Cryptocurrency
by Lucas Bedwell on October 9th, 2018

TRON Analysis – Waiting for the breakout

Tuesday starts with the analysis of the TRON, which was previously analysed on the 28th of August, when the buyers had a great time, finishing the sixth bullish day in a row. Seeing this, we were quite optimistic about the future of this coin but the reality was different. This is how we concluded the previous piece:

„That actually ends the bearish sentiment and opens us a way toward the horizontal resistance on the 0.4 USD (orange). Chances that we will get there are pretty high. „

tron chart

Further upswing did not happen and instead of that, TRX entered the correction stage. The correction is mild though and was shaped like a symmetric triangle (orange), so we did not see a huge decline here. In addition to this, triangle ended with a bullish breakout, which brings us right back to the bullish scenario. Yes, we have a positive sentiment but we do not have a signal yet. As it often happens, after the breakout from the triangle, price has to challenge the horizontal resistance. In this case, that is a yellow area around 0.027 USD. Price closing a day above that area will be a buys signal. As long as we stay below, we cannot claim a bullish victory yet.

By Lucas Bedwell

With 3 years of trading experience across Forex, stocks, and cryptocurrencies, Lucas Bedwell has honed his market insights. His close connection to financial markets allows him to craft compelling copy, offering readers valuable perspectives and analyses that reflect his deep understanding of trading dynamics.

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