicates that there are fewer and fewer sellers willing to sell at a lower price than the asking. Perhaps the continuation of the 900sats rally will occur sooner than expected. Of course this is assuming that bitcoin behaves and allows for tron to do its thing.

On the other note, if you zoom out a bit, you can clearly see a cup and handle (forming right now) coming along quite nicely. The handle is usually formed from a falling wedge, which appears to be what tron is doing at the moment. Anyways, happy investing guys!

Note

Sorry, meant to post this image so you can see the cup/handle.

Note

Tron is retracing to the .382 level as expected. Reentry at this level would be ideal as the consolidation phase continues in preparation for its runup to 900/1000 says. Or you could wait to see if it drops further and cost average on the way down.

Note

TRX is conslidating well within the .382 level as expected. MACD on the 2hr timeframe is starting to become bullish. Overall, RSI and OBV are still in a bullish trend and is showing very little sign of price fluctuation, further supporting the consolidation phase that we are in right now. TRX may continue to move sideway for now due to BTC's uncertainty. If BTC holds at this level, tron will definitely have its run up. On the other hand if BTC rises, tron will retrace a bit initially before having an even more explosive run up due to the increased in the whole market as ALT blooms after every BTC run up. Happy investing all!

Trade closed: target reached

Target breached plus more! Hope you guys collected the goods.

Note

Ops updated the wrong charts target was not reached. My bad guys.

mistahtom

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