Tron has recently seen a large price increase in both USD value (36% in 7 days) and BTC value (39.6% in 7days)
Lots of people are asking when is a good entry point and should I be trading/ investing in TRX at this point.
If that sounds like it is something you want to read about and you are interested in similar TA Crypto reviews, follow me and watch for the updates.
Also if you have any specific crypto's you want to see TA on, give me a comment and I will get to it as soon as possible :)
Please remember I am not a professional financial adviser and only you can decide how to spend/invest your own money, I am just calling it as I see it.
That being said lets look into the TRX madness.
So this chart is TRX BTC in the 4 hour time frame, I would like to highlight the 3 horizontal blue lines displayed on the chart.
The two short lines represent potential support and resistance ahead based on Fibonacci Retracement, the longer blue line is a long term resistance for TRX.
So what are we looking for? Well I'll be watching to see if TRX breaks the lower blue line at 711 Satoshis with any backed up volume this would indicate downwards price action ahead, however if it can bounce off this line with volume it may be indication that the upwards momentum will continue.
Personally I think it will break below this line and this is based on what I believe is a bearish divergence on the 4 Hour RSI.
Lets continue to watch the charts and see what happens. I look forward to the comments to see what I will be reviewing soon, also I'd love to hear feedback on this chart analysis and to hear if it helped anyone out there.
Until next time, happy hunting out there folks :)