This is an update on a previous analysis I did for TRX, TRXBTC.
Analyses
- After a dip in the market and another correction in TRXBTC, we've retraced back near the .5 retracement level of around 700 satoshis.
- With the retracement, we have made the correctional wave ABC but for this to be confirmed, the price eventually has to exceed the B wave.
Until then we still can get a failed impulse wave setup and move lower! Obviously much depends on the market conditions and BTC to go higher for TRON to be able to move higher as well.
So assuming we'll get a better to positive market sentiment and with the expected mainnet launch by the end of May, we should see higher price levels for TRXBTC. If not, we have to reconsider and analyze the situation again.
- If we move higher from here, then we're most likely at the start of a sub 3 wave with the mean resistance at around 1050 satoshis.
When breaking out of this resistance level, we've made a big cup & handle pattern for wave 3.
And my following targets and wave count for TRXBTC you can see on the chart.
A lot can change in a short period of time and we can't predict the future but this is the current my wave count and perspective on TRXBTC. We will have to adjust when things start to change obviously but this is the big(ger) picture at the moment.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Analyses
- After a dip in the market and another correction in TRXBTC, we've retraced back near the .5 retracement level of around 700 satoshis.
- With the retracement, we have made the correctional wave ABC but for this to be confirmed, the price eventually has to exceed the B wave.
Until then we still can get a failed impulse wave setup and move lower! Obviously much depends on the market conditions and BTC to go higher for TRON to be able to move higher as well.
So assuming we'll get a better to positive market sentiment and with the expected mainnet launch by the end of May, we should see higher price levels for TRXBTC. If not, we have to reconsider and analyze the situation again.
- If we move higher from here, then we're most likely at the start of a sub 3 wave with the mean resistance at around 1050 satoshis.
When breaking out of this resistance level, we've made a big cup & handle pattern for wave 3.
And my following targets and wave count for TRXBTC you can see on the chart.
A lot can change in a short period of time and we can't predict the future but this is the current my wave count and perspective on TRXBTC. We will have to adjust when things start to change obviously but this is the big(ger) picture at the moment.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
