Hi friends! Welcome to this update analysis on Tron! Let's jump right in. Looking at the four hour chart, you can see that TRX/BTC
is approaching the apex of a long wedge
formation. Honestly, it isn't clear which direction the breakout will be. The wedge
is flat, and it was technically formed during a downtrend, but there is a lot of bottoming action in the market right now, which could produce an upside breakout in TRX/BTC
. Since it's really getting close to the apex, I would expect some sort of breakout some time soon. TRX/BTX is still below the 50 EMA
(in orange) and the 200 EMA
(in purple.) However, an explosive move to the upside could easily propel TRX/BTC
above the immediate overhead resistance, and that would put the 61.8% retrace in play. Furthermore, there is a lot of ongoing compression in the Bollinger bands
, which is indicative of a volatility
squeeze. It's very possible that we could see a subsequent expansion in volatility
, as TRX/BTC
breaks out of this wedge
formation. For now, be on guard. It isn't immediately clear which direction this thing will break. The bias is to the upside, but anything is possible. Watch for the breakout, and trade accordingly.
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!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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