TRON breaks out of the descending triangle | Technical Analysis by Whaleagents | 9.5.2018

in cryptosignals •  2 months ago

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After being trapped in the parallel channel for more than 8 months, TRON finally broke out of it. The move to the upside was not an impulsive one, but the price still trades comfortably outside of the channel. The consolidation took place and the price action has formed the descending triangle . The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. However, there are instances when descending triangles form as reversal patterns at the end of an uptrend, which is the case now. If the price closes below the triangle support tonight, it is expected to have the continuation to the downside in the coming days. A move to test the 61.8% Fibonacci support, coupled with the horizontal support line, will likely create enough support for the bulls to facilitate a rebound. A re-test of the broken channel is also an option, but in this case, the price may revisit the lows.

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