TRON - fasten your seatbelts!
Hey guys,
same as with other cryptos, I am expecting a move to the upside on Tron soon. Price is currently trading within a falling wedge and I do expect it to find its trough of wave 4 soon, in order to start its final impulse do the upside.
Regarding the buy zone - the zone with the highest confluence lies around $0.055 and $0.05. As written on the chart, if price should enter this zone, I would not consider it to be an overlap with wave 1 as long as price does not fall & close below $0.05. In leveraged and highly volatile markets it is not uncommon for wave 4 to retrace slightly into the peak of wave 1 (does not happen often, but once it does, it doesn't mean the count has been invalidated).
However, I also take two other different buy scenarios into consideration - one being, seeing price forming a double bottom around this weeks low and the other one would be that price is at the time of writing forming its first higher low on the 1H timeframe.
Subjectively, I see the highest probability with price either hitting 0.055-0.05 or forming a double bottom at this weeks low. Do not forget about the mainnet launch, which will be around six hours (11 AM GMT+8 / 5 AM GMT+2)
Objectively, I won't take action until I either see price reacting impulsively with abnormal volume on lower timeframes or seeing today's high being taken out.
My projected target is the $0.115-0.12 area.
Safe trades!
Bud
same as with other cryptos, I am expecting a move to the upside on Tron soon. Price is currently trading within a falling wedge and I do expect it to find its trough of wave 4 soon, in order to start its final impulse do the upside.
Regarding the buy zone - the zone with the highest confluence lies around $0.055 and $0.05. As written on the chart, if price should enter this zone, I would not consider it to be an overlap with wave 1 as long as price does not fall & close below $0.05. In leveraged and highly volatile markets it is not uncommon for wave 4 to retrace slightly into the peak of wave 1 (does not happen often, but once it does, it doesn't mean the count has been invalidated).
However, I also take two other different buy scenarios into consideration - one being, seeing price forming a double bottom around this weeks low and the other one would be that price is at the time of writing forming its first higher low on the 1H timeframe.
Subjectively, I see the highest probability with price either hitting 0.055-0.05 or forming a double bottom at this weeks low. Do not forget about the mainnet launch, which will be around six hours (11 AM GMT+8 / 5 AM GMT+2)
Objectively, I won't take action until I either see price reacting impulsively with abnormal volume on lower timeframes or seeing today's high being taken out.
My projected target is the $0.115-0.12 area.
Safe trades!
Bud
Note
Price has hit the top of the buy zone to the Tee! We might either start the upside move from here on, or see some more days of consolidation. Nevertheless, the potential downside seems very limited to me and I expect this one to explode very similar like EOS did today over the next days.
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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.