#Tron update- breakout of the Symm triangle #TRXBTC targets

rajista007 (25)in #cryptocurrency • 6 years ago

#Tron after 10 days of trading below the 20DMA is finally trying to break above.

We will get confirmation of the break, when we get two 1D candles closing above that level.

Mid-long term Primary wave 5 target for tron is 1300-1350 sats, if we get a break above the Primary wave 3 high i.e 1083.

This area lies around a confluence of resistances

Including the 38.2fib of the impulsive move to 2046, 61.8fib of the drop from 2046-315 sats & 1300sats level being a region of previous bounce for the price.

download (24).png

From the 4H chart we can see that Tron after bouncing off the 50fib of Primary wave 3, consolidated in a symmetrical triangle & then broke out of the triangle
initiating a new minor impulsive sequence- To mark the beginning of the Primary wave 5.

download (22).png

Now lets analyse the minor sequence that we are seeing right now:

Minor 1 made a swing high of 899 sats
Minor 2 was a 50fib retracement of Minor 1

Now, currently we are in the Minor 3, which has broken above the Minor 1 high.

Taking MInor 3 as atleast 1:1 fib extension of MInor 1
We get Target for Minor 3: 930-940 sats

Then we can expect a bullish Minor 4 retrace till 910-15 region.

Finally the Minor 5 also taken as a 1:1 fib extension has a Target of 980-1020 region which lies around the 50fib of jan impulsive move & 38.2fib of the subsequent drop.

download (23).png

You can find the fully updated analysis on my Tradingview site as well here:
https://www.tradingview.com/chart/TRXBTC/3gj60G5c-Tron-update-breakout-of-the-Symm-triangle-TRXBTC-targets/

As well as on my twitter profile:
https://twitter.com/rajista007

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