Hi friends! I'd like to welcome you to this update analysis on TRON! This one is truly epic! If you recall from my last post, titled "Bears Gnaw Tron's Bones, In Slow — Agonizing Ingestion" I told you this...
"If you'll notice, there is actually a pattern of fails and holds. We can see that each time the first "Fail" or "Hold" is posted, at least two more tests follow. If this pattern is to repeat itself, we can assume that TRX/BTC may test the bottom of the 50 EMA , a few more times, in the near future. We have one fail posted right now, so perhaps a few more tests occur, before we get a break to the upside, or a break to the downside."
Looking at the chart, we can see that three more fails have followed, after the first failure to get back above the 50 EMA (in orange) — exactly what we were looking for. So, where do we go from here? TRX/BTC appears to be heading lower, but it could remain trapped between the 50 EMA, and the 200 EMA (in purple.) To be certain, I would look for a break of either moving average, to determine the forward path of trading. The MACD is flattening out, but bearish volume is starting to pick up. Also, continuation selling is beginning to reemerge in the crypto space, which could put pressure on TRX/BTC. A break below the 200 EMA, should produce a fall down to about the 380 level. Below there, TRX/BTC could fall to the bottom of the falling parallel channel. Keep an eye on those moving averages, and stay safe traders!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
"If you'll notice, there is actually a pattern of fails and holds. We can see that each time the first "Fail" or "Hold" is posted, at least two more tests follow. If this pattern is to repeat itself, we can assume that TRX/BTC may test the bottom of the 50 EMA , a few more times, in the near future. We have one fail posted right now, so perhaps a few more tests occur, before we get a break to the upside, or a break to the downside."
Looking at the chart, we can see that three more fails have followed, after the first failure to get back above the 50 EMA (in orange) — exactly what we were looking for. So, where do we go from here? TRX/BTC appears to be heading lower, but it could remain trapped between the 50 EMA, and the 200 EMA (in purple.) To be certain, I would look for a break of either moving average, to determine the forward path of trading. The MACD is flattening out, but bearish volume is starting to pick up. Also, continuation selling is beginning to reemerge in the crypto space, which could put pressure on TRX/BTC. A break below the 200 EMA, should produce a fall down to about the 380 level. Below there, TRX/BTC could fall to the bottom of the falling parallel channel. Keep an eye on those moving averages, and stay safe traders!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-