What's up everyone!? Tron has made some big moves in the past 24 hours, so lets take a look and see where we are. Looking at the four hour chart, we can see that after three failures to get back above the 200 EMA (in purple,) TRX/BTC was finally able to break above! But the bulls didn't stop there! They continued to push higher, surpassing the 50 EMA (in orange,) confirming it as support, and now we've launched up to the 61.8% retracement level. Looking at the MACD, we can see that the bullish crossover from yesterday's post, is still in full effect, signaling continuously expanding bullish momentum. As we look at the chart, we can see that a small hammer is forming below the 61.8% retrace, and you can easily see why. I've thrown a big fat pink trendline on the chart, so you can see just how reactionary that level has been. After the all time high, we held it until the 9th, tested the bottom of it slightly, and then headed lower. Now, we are at a real test for the resilience for this renewed buying. If we fail at this pink overhead resistance, the bears may see it as another opportunity for some easy money, and try to push TRX/BTC down into the 50 EMA, and potentially lower. However, if Tron is able to break out above the 61.8 retrace (in pink,) that would be a very bullish sign. In such an event, we would want to see CONFIRMATION before going long. Meaning, after a breakout above the pink trendline, we would want to see price action return to it, test it and hold it, and then rally to higher levels. That is confirmation. The pink level is do or die, so keep a close watch on it.
his 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. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I like your disclaimer. Can I steal it? lol NICELY OUTLINED.
SSRP
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Thank you for your charts! Been following daily.
Noob question to anyone that cares to answer: I bought for the wrong reason and at a bad time (FOMO) and intend to hodl till it rises back up, but when there is a proper set up, does it make sense to add to a losing position?