TRON (TRX/ETH) potential bullish breakout
TRX hit a strong line of support today at 0.000075 ETH and seems to have bounced off, possibly presenting a change in the market sentiment. As TRX nears the convergent point of the triangular pattern shown in pink it looks poised to break out; the MACD indicator is showing bullish divergence, a fairly clear bullish head and shoulders pattern has formed on the 30 minute chart and ADX lines just crossed upwards. I would be very surprised if TRX breaks downwards and I think a mass sell-off would ensue as people would start to abandon ship - a stop loss at around 0.00007 ETH is vital for anyone initiating a long position. I think a trailing stop loss instead of any upward target points would be the best strategy here.
Also worth noting that TRX's partnership with Baofeng (NASDAQ listed) was recently announced and this is likely to add to buying pressure. However, proceed with caution.
Also worth noting that TRX's partnership with Baofeng (NASDAQ listed) was recently announced and this is likely to add to buying pressure. However, proceed with caution.
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