20DMA is finally trying to break above.#Tron after 10 days of trading below the
We will get confirmation of the break, when we get two 1D candles closing above that level.
Mid-long term Primary wave 5 target for tron is 1300-1350 sats, if we get a break above the Primary wave 3 high i.e 1083.
This area lies around a confluence of resistances
Including the 38.2fib of the impulsive move to 2046, 61.8fib of the drop from 2046-315 sats & 1300sats level being a region of previous bounce for the price.
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From the 4H chart we can see that Tron after bouncing off the 50fib of Primary wave 3, consolidated in a symmetrical triangle & then broke out of the triangle
initiating a new minor impulsive sequence- To mark the beginning of the Primary wave 5.
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Now lets analyse the minor sequence that we are seeing right now:
Minor 1 made a swing high of 899 sats
Minor 2 was a 50fib retracement of Minor 1
Now, currently we are in the Minor 3, which has broken above the Minor 1 high.
Taking MInor 3 as atleast 1:1 fib extension of MInor 1
We get Target for Minor 3: 930-940 sats
Then we can expect a bullish Minor 4 retrace till 910-15 region.
Finally the Minor 5 also taken as a 1:1 fib extension has a Target of 980-1020 region which lies around the 50fib of jan impulsive move & 38.2fib of the subsequent drop.
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You can find the fully updated analysis on my Tradingview site as well here:
https://www.tradingview.com/chart/TRXBTC/3gj60G5c-Tron-update-breakout-of-the-Symm-triangle-TRXBTC-targets/
As well as on my twitter profile:
https://twitter.com/rajista007
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