As you can see, my last prediction was correct and Tron fell to the bear flag formation. Now, Tron seems to be forming a cup and handle formation and is looking to break out on the 4 hour chart. Stay tuned for updates and watch for a breakout of the handle, as it has already started.
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UPDATE: TRX is bouncing in the channel very nicely. Very obvious bull flag formation. Watch for breakout of the flag. Also consider a breakdown of the channel would mean bull flag failure.
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One thing that I sometimes forget to consider when doing TA on alt coins is that bitcoin is the king of all. Unless there is news, Tron loves to go down when bitcoin goes down. As we can see that is what happened here. I was expecting bitcoin to fall so I should have included the possibility that Tron would follow. We have broken support but are holding $.04 for now. Will be posting a new chart later today so stay tuned
Also note: the macd is about to cross. Bottom of the channel needs to hold until momentum swings upward, then we can expect a break out of the flag.
CitizenOne
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Nice call man. You nailed it. What now?
MaxDanley4d
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@CitizenOne, Thank you! possible bull flag formation on 4 hour where the breakout from yesterday is the flag pole. Will update with more charts later today
@roeer, Yes, this prediction was just for the breakout we saw yesterday. I am actually long on TRX. Also in my opinion and experience, I do not think the event on the 31st will affect trons price too much. It has been known for awhile but we shall see. Obviously best case scenario the price shoots up!