TRON: weekly market analysis (from 5 January to 11 January 2020 on BTC / TRX pair)
BTC / TRX all ready for the bull run
For several weeks we had followed the formation of a bullish wedge on TRON, this formation has remained intact in this 2020 but the feeling is that the times are now ripe for a break; what I expect is that in the next few days TRX will break the resistance in the satoshi zone 191 and return to being markedly bullish.
At this moment the price is very close to the resistance of the bullish wedge so it is appropriate to follow this currency daily, if we had not already bought it, to avoid being left out.
As I have already had the opportunity to write in the previous analyzes, the next bull run will take us in a price range between 400 and 440 satoshi, however the bears may still be able to repel the attack in progress by returning the price to test the support; this is not the scenario I consider most probable, at this moment the fifth resistance test of the last two months is underway, difficult (but not impossible) that can still hold up.
As I think it is easy to understand, I returned strongly bullish on tron after the break of the last week; in my opinion the most likely scenario, as mentioned, is a break in the bullish wedge and a bull run that should start shortly and lead us to a minimum of 400 satoshi.
However, there is a possibility that the bears will still reject us, in which case the next minimum should be between 153 and 161 satoshi; those who have already gone long on TRX, therefore, would do well to keep their nerves firm if the bears were able to repel this last attack on resistance, instead those who remained out of the market could wait for the break of 191 satoshi share before buying, so as to reduce the risk of losses almost to zero.
TRON right now offers one of the best configurations on the market so my advice is to start following it on a daily basis; next week, to conclude, we will have the opportunity to understand if this analysis has proved to be correct and there has been a breakdown in resistance or if the bears have managed to repel the bulls once again.
Please note: this post is not intended to provide in any way financial advice related to how to invest your money but it is purely educational