TRON: weekly market analysis (from 26 January to 1 February 2020 on BTC / TRX pair)
BTC / TRX bears are tonic, stopped by the efforts of the bulls
The weekly chart clearly shows us how all the bulls' efforts to overcome the EMA20 for over two months have been systematically rejected; at this point it is crucial to understand how many strong hands there are at the moment on the market, if there were not enough early sales of less experienced traders could cause the breakdown of the support with consequent panic selling.
The 1D graph shows us how the bulls' push is weakening, with the MACD which should soon return bearish and the price which, failing to get out of the cloud, has started to move sideways; the problem is that even managing to peek out of the cloud it could hardly be followed by the delay line, which as we know indicates a weakness in the purchase signal.
To make us doubt, however, that the push of the bulls could regain new vigor is the 4H graph, here we see distinctly how a nice bullish divergence was formed on both the MACD and the RSI so the triangle we see under construction could also very good to be a pattern of continuation of the upward trend in place for a few months.
The reason why I am convinced that the price will retrace at least up to the EMA100 on a 4H chart (currently in the 196 satoshi area) is that we have already had a first break of the support perfectly visible on the smaller time frames.
It will be fundamental to ascertain whether, after retracing the EMA100 and bouncing back, the price will be able to return above what was the support and which has now become a resistance, in which case we would have a buy signal.
The level to keep an eye on right now is therefore the 215 satoshi, if the price manages to close above this level we would have a buy signal, useless to anticipate now the opening of a position to try to achieve just 10% of more profit by hoping that the most bullish scenario will materialize, which, however, is also the least likely.
The price range between 190 and 196 satoshi currently seems to offer moderately solid support, but be careful because in the event of a break we would certainly have a heavy dump.
Please note: this post is not intended to provide in any way financial advice relating to how to invest your money but has purely educational purposes.
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