June Tron update #1! Why June is monstrous month for Tron?

2 cze 2018

Hello Traders,

This analysis will be a little bit longer than usual, but there are a lot of things to cover in this analysis. Just letting you know that this is Tron/USD pair not Tron/BTC.

First of all, let me explain why Tron is looking bullish right now.

1) Looking at the 4-hour chart, Tron found a support at 5.5 cents. This level acted as major resistance from Feb to April, so converting this 5.5 cents from resistance to support is a very good sign.
2) Bullish divergence in RSI and MACD.
3) If we consider rally from March 19th to April 30th as the completion of Elliot Wave (1,2,3,4,5), it is very common to have ABC correction which is exactly what we see in the chart. Usually, at the end of ABC correction, we should be expecting a bullish rally.

Hopefully, I convinced you that Tron is undergoing trend reversal, now let me tell you where are my targets for this trade:
1) Red box zone (7.2-7.4 cents): Pink trendline has acted as resistance for awhile, and I expect we see some resistance this zone. I will cash out part of my Tron in this region to secure the profit. I expect it to retrace to 6.7 cents (38.2% fibonacci retracement) where there is a confluent support around this area.
2) If Tron can hold 6.7 cents, this is an indication for the potential breakout from the pink falling wedge pattern. The target for this breakout is 14 cents.
3) There may be a possibility of another Elliot Wave pattern in red. If we conside the ABC correction as Wave 2 of Elliot Wave, the target for this trade is 17 cents.
If both breakout cases, I expect Tron to retrace back to 10 cents (50% retracement for second target scenario, and 61.8% retracement for third target scenario.

This is just purely a bullish scenario, and there will be always bearish scenario depending on how the market respond. I believe June will be bullish month for crypto community, and there will be plenty profit to be made.

Happy trading!

5 cze 2018

Uwaga

Tron/USD pair is forming slanted inverse head and shoulders pattern. There was MACD crossover, and both RSI and Stoch RSI looks healthy for potential growth. The target for the inverse H&S pattern is 7 cents.
However, pink trendline has been acting as the resistance for a quite some time, and Tron/USD pair needs to breakout from this line in order to start bull rally.