HyperionAllied
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TRX/BTC Bottom is likely here potential +400% long term

BINANCE:TRXBTC   TRON / Bitcoin
Hi guys, let me start off by saying I'm not really a fan of Tron I am purely doing this from a TA perspective and not FA. Overall the chart at this point for TRX             looks great, clear cut Elliot waves and correction waves. The heavy retrace in the current wave 4 is concerning however taking into account wave 3 took us up over 400% and wave 2 did not retrace much it satisfies the guidelines for Elliot theory nicely (correct me if you see differently).

Now looking ahead the bottom is likely here or will be very shortly, wave A retraced just under the major support and bounced aggressively forming our wave B rally. In wave C we did not get a lower low even with a harder btc             dip. This tells me that the bottom actually may have been formed. This theory could be tested if btc             has what i believe will be its last dip before correction completion however we will likely only get a double bottom around 380 sats             unless btc             breaks down hard. If btc             breaks down hard and we see 2 closes on the 1 day chart below the major support my wave count is void (violation of Elliot rules) I don't think this will happen but that is my bear scenario and the risks involved in this trade.

If btc             has found support i expect TRX             to trade sideways for a while before we commence wave 5. Now for wave 5 to be considered a successful impulse wave up thus completing my Elliot wave count it needs to finish above wave 3 (needs to make progress). This means that long term on completion of wave 5 we can expect +400% gain before a heavy correction.

RSI: Still room for it to go down but still oversold currently.

Ill update this analysis if there is any drastic change in the situation.

Thoughts and critiques are most welcome.

*THIS IS NOT FINANCIAL ADVICE AND IS FOR EDUCATIONAL PURPOSES ONLY*




I believe tron already completed elliot wave cycle with point 5 being around 2050 sats. You can see that by putting fibs at your first (1 wave) and 4.236 fib is reached.
You should count your ABC as 012 points of the new elliot waves and then put the new fibs for the new targets.
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@michaelkent, Thankyou for the comment, I had tried counts with my wave 3 being wave 5 however these all ended up with wave 3 being the weakest wave which violates elliot rules. My current count has clearly defined sub-waves which is why i chose it for my primary count as well as my wave 3 did not exhibit momentum divergence which is typical and indicative of wave 5 if that makes sense.

In regards to the fibs thank you for pointing that out we should be touching around a 1.0 retrace my mistake which like i said is worrying in terms of wave 4 retracement.
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