I believe Tron is in the process of a potential major trend reversal, and there are a lot of solid signals on the chart. If you take a look at my prior idea, Tron recently bounced off the support of a long term potentially-unfolding symmetrical triangle. If this rally is a trend reversal, this would make a third touch of resistance of said symmetrical triangle. Likely, it will break, and with FORCE.
If I am indeed correct with my count, this could also potentially be the start of a large 3rd wave forming. If the third touch of resistance breaks, it would make the most sense for it to be a wave 3.
As of right now, Tron looks to be attempting to break out of strong resistance. If it succeeds this could be a very strong rally, but if it fails or has a major fake-out, Tron is going to dig a hole to China from the exact opposite side of the planet.
. (Not the greatest thing to see but these always occur after huge downtrends anyway. Still, be alert as Tron is a Bitmex coin and big rallies/dumps happen *very* quickly.)
315 sats is a very historical support for Tron, if it dumps seek that area for support.
Price bounced hard after passing the .886 .
Currently fighting to stay above the .786 Fib retracement of the 850 Sats high months ago.
Strong 8H candle.
Consolidation happening directly under the 50 MA on the daily with a on mid time frames.
2 higher highs and 2 higher lows so far.
Possible inverted . Neckline being around 420 Sats .
Possible Tron is currently re-testing the prior resistance of for support.
Tron is also holding above a very key shown in my prior idea, labeled as the "STRONG support channel".
from the 16th.
The is above 50 and finding support on 60, indicating for now, bulls are in control.
There is, however, a ascending printing in the and price is indicating a potential .
Regular divergence is currently printing, but is weak *so far*.
shows a burst above zero line on strong after consolidating directly below.
is above 0 so it is but it is also slightly converging.
I don't really see the playing out, at least not yet, for a few reasons.
Firstly, . Although still isn't very high in comparison to later history, it is very high on the buy side when compared to the volumes of the bounces that occurred during downtrend. This came in on a bounce off the potential symmetrical triangle support.
Second, if you look back throughout the history of Tron, 315 Sats has held extremely strong historical support. Tron recently re-tested this support after plunging well below the . , and 300 Sats held. The 2w close was well above 315 Sats , coming in at a whopping 357 magnum .
Third, we are now above the .786 and consolidating in a . The .786 is a very sought after Fib retracement for support. If Tron closes the current 2w candle above the . at 388 Sats we're going to the MOON. Institutions and professionals use this Fib where they can to accumulate.
It usually marks extremely strong support.
Overall, I am in a very long term long on Tron as a test. I will add more capital as Tron conquers the Fib levels from the 850 Sats high and simply raise my stop as it goes. The .786 is located at 388 Sats , meanwhile the .618 is located at 490 Sats . If Tron is indeed reversing Trend I would suspect in the short to mid term that it at least tests the .618, especially considering how many red weekly candles Tron has had.
Sorry people, the chart is ugly. I'm decent at TA but horrible at making my charts look pretty- lol I promise I will work on that. That said, I believe you have all information you need on this chart to make a solid short-term trade if indeed Tron is .
“Not bad for a hairlip!”
The bitcoin dump the other day caught me off guard and I got liquidated for my TRX position so I missed this run. Sigh. Oh well.
Happy for anyone else that got in while I was getting smacked
Extreme resistance may be flipping back into support. This is a very good sign!
Also holding support at the IHS neckline I was talking about.
This could moon IF it holds above, but especially if it closes then current candle as bullish engulfing! One more possible support test and off she may go.