Welcome to the another exciting update for TRXBTC! After testnet was released on March 31st, we saw increase volume in selling, and Tron -6.06% just bounced roughly at 61.8% retracement level.
So where are we heading from here? I see two possible scenario:
Looking at the 4 hour chart, we see Tron -6.06% is contesting upward black trend line that I drew. This actually overlaps with 50% Fibonacci retracement level, so I expect some resistance in this area. In order to its continue bull run, Tron -6.06% needs to go above this black line. However, even if Tron -6.06% manages to go above this black line, EMA20 and EMA50 is right above it, so we may see some sideway movement in next few days. (Pink box) In long run, I expect Tron -6.06% to hit 800 Satoshi when the Mainnet is released on May 31st.
If Tron -6.06% bounces at the black line, we may see Tron -6.06% will go to the 78% retracement level (392 Satoshi). (orange box) We see a confluent support in this region, and I expect huge reversal if Tron -6.06% hits that point. Tron -6.06% is currently at EMA200, so let's see if it can act as a good support.
Happy Trading
