After a heavy rally, Tron has reached 2050 satoshi high and moved down as sharp as it was rising. On a corrective wave down TRX/BTC reached the uptrend trendline which has been rejected together with the 88.6% Fibonacci retracement level.
Since then the price has been ranging between 61.8% Fibonacci level at 900 and 400 satoshi. Today Tron is trading around 465, that is very close to 400 satoshi support. Considering that the double bottom has been already formed, the price could start rising from that area. First upside target is at 900 satoshi, the second is 1300 satoshi, and if that resistance is broken, Tron is likely to produce a new all-time high against the Bitcoin.
On a downside, the risk of Tron declining down to 200 satoshi support is still there, therefore the break above the downtrend could be a good indication of the Tron reversal.
Since then the price has been ranging between 61.8% Fibonacci level at 900 and 400 satoshi. Today Tron is trading around 465, that is very close to 400 satoshi support. Considering that the double bottom has been already formed, the price could start rising from that area. First upside target is at 900 satoshi, the second is 1300 satoshi, and if that resistance is broken, Tron is likely to produce a new all-time high against the Bitcoin.
On a downside, the risk of Tron declining down to 200 satoshi support is still there, therefore the break above the downtrend could be a good indication of the Tron reversal.
Comentário:
break above 450 satoshis now required for Tron to move higher
Comentário:
Trendline broken
Trade fechado: objetivo atingido