Cryptocurrency
by Seth Parker on October 9, 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 Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

More content by Seth Parker

Comments (0 comment(s))