Tron Entry Points
Hello everyone,
As you can see we broke through from the top of the descending triangle powering through several levels of resistance. After the cup and handle we did break higher with the rallies of the top coins towards the higher resistance levels above 0.26-0.27 however, like it has been doing the last 2 months, it immediately retraces down. I have been watching these levels and just like I was concerned about in my last analysis, the latest correction brought Tron right back down and we are officially inside of the descending triangle (barely). We are well above the 200 day MA and sitting on top of the 50MA so I am using that as a smaller resistance level right now. Most likely we will be bouncing in and out of these levels if it continues its slow sideways moving trend like its been doing for the last several weeks. It tried to push lower to around 0.0229 but the bulls were able to hold it around the current levels of 0.024. The RSI is at 43 which is still in a neutral zone but looks to be slowly moving to the oversold side. I will be using the 200MA as my lower target level if it does trend to the downside.
Stop Loss is set right now at 0.024308 (red dotted line) for the longs and 0.027652 (blue dotted line) for the shorts.
I want to draw your attention to the Martin Buy/Sell line indicator on the bottom of my chart. This is showing a pierce through the bottom channel and on its way back up. This is a technical buy signal currently around 0.238. If it breaks above 0.026 this is a good time to take a quick profit if you are interested in a quick flip. We are currently in a down trend right now so for you short traders that got in within the last few days, now would be a good time to take some profits because, it appears to be attempting to bounce back upward.
We are riding on the bottom of the lower bollinger band channel which is also confirming a buy signal on my charts. Keep in mind If the bears are able to push this down like they've been trying to do, we are looking at falling back towards the 0.021 area which is also the 200MA. However the bulls seem to be holding strong and keeping it right at the 50MA. As of current we are holding that 0.024 level quite well however volume is lower than it was when the bears were trying to make a push towards 0.021.
I am a hobbyist that enjoys technical analysis and by no means am I offering any trading advice. This is purely meant for educational purposes and to share my thoughts and ideas because I enjoy it.
Hit like if you found this information helpful or useful. Good luck trading everyone!
As you can see we broke through from the top of the descending triangle powering through several levels of resistance. After the cup and handle we did break higher with the rallies of the top coins towards the higher resistance levels above 0.26-0.27 however, like it has been doing the last 2 months, it immediately retraces down. I have been watching these levels and just like I was concerned about in my last analysis, the latest correction brought Tron right back down and we are officially inside of the descending triangle (barely). We are well above the 200 day MA and sitting on top of the 50MA so I am using that as a smaller resistance level right now. Most likely we will be bouncing in and out of these levels if it continues its slow sideways moving trend like its been doing for the last several weeks. It tried to push lower to around 0.0229 but the bulls were able to hold it around the current levels of 0.024. The RSI is at 43 which is still in a neutral zone but looks to be slowly moving to the oversold side. I will be using the 200MA as my lower target level if it does trend to the downside.
Stop Loss is set right now at 0.024308 (red dotted line) for the longs and 0.027652 (blue dotted line) for the shorts.
I want to draw your attention to the Martin Buy/Sell line indicator on the bottom of my chart. This is showing a pierce through the bottom channel and on its way back up. This is a technical buy signal currently around 0.238. If it breaks above 0.026 this is a good time to take a quick profit if you are interested in a quick flip. We are currently in a down trend right now so for you short traders that got in within the last few days, now would be a good time to take some profits because, it appears to be attempting to bounce back upward.
We are riding on the bottom of the lower bollinger band channel which is also confirming a buy signal on my charts. Keep in mind If the bears are able to push this down like they've been trying to do, we are looking at falling back towards the 0.021 area which is also the 200MA. However the bulls seem to be holding strong and keeping it right at the 50MA. As of current we are holding that 0.024 level quite well however volume is lower than it was when the bears were trying to make a push towards 0.021.
I am a hobbyist that enjoys technical analysis and by no means am I offering any trading advice. This is purely meant for educational purposes and to share my thoughts and ideas because I enjoy it.
Hit like if you found this information helpful or useful. Good luck trading everyone!
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