Tron TRX/BTC Analysis Update 5/22/2018
Technical Analysis:
- Tron is on its way up to our expected targets - See LINK for previous TA
- A Golden Crossover occurred on the 1 hour chart which signaled a good entry point at 830Satoshi if you were waiting for a breakout
- RSI is overbought right now but as long as it stays above 40 I expect it to remain bullish leading into the Mainnet Launch on May 31st
- The last time Tron made a run between April 25th-30th, it went against a market and bitcoin that was trending down
- Tron hit a high of 988 Satoshi on Sunday and has been consolidating between 950-960 since then
- Now sitting above the 55EMA and 200 EMA, Tron should have support and momentum needed to break the next 3 resistances
- Further support at 900 satoshi and 880 satoshi
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I am not a financial advisor, nor is this intended to be financial advise. I encourage you to do your own research considering this blog is a way for me to document my own personal analysis, charts, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to learn how to trade and invest, see my previous post - LINK.
Andrew, so glad to see your Tron analysis chart. As Tron is now in an upward trend, what would your analysis show for the ongoing June, where Tron will turn into a coin and transferred onto a new blockchain June 20th to June 25th?
Do you think the upward trend will continue during June after a possible sell off 31 May and another breakout after that sell off, if any, till end of June?
Andrew, stunning!! This definitely helps. I do need to take some profit, maybe twice, considering end June possible up run and correction as well, taking some of the announcements Tron will be making June into consideration. Maybe there will be no correction end June. I will see and decide what to do, but I have to take small pockets of profit all the way, increasing my position in Tron as well.Nice talking to another Tron investor as well!!
I do think that there will be a sell off on May 31st, and that Tron will correct and consolidate after the fact. I will have to look at a daily chart of Tron and wait to give you an answer on June analysis, because it depends on the corrective reaction of this next run up. I do think as a Tron Investor though that between now and December there will be major upside potential and that a $1.20-$2.40 TRX is very possible. Hope this helps! Thanks for the comment/question!
Would be interesting to see how TRX goes up when BTC is going down.
If you look at its last bull run around April 27th, it went up and did very well against a downward bitcoin and market. I expect the same, and it is still holding up well during this current btc sell off.
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