Tron Hitting A Wall Finally?
Updated
Welcome Back!
Over the last few weeks Tron has been one of the few positives inside this bear market.
With that being said, let's take a look at where I see prices going from here!
On the daily time frame we have a classic end to a down trend indicated by capitulation, Accumulation distribution , and the icing on the cake was the final sell off.
The final sell off creates a spring effect that is indicated by the 1,3,5 Elliott Wave sequence. Now the questions is... Where do we go from here?
Taking a look at the chart its obvious we have met a very strong resistance indicated by the red line. Volume also shows strong selling going on in this level.
However, this doesn't necessarily mean we are going lower. Based off my wave count its possible we still have one more leg up which would be the, "blow off top."
Being at such a strong resistance at 0.28 cents we could very easily see the market performing a bull trap before we retrace back to the .618 which would be around the .18 cents range.
Should we be buying right now? Probably not. It's never a good idea to be buying near such a strong resistance, or any resistance for that matter!
Watch how prices react to current resistance. If we break out, I expect the next lower high as the top of the 1,3,5 indicated by the black line.
This is a very interesting coin to be watching once we get a retrace. Market sentiment appears to be shifting back in the bulls favor.
God Bless, JolleyCrypto
Over the last few weeks Tron has been one of the few positives inside this bear market.
With that being said, let's take a look at where I see prices going from here!
On the daily time frame we have a classic end to a down trend indicated by capitulation, Accumulation distribution , and the icing on the cake was the final sell off.
The final sell off creates a spring effect that is indicated by the 1,3,5 Elliott Wave sequence. Now the questions is... Where do we go from here?
Taking a look at the chart its obvious we have met a very strong resistance indicated by the red line. Volume also shows strong selling going on in this level.
However, this doesn't necessarily mean we are going lower. Based off my wave count its possible we still have one more leg up which would be the, "blow off top."
Being at such a strong resistance at 0.28 cents we could very easily see the market performing a bull trap before we retrace back to the .618 which would be around the .18 cents range.
Should we be buying right now? Probably not. It's never a good idea to be buying near such a strong resistance, or any resistance for that matter!
Watch how prices react to current resistance. If we break out, I expect the next lower high as the top of the 1,3,5 indicated by the black line.
This is a very interesting coin to be watching once we get a retrace. Market sentiment appears to be shifting back in the bulls favor.
God Bless, JolleyCrypto
Note
Note
This is what im watching if we break resistance(NOT MY PRIMARY COUNT)
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.