Hello Crypto lovers! As you know, we are still bullish on many cryptocurrencies, the only difference is that some of them are looking for wave 3 and others for wave 5. Tron is one of those, which are looking for wave 5, as you can see on this 4hour chart.
So, BINANCE:TRXUSD can be unfolding a five-wave cycle after we saw sharp and impulsive rally from 0.02269 lows towards 0.1010 level. Wave 3 is usually the sharpest and the most impulsive wave, so we are not surprised that we saw only a three-wave (A)-(B)-(C) correction back to a previous wave (4) support, which gives us a signal that this is just another wave 4 of a higher degree, so wave 5 towards new highs should follow and as you can see, it can be already underway. So, be aware of more upside and even if stays sideways here, we expect that sooner or later Tron will see new highs above 0.1 level.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Bình luận
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Hello, Crypto traders. Time for update. Well, Tron just like other cryptocurrencies slowed down into a correction. We mentioned above about that sideways price action, because wave 4 can be sometimes very complex, so seems like Tron trapped in a bullish triangle pattern, which is very common for wave 4. So, we still expect that Tron will continue higher for wave 5, as long as it's trading above 0.054 invalidation level.
Bình luận
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No triangle, but FLAT? Nice bounce just above invalidation level, not only here, the whole crypto market bounced just in time! Be aware of more upside here..
I've had those same 2 ideas. either WXY or ABCDE. I'm leaning towards ABCDE because I htink BTC hit 6800ish
TomPower
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@rob2093124, how did it work out for you. stupid me I held to the bottom, I mean he missed this one totally, Where's the Big 3rd Wave?
rob2093124
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@TomPower, haven't had much time to recount. My stop loss hit
Raul_Dominguez
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Great analysis. It does look like this triangle pattern could last a while, maybe mid to late june. Then will get a 5th wave to???? Anybody? 15 cents or around that?
And then well get another couple of months of consolidation. I'll get in after that.
JasonFan
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Hi Greg! Thank you for your analysis on one of my favorite currencies. With the recent bitcoin developments, Trx has shown some more weakness, do you think TRX still holds bullish potential and the possibility for a long?
ew-forecast
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@JasonFan, Yes, we still believe it's just consolidating in wave 4, so sooner or later should be headed into wave 5.
TomPower
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greg , hit play, 4 is overlapping 1, wtf this is not Elliott impulse structure. I'm out . looks like we're going lower.
ew-forecast
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@TomPower, Hey Tom, as i said, it could stay sideways within triangle pattern in wave 4.
ks17471
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@TomPower, we have not overlapped --- macro wave 1 peak at 685 sats was on may 4... we are in macro wave 4 correction which is truncating. we have not dipped below the 100 day on the 24 hr candles - be patient or move on.. also - this is crypto.. you need to combine elliot wave with wedge, pivots, fibs - take all into account...
at any time in crypto (btc) having a avg of 40 percent dominance can invalidate or flash crash elliot into the dirt... these moves are directly designed to make you respond with "wtf im out" so that whales can take your bags.
DennisKorol
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Probably will pull up to 11-12 range then dump badly down to .6 and stay there a while since the coin wont be trade worthy on exchanges for a while.