A Legendary Look @ Don Juan Magic TRON! (TRX/BTC) =D

Where my TRON lovers at?! Let's jump right into it! If you recall from my last post on TRX/BTC called "A Lesson in Confirmation! Don Juan Magic Tron!" we discussed the clear pattern of support and failure confirmations in Tron. As you can see, the pattern is continuing on the 200 EMA (in purple.) Looking at the chart, we can see that TRX/BTC had several successive failures to rally above the 50 EMA (in orange,) then inevitably turned lower, heading down to the 200 EMA. You can see that there have been three failed attempts now, to rally back above the 200 EMA. If the Tron bulls continue to fail here, TRX/BTC will likely head lower. However, we are starting to see a small glimmer of light. On the MACD, we can see that there has been a bullish crossover, but it wasn't supported by a strong surge higher. Ultimately, the most important thing to watch here, is the 200 EMA. If we get above it, the next resistance will be at the 50 EMA. On the downside, we can see that TRX/BTC came right down to my support level from the last chart. If we head lower, look for a retest of that level, which is about 381. Remember, we are now in an official bear market correction, and the sellers are in total control. In market conditions such as this, it is always wise to wait for bullish evidence to develop. In contrast, it can be a devastating strategy, to try to buy the bottom. For all we know, the bottom could still be much lower. Let's use our brains, and fatten our pockets!

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!

-MPC loves you-

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-