Hi friends! Let's have a look at TRON! Looking at the four hour chart, we can see that Tron has rallied off of Tuesday's low, with the rest of the crypto space. However, it was rejected by heavy overhead resistance at the 61.8% retracement level (pink trendline,) forming the top of a downtrend channel. Looking at the 61.8% retrace, you can see how reactionary it's been. After the all time high was put in, TRX/BTC dropped and sort of leveled out on it before falling lower. Once it broke below, TRX/BTC tested it a few times, trying to get above, but it ended up failing and turning lower. Then, just yesterday, Tron rallied up to it again and got rejected with the quickness. So you can see how important the 618 is.
Taking a closer look at the chart, you can see that Tron has formed a bear flag right on top of the 50 EMA (in orange.) Additionally, the MACD appears to be rolling over, showing a return of bearish momentum. The bear flag appears to have broken to the downside already, and price is pushing right into the 50 EMA. If a sustained breakdown occurs, below the 50 EMA, the 78.6% retrace is just below, followed by the 200 EMA in purple. Below that, there is a clear gap down to the 380 level, and then the bottom of the falling parallel channel. On the upside, the top of the falling parallel channel should act as resistance. Overall, I think we could see TRX/BTC trade around in this channel, as the selling pressure resumes in the market. A sustained break below the 50 EMA, coupled with a complete crossover on the MACD, would signal further downside.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Hey man, thanks for your analysis. Thats the first time i really could understand the TA perfectly fine. Reading your text and watching the graph helps me every day ! Also very nice marketing of title. U got me there ;)
Keep up the good work mate !
Remm_Unknown
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Nice one MPC, your TA seems very realistic and makes alot of sense.. some people seem to be over the top optimistic with their TA, but you seem to keep it real :) followed!
MagicPoopCannon
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@Remm_Unknown, I always keep it real Remm. Thanks for following!
-Magic-
PonziTycoon
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Can can people take you seriously as an investor with such a shitty name?
Bigimote
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@matttewell, lol
Williebeamin
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@matttewell, a poop plague on all your houses
Investor123
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@matttewell, His analyses are sound and interesting but I must admit, I have a hard time sharing with some people on account of the name! :D I've shared with several friends, though with a preface along the lines of "the name is out there, but the analysis is good!"
crypto_rse
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You're here to poop all the place :P :D Anyways thanks for the analysis. BTW I followed you ^_^
Keep up the good work mate !