Hi friends! Welcome to this analysis of Tron! Let's jump right in. If you recall from my last post, I highlighted Tron's repeated failed attempts to rally above the 50 EMA
(in orange,) and I told you that Tron
would likely head lower. As you can see, Tron
has done exactly that, with a sustained breakdown below the red trendline
. Taking a closer look, we can see how reactionary that level has been. Tron
has been stopped dead in it's tracks, several times, trying to open and close candles above it. Price action is now moving lower, to test the first target that I gave in my last post, of 626. A dip below there, will likely send TRX/BTC
to the 200 EMA
(in purple,) around 560. Volume
is horrendously low, indicating that traders are losing interest in Tron
at these levels. On the upside, the bulls need to get Tron
back above the overhead (resistance,) the 50 EMA
, and post a high above 862 to form a higher high. In the short-term, the bears have a slight edge over the bulls, and they may continue to slowly grind this thing lower.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, like, comment, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***