Hard to completely stay away from this market. Not really trading during this time, but I wanted to post an update on my chart, since I find it interesting that Tron is one of the few altcoins to maintain its stance against in this bear market. It also remains significantly up since this time last year compared with many projects. Regardless of the FUD it gets, Tron clearly instills more investor confidence than many other coins. Since my previous analysis (linked at bottom), Tron has maintained its value. We also retested the rising diagonal support within the EXACT same timeframe I predicted, which was kind of fun for me to watch : )
Over the last couple of weeks, we’ve seen a big market selloff, and Tron remains down in USD value, but after breaking down below its uptrend line against (in blue), it rallied back above it. Now, we can always crash back down below it (currently at the 350 level). However, it is clearly showing price action. There is a significant chance that this coin makes a surprise break to the upside soon, so I’d keep an eye on it. This is one of the coins I bought more of on the recent dip (bought at 318). Daily seems like it needs to cool off a bit, but that can still happen after the next push up. Weekly still has a lot of upside. I think a test of the pink triangle/horizontal converging resistance at 420 is in the cards, especially if remains stable above 3900.
On the side of things, if goes below 349/350 and then the newly established strong support at 290, we will probably be seeing some more significant downside. It all depends on which way the market wants to go. I have a feeling may be one of those coins to attempt to decouple from if the bear market extends for many more months with some serious sideways/down action.
Support:
350 (near term)
290
Resistance:
390
420
625
750
1000
This is not financial advice, nor am I a professional financial advisor.
Previous analysis:
-Victor Cobra
Published at Sat, 01 Dec 2018 23:41:48 +0000
