TRON consolidating. If pennant results in reversal it will break

We see a simple pennant forming here indicating a break in either direction. The spread on Binance looks good. Big sell wall around the 850 area. It looks like a lot of this recent movement is due to the large amount of bot volume on the index. Sometime soon we will see a break back towards the 1/1 angle on the Gann fan. I will update as the play pans out, but at the moment I am long and bullish on this trade. Could see a formation of a head and shoulders on the 4 hour chart over the next few weeks. That 99 day moving average has served pretty well as a basic support/resistance line in the past. If the price can break it and be confirmed by either a kicker or three white horsemen candlestick pattern (on the four hour chart) I will be looking to lock in anywhere from 50-80% gains. If a breakout occurs I will initiate a trailing stop of 10%. If not my ridged stop is 539.

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Kommentar:

Just checked the order books and insane amounts of buy support stacking up. All it takes is one small break for the power of mass psychology and fomo to kick in.