Hi friends! Let's take a look at Tron! Or as I called it in my last post "The Bishop Don Juan Magic Tron!" LOl Ok, let's get into it. If you recall from my last post, I told you that because of the many failures to get above the 50 EMA (in orange,) Tron was likely going to head lower, to test the red support level. Looking at the chart, we can see that it has done exactly that. Currently, TRX/BTC is actually breaking below the support level, and if it doesn't get back above, prices should be heading lower. Initial support should be found at the 78.6% retracement level, and a break below there, would send us down to test the 200 EMA (in purple.) In order to revive the bullish trend, Tron needs to get back above the 50 EMA, and start making higher highs. Given the weak volume and momentum, TRX/BTC could just continue to drift sideways to lower. I will keep you posted friends! This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place. Please follow, like, comment, 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.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-