What's good my pets? Welcome to this update analysis on TRON! Let's get it! Looking at the four hour chart, you can see that TRX/BTC has been moving higher all week! However, you can see that we popped out of the top of the upper Bollinger band, and printed some topping tales in the process. That's showing us that distribution selling was taking place, as the TRX/BTC run started to become a bit excessive, when price reached high out of the bands. There's no question that the buyers have been stepping their game up in Tron, but it's unclear how much higher it's going to run right now. If you aren't already in Tron, it's probably not the best idea to get in right here, since there has been such an explosive move, and it's starting to show signs of short-term topping action. But perhaps that only results in a bull flag consolidation. You can see that there is already a bit of flagging action going on, so the buy-side pressure doesn't seem to be immediately subsiding.
In order to guage the progression and the health of Tron, I've thrown an 8 EMA (in pink) on the chart. You can see that it's quickly rising up to the flag, and soon it will be intersecting with the price action. So, if the 8 EMA is lost, we will be able to see that the rapid rising momentum will be diminishing. Additionally, if we get a quick breakdown here, it will almost certainly indicate a failure in of this potential flagging action.
Personally, I wouldn't want to be a buyer until the 625 level in red is surpassed. That level marks the top point of a lot of distribution. So, if/when it is surpassed, it would be a technical buy signal. For now, let's see if TRX/BTC can consolidate here, and form a flag. If so, a breakout above the flag, could easily propel us into a test of the 625 level. Looking at the flag right now, it appears as though a break to the downside may soon occur. If that happens, and if the 8 EMA is lost, we can assume that a slightly deeper retracement could ensue, potentially to the 480 level, as it would likely be converging with the 20 EMA (in blue.) Keep an eye on that flag, and remember who brought it to you first! >=D
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
@ivan-btc, it looks like it was a micro break out... but seems like a handle of the cup and handle formation... though, in these times it doesnt happen too frequently... but... we never know, as Tron could have starten the reversal.
EmVi
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TRX sits above pink line. I think, it is a good sign for now : )
*This is not a financial advice.
FloTi
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I think we are in the middle of Wave 3 to be honest. And Fib Ret shows that 620 would be the top of Wave 3.
I will not enter a trade either, but Wave 1 ~320 to ~ 425 would be still longer than the 560 that we have right now. I suppose we go up to 620, get rejected and retrace to 0.618, start from their end go above the 625 with wave 5.
1:30 says it all.