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TRON Bullish #tron #trx #trxusd #trxbtc #bitcoin #ellioTron is still playing out with the charted ABCDE wave 4 correction. You can argue that this ABCDE correction is actually a failed wave 5 wth an ABC correction but no matter how i plot that scenario I always have problems getting the count to fit. So I'm standing by my ABCDE triangle corrective wave 4 count unless i'm convinced otherwise. Right now i'm watching for the bounce at 0.07 followed by a small retracement to complete wave 4. My wave 5 targets are : Target 1: 0.125 Target 2: 0.16
BITFINEX:TRXUSDLong
by tr3mblay
3
TRON!! WHAT DOES THE FUTURE HOLD FOR US!! WHY ARE WE DROPPING!?!Hello guys and welcome back to another TRX/ETH update on the 1-day candles. After my last one TA, it seems like some people want to know more and I think now is the time to re-look and re-adjust our view of the long-term market. I promise this time to be less over the top and to try and focus on the plethora of things I've indicated on my chart (I've indicated various points with Letters or Numbers which I will come back to in my analysis. To begin, we still have a strong resistance at .00012xxx TRX/ETH and a breakout above this would likely result in a huge pump, however, I don't expect this to happen until sometime around May 31 (with the release of the MainNet). Secondly, we have a strong rising support at the .0005xxx level, where the Exchange Rate mostly played around for a long while and if we ever drop under that again it would likely be very bad news. Now that we got that out of the way, its time to talk about the rest of what I've drawn. And before I do that I am fully disclosing that I am a Bull on TRX/ETH but that I do not like to miss out on flips so I always analyze both the good and the bad. This will be, for the most part, an unbiased analysis. To start with the good news (for longs). We are nearing a switch from the previous Bearish Momentum and are looking to have a rather Bullish turnover when looking at the Stoch RSI at Point B . We may also bounce off of the rising supporting RSI trendline which I have drawn out and indicated. This is very interesting because this line actually retraces back a couple months all the way back to November. What this means is that we have a good chance of bouncing off of it and having a nice run-up but also that we will eventually reach overbought conditions and drop below this trend-line. I will go more into this later on when I talk about general analysis but for now, I'm sticking to just analyzing what the indicators tell us. Next in line to talk about is what looks like a bull flag. In Japanese Candlestick Charting, there is something called the Rising Three Method which comprises of a large green bar (the one with the arrow pointing at it) followed by small-bodied sells or buys that trade within the prior green bars range (the Japanese say it should be three but Steve Nison (the person who introduced Candlestick Charting to the West) states that it can be greater than three). The flag also follows Western Indicators which state that a bull flag comprises of a strong volume buy followed by low volume playing within a range which is exactly what we see with our current flag. And lastly, while I have not included in the chart to save our eyes, the support line is also located at the .382 Fibonacci Retracement which could give us a good bounce if we bounce. Now that we've gone over some of the bullish indicators it's time to look and the bearish signs, of which there are not too many. The first one I noticed right off the bat is what looks like a Bearish MA cross from the 12-day close under the 25-day close indicated at Point A . This is not the worst thing in the world but it can invalidate the bull flag if the bull flag confirms. The second thing that is Bearish fundamentally is the fact that ETHUSD and BTCUSD are having their runs right now and while I won't analyze those coins right now I will say that if those prices rise our exchange rate can take a beating. The reasoning is quite simple, people want to flip into ETHUSD and take profits there while TRX decreases and then they'll come right back in. Thirdly, I don't know how strong our short-term support at .0007xxx is since we haven't been able to really confirm it, other than it lies near the .382 Fibonacci Retracement. Since I have no more room to write I will continue my post with an update. ALSO. PLEASE LIKE AND FOLLOW IF YOU WANT MORE. I KNOW YOU'RE READING (I have the most views on Tron updates)!!!!
Long
by RandomGuyTalkin
3
TRXBTCTRXBTC has floored and seems ready to resume its move back up to form a Cup & Handle: - price has barely budged in regards to the BTC crash. - RSI is at an all time low ; indicating that we're deeply oversold. - A series of hammer have formed on the 4hr ; indicating that the downtrend is slowing down - RVGI seems to be indicating that we're at the start of a trend reversal. - TRXBTC has touched the 450-455 satoshis mark ; and is ready to bounce on it once BTC recovers.
Long
by CryptoFeynman
6