Update 3: TRON - too much resistance?
This is another follow up update on Tron. For prior analysis please see links below.
As we can see from the chart, Tron tried to break out from my descending triangle 2 times in a row but was stopped right there. It broke 2 times through the 50 EMA though and is currently trading above it. The reason it is difficult to break out of the descending triangle is that it coincides with some other resistance levels such as the 50 EMA, the 200 EMA, and the 23.6% fib retrace level.
I would like to Tron move out (NORTH!) of the descending triangle and out of it's sideways movement. It might move out of the descending triangle, but volume is also decreasing at the same rate as the triangle (see volume at the bottom of chart) so we might have to wait some time to witness some positive action. The following is not financial advice: For now, if you own Tron and have not sold by now I would hold it, nothing much we can do at this point. If you look to get in on Tron, I would wait for a confirmed* breakout or buy when it stabilizes in the - in my opinion - less likely event the red support does not hold. Remember, the red support has not been broken yet!
*confirmed breakout: "As mentioned in my original post we need the descending triangle to be broken to the upside after which ideally we would like the 50 EMA to surpass the 200 EMA AND and Tron 3.65% to surpass the blue trend-line AND 0.382 fib level." - ALSO at this point we need to move above the 50% fib retracement.
This is a study of Tron and should not be used as financial advice.
As we can see from the chart, Tron tried to break out from my descending triangle 2 times in a row but was stopped right there. It broke 2 times through the 50 EMA though and is currently trading above it. The reason it is difficult to break out of the descending triangle is that it coincides with some other resistance levels such as the 50 EMA, the 200 EMA, and the 23.6% fib retrace level.
I would like to Tron move out (NORTH!) of the descending triangle and out of it's sideways movement. It might move out of the descending triangle, but volume is also decreasing at the same rate as the triangle (see volume at the bottom of chart) so we might have to wait some time to witness some positive action. The following is not financial advice: For now, if you own Tron and have not sold by now I would hold it, nothing much we can do at this point. If you look to get in on Tron, I would wait for a confirmed* breakout or buy when it stabilizes in the - in my opinion - less likely event the red support does not hold. Remember, the red support has not been broken yet!
*confirmed breakout: "As mentioned in my original post we need the descending triangle to be broken to the upside after which ideally we would like the 50 EMA to surpass the 200 EMA AND and Tron 3.65% to surpass the blue trend-line AND 0.382 fib level." - ALSO at this point we need to move above the 50% fib retracement.
This is a study of Tron and should not be used as financial advice.
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