In order to guage the progression and the health of Tron, I've thrown an 8 (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 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 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 (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! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
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.