Hello everybody.
Recently TRX had broken through a 4 month long Price Channel. Additionally Tron has gained momentum breaking free of the 50 day EMA and now appears to be bouncing off the 100 day EMA as the new support line.
There is a possibility that Tron will ascend forming a new trend and steer away from the previous rut it had been locked into for several months. I had also noticed that Tron has also broken through the 200 day EMA on Jan 9th and 10th yet unable to hold its position and in response TRX had returned to support bouncing up significantly yet lost steam and now appears to be descending towards its new support to retest its position.
If TRX does bounce off support to retest resistance and hold the 200 EMA, then Tron will be in great shape setting path with purpose upon a new trend looking towards higher highs and higher lows. However if the bounce does not hold and we end up breaking through support, then I expect Tron will be in danger of falling back into its previous rut...the descending parrell channel.
So watch for the bounce at about .0207 buy in once confirmed seeing a bullish engulfing or any type of bullish candle indicator. I myself find that as we approach support, looking at the 15, and 5 min chart gives an advantage for getting in early. as does having a price alert sent to your phone gives you an edge and a life.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!
Recently TRX had broken through a 4 month long Price Channel. Additionally Tron has gained momentum breaking free of the 50 day EMA and now appears to be bouncing off the 100 day EMA as the new support line.
There is a possibility that Tron will ascend forming a new trend and steer away from the previous rut it had been locked into for several months. I had also noticed that Tron has also broken through the 200 day EMA on Jan 9th and 10th yet unable to hold its position and in response TRX had returned to support bouncing up significantly yet lost steam and now appears to be descending towards its new support to retest its position.
If TRX does bounce off support to retest resistance and hold the 200 EMA, then Tron will be in great shape setting path with purpose upon a new trend looking towards higher highs and higher lows. However if the bounce does not hold and we end up breaking through support, then I expect Tron will be in danger of falling back into its previous rut...the descending parrell channel.
So watch for the bounce at about .0207 buy in once confirmed seeing a bullish engulfing or any type of bullish candle indicator. I myself find that as we approach support, looking at the 15, and 5 min chart gives an advantage for getting in early. as does having a price alert sent to your phone gives you an edge and a life.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
Cheers!
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.
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.