TRON To Complete Its Retrace (Prepare 4 Bullish Action)Come and take a look at the TRON (TRXBTC) chart with me, there are signals that its retrace is almost over, so a breakout to the upside can happen soon.
Hit like to get started... if you want to, and allow me to entertain you for a few minutes. Sit back and relax now...
TRON (TRXBTC) 12H TF Chart Analysis
Looking at the chart above, the first signal that we can spot is the Falling Wedge pattern, which is a bullish formation, this means that when this pattern is complete it normally breaks to the upside.
As for the MACD, bullish divergence started to build up and we can see a young bullish crossover... This can lead to a strong breakout.
Price has been dropping and dropping on declining volume. There is no good volume. If this was a bearish move in the making rather than a small correction, we ought to see some more bear volume but there is none. The bulls are being favored according to the signals coming from this chart.
The RSI hit oversold and is going flat. These indicators tend to go flat, before curving, and finally breakout.
Price has retraced all the way back to 0.618 Fib. retracement support from the last bullish wave. If this support does not hold, we can expect support to be found around EMA200 (orange line) before the next move up.
Conditions for change: If TRON (TRXBTC) moves down and closes below 0.00000560 with strength and volume, the above signals become invalid and a new analysis is needed.
If TRXBTC closes below the above level without strength and volume, we remain bullish and expect a strong bounce and consider the break to had been a fake break down.
My view: TRON (TRXBTC) has the potential to break up soon, as there are many signals pointing to this retrace being almost complete.
Thanks a lot for reading.
Namaste.
