TRON: weekly market analysis (from 15 December to 21 December 2019 on BTC / TRX pair)

Over the past week TRON has behaved in a very predictable way confirming what our forecast had been last Saturday; the price of TRX, in fact, scored four days of consecutive decreases and then went to bounce on Thursday exactly where we expected. The weekly minimum was 178 satoshi, and we had written that a good area to go back to accumulating was the price range between 167 and 182 satoshi; at this point we just have to try to understand if the bullish wedge that we identified will be broken already in the next few days or will require some more time, in any case whoever managed to buy on Thursday's minimum should do nothing but make yourself comfortable waiting. Having said that, however, let's take a look at the graphs to make sure that the current situation corresponds to what we have already described in our analyzes of the last two weeks.

BTC / TRX pending bullish volatility explodes

Even if there are few candles we are going to take a look at the monthly chart since the new candle has just opened today; what we see is that the opening took place just below the pivot point and in fact the market today is undecided, with the price not moving much, probably because traders are waiting for a break. However things go, even if the bears should return to prevail over the bulls, the R1 is placed in the 175 satoshi area and the R2 is in the 160 satoshi area; currently it is unthinkable that both these resistances will be broken downwards, so what we need to do is place our stop loss a little lower (we had recommended to place it at 170 satoshi, but it starts to seem too close). On the weekly chart, however, we note that despite the bearish pressure of the last few days the price has not yet cut the median on the bollinger bands and the feeling is that it can take advantage of precisely this support to rebound with some force; on the other hand, the order book is aroused a bit of fear, still clearly unbalanced on the sales side, while on the purchasing side it appears decidedly very subtle. A quick look at the 1D chart allows us to measure the current market indecision after yesterday's rebound, so it is not possible to exclude a priori that in the coming days there will be no retracement that will bring the price down to Thursday's lows.

Weekly forecast

While in the short term, making a prediction on TRX is decidedly risky, lengthening the time horizon I can only confirm that I am still bullish on TRON; in recent days we have had several confirmations to the line of reasoning that we had hypothesized and this inevitably reinforces the belief that soon this coin can return to the 400 satoshi zone. Those who have preferred to stay out of the market, by adopting a more prudent approach, will be able to reduce the risk by waiting for an upward break in the share of 200 satoshi, those who trust this project will have already taken advantage of the purchase opportunity that was created on Thursday , when TRON hit its weekly low. We will see how things will evolve, however I can say right now that I feel quite optimistic for the beginning of 2020 and I believe that those who wanted to invest in this currency will have the opportunity to take off beautiful satisfactions.

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only