The Archbishop Don Juan Magic TRON! Pimpin Ain't Easy (TRX/BTC)

Hi friends! Welcome to this long-overdue, update analysis on TRON! Let's get it! Looking at the four hour chart, you can see that TRX/BTC continues to trade inside of this massive bearish wedge , that we've been covering for a while now. Interestingly, we can see that Tron is right in the apex at the moment, so a break should happen very soon. This is a bearish rising wedge . It was technically formed in a downtrend, and the wedge is rising on a very slight upward trajectory. Currently, Tron is pushing into the bottom of the wedge as the selling begins to heat up. Should TRX/BTC break below this formation, look for the 379 level to act as initial support, followed by 325, and the a potentially larger drop to around 223.There is significant resistance above, and the levels that I just named as support are minor. If the selling really intensified, those initial support levels could fall quickly. However, the volume in Tron is dead. It's like nobody on earth is trading it right now. Unless that volume starts to pick up, expect the volatility to remain muted. With that said, a breakout of this wedge could awake the sleeping volume giant. We'll know soon enough, because the apex will be reached on the 23rd, if Tron stays inside of the wedge . On the upside, the 78.6% retrace and 50 EMA (in orange) would act as initial resistance, followed by the 200 EMA (in purple.) The MACD looks like it wants to curl back to the upside, but the most likely technical scenario is a continuation breakdown. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.

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-

The end is near.
drinks on me. Thanks
thanks for another great insight!
Tron is a interesting coin to follow :)

When will it rise from the dead and moon again!

Ty for the TA :)
+1 回覆
I think TRX has two possibilities.
It goes ups or Trx goes down for the other resistance for square up.
+1 回覆
An upside break may occur. Keep an eye on this pattern.

+4 回覆
I am new to TA so excuse the question if its dumb- Isnt a bearish wedge supposed to have higher highs and higher lows? or is this a pennant? Lol i am not questioning the master just learning
@rudcharts, Bearish wedges are wedge formations that are produced during downtrends. Typically, they have an upward tilt, and this formation fits those characteristics.

+2 回覆
dcardona1 MagicPoopCannon
@MagicPoopCannon, Wouldn't this be a descending triangle?
This correction reminds me the correction after bch hit 980 and fell to 278. It went to 2800. Both are speculative babies. So good to keep an eye
+3 回覆
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