Tron has just completed its inverse head and shoulders pattern, a pattern that many investment groups complete only up to the neckline, and after they use the panic buying to fill their shorts. I am unsure if that is the case for TRON, but it is likely that even if we do move up from here, we will eventually come down to 352 satoshis or even lower when it completes its bear divergence.
Tron is moving up due to hype, and we all know that soon the hype will be forgotten unless Alibaba actually presents a real partnership with TRON. Otherwise, it is a buy the rumor sell the news type of thingo
Short:
390
Take Profit:
352
Stop Loss:
416
Manual (If starts trading above resistance and resistance acts as support)
Alternatively, if Tron breaks resistance and it acts as a support, it may be a good move to long TRON.
I am bullish long term on Tron but that does not mean I will give up a great money making opportunity when it sits in front of me. If BTC pumps up, Tron will drop. If BTC moves down, Tron will drop more.
Tron is moving up due to hype, and we all know that soon the hype will be forgotten unless Alibaba actually presents a real partnership with TRON. Otherwise, it is a buy the rumor sell the news type of thingo
Short:
390
Take Profit:
352
Stop Loss:
416
Manual (If starts trading above resistance and resistance acts as support)
Alternatively, if Tron breaks resistance and it acts as a support, it may be a good move to long TRON.
I am bullish long term on Tron but that does not mean I will give up a great money making opportunity when it sits in front of me. If BTC pumps up, Tron will drop. If BTC moves down, Tron will drop more.
Trade active
I was unable to update but many limit sell orders have been hit, meaning I am adding to my short position.My average short price is 417.
Why? Because 420+ is the area of resistance.
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First sign of serious profit taking.Note
If TRON breaks 401, we will be very happy in our short position. If it does not, may have another push up.
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Boom. Tron sub 400.Note
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Bearish Divergence in Tron right now. The event has ended so we should be getting a slow bleed out. This coin was pumped off the rumour. Sell the news.
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Tron has to hold 393 on Binance or we will be seeing a very nice 370+ tron very soon.Note
If you are not in a position, if breakdown happens, wait for support and short the correction up. Have a stop loss if it moves back into old trading range.
Note
Breakdown occured. I expect a much lower price and an attempt at 393 on Binance soon.
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The next move decides everything.
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If we break up and go past bull fractal, high chance of moving up further. If we fail we will continue lower.Note
Trade closed: target reached
5% profit. I plan on updating a new Tron chart, possibly looking at a long trade if it drops to 370 levels.For now looks like it will bounce with the bull div.
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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.