Hi friends! Welcome to this update analysis on the Archbishop Don Juan Magic TRON! Let's get right to it! Looking at the chart, you can see that TRX/BTC has been experiencing some heavy volatility lately. However, before we get into the more recent action, if you'll notice, there is a newly formed uptrend channel (in blue) in TRX/BTC. So, Tron could be making an overall positive shift, assuming that this slightly rising uptrend channel continues to hold.
Two days ago, you can see that there was an enormous spike up, on heavy volume, as Tron defined the bottom of the channel. Since the spike, Tron has been in a downward consolidation, forming an obscure bull flag. However, you can see that Tron is running into the 20 and 50 EMAs, as they cross into the bottom of the flag. So, we can use these moving averages as a gauge of the viability of the flag. In other words, if Tron starts to break down below the EMAs, and especially the bottom of the flag, then we may see a retest of the bottom of the blue channel. A breakout above the bull flag, is likely to send TRX/BTC up to the 650 area.
Since Tron is very close to the bottom of the bull flag, and it's testing the EMAs, you can watch to see if a failure occurs right here. A hold on these EMAs will put the top of the flag in play, and then the higher aforementioned targets.
There is a bearish crossover on the MACD, and volume is plummeting, but that is normal to see inside of a bull flag consolidation, so I wouldn't read into it too much, unless a failure of the bull flag emerges.
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.***
-Magic loves you-
-JD-
Two days ago, you can see that there was an enormous spike up, on heavy volume, as Tron defined the bottom of the channel. Since the spike, Tron has been in a downward consolidation, forming an obscure bull flag. However, you can see that Tron is running into the 20 and 50 EMAs, as they cross into the bottom of the flag. So, we can use these moving averages as a gauge of the viability of the flag. In other words, if Tron starts to break down below the EMAs, and especially the bottom of the flag, then we may see a retest of the bottom of the blue channel. A breakout above the bull flag, is likely to send TRX/BTC up to the 650 area.
Since Tron is very close to the bottom of the bull flag, and it's testing the EMAs, you can watch to see if a failure occurs right here. A hold on these EMAs will put the top of the flag in play, and then the higher aforementioned targets.
There is a bearish crossover on the MACD, and volume is plummeting, but that is normal to see inside of a bull flag consolidation, so I wouldn't read into it too much, unless a failure of the bull flag emerges.
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.***
-Magic loves you-
-JD-