TRON: weekly market analysis (from 12 January to 18 January 2020 on BTC / TRX pair)
Those who habitually follow these analyzes know that I consider the final destination point of this "movement" at 400 satoshi, the point, however, is to be able to understand if we can still expect a retracement that allows us to continue to accumulate or if instead the prices will take the flight; to try to understand it, therefore, let's immediately take a look at the graphs.
BTC / TRX look forward to new hikes
Looking at the 30D chart the first thing we notice is that the price, after testing the S1 and shot upwards breaking the pivot point first, and going to test the R1 immediately after; in a few days the new candle of the month will open and there are excellent chances that it will open above the pivot point, which as you well know represents a bullish signal.
Turning to the weekly chart, what we see is that the latest hikes have not been enough to make the parabolic SAR bullish and this is why, yet, we have not yet seen large volatility bursts; the MACD, on the other hand, seems willing to move above the zero line again.
Let's move on to the 1D chart, here we first see that the RSI is still far from the overbought area, therefore it means that the bulls still have ample margins to push the prices even higher, while setting the exponential moving averages to 20, 50 and 100 periods we see that now the price has gone through all three; at the moment we have not yet seen any crossing of the moving averages but the feeling is that it is only a matter of time.
Looking at the ichimoku clouds, finally, what we see is that the price has returned to the cloud, a scenario not ideal to open a new position even if the bulls will still need a little effort to catapult us into a markedly bullish scenario; it will be sufficient, in fact, that the price manages to close around 220 satoshi (a rise of just 10% compared to the current prices) for both the price and the delay line to return above the level represented by the ichimoku clouds.
At this point I think it goes without saying that I am always bullish on TRON; to avoid misunderstandings, it is however still possible to carry out a small retracement of the 189 satoshi altitude, however it is not, in my opinion, the most probable scenario.
What I expect is a new weekly high between 240 and 250 satoshi, followed by a pull back at the upper edge of the cloud, which will act as resistance at that point.
Waiting to find out if even this latest prediction on TRON will prove to be correct, therefore, I just have to give you an appointment next Saturday.
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.