Tronix (TRON/TRX) Descending Wedge - Updated Chart
By request, I am publishing the updated chart for Tronix (TRON/TRX) with the appropriate trend lines and targets. I posted the chart image in the idea, but images are static, so it can be more convenient to see a better fitted chart updated in real-time.
As quoted from my update:
"I roughed out 4 resistance lines:
1. 0.00000986 BTC
2. 0.00000910 BTC
3. 0.00000805 BTC
4. 0.00000685 BTC
As you can see by the chart, we have approached these resistance lines and bounced off of them as we have approached them moving down the wedge. We are still looking fairly good - low RSI, candlesticks respecting trend lines, and moving closer to the end of the wedge.
Since we have moved down farther, I have made 2 new targets, depending on where we break out from:
1. 0.00002030 BTC
2. 0.00002200 BTC
I believe that likely we will continue to move down the wedge at this point, as traders attempt to shake holders and attempt to buy at lower prices. We are moving down the resistance lines, and soon, we will hit the last one.
The wedge is bullish, RSI is bullish, and things are moving along as they should. I doubt that most of the market cap will disappear in a sell-off - bullish movement seems like the logical next step.
That being said, always wait for confirmation, and be ready to move in either direction. Trade with care."
For now, we'll have to see whether volume picks up or not, this may very well be the calm before the storm - especially as there is a bullish pennant forming on the 15-minute chart right at the edge of the liftoff. Let's see where TRON/TRX decides to go.
If you like my analysis or I helped you in any way, feel free to send a tip - any support is greatly appreciated!
BTC: 37Y9BfaRS65fAXK3swnW8EWG9NDPeF2wrM
ETH: 0x97F20b3536dB21C07691fD46e021bCDd8e49483e
As quoted from my update:
"I roughed out 4 resistance lines:
1. 0.00000986 BTC
2. 0.00000910 BTC
3. 0.00000805 BTC
4. 0.00000685 BTC
As you can see by the chart, we have approached these resistance lines and bounced off of them as we have approached them moving down the wedge. We are still looking fairly good - low RSI, candlesticks respecting trend lines, and moving closer to the end of the wedge.
Since we have moved down farther, I have made 2 new targets, depending on where we break out from:
1. 0.00002030 BTC
2. 0.00002200 BTC
I believe that likely we will continue to move down the wedge at this point, as traders attempt to shake holders and attempt to buy at lower prices. We are moving down the resistance lines, and soon, we will hit the last one.
The wedge is bullish, RSI is bullish, and things are moving along as they should. I doubt that most of the market cap will disappear in a sell-off - bullish movement seems like the logical next step.
That being said, always wait for confirmation, and be ready to move in either direction. Trade with care."
For now, we'll have to see whether volume picks up or not, this may very well be the calm before the storm - especially as there is a bullish pennant forming on the 15-minute chart right at the edge of the liftoff. Let's see where TRON/TRX decides to go.
If you like my analysis or I helped you in any way, feel free to send a tip - any support is greatly appreciated!
BTC: 37Y9BfaRS65fAXK3swnW8EWG9NDPeF2wrM
ETH: 0x97F20b3536dB21C07691fD46e021bCDd8e49483e
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