Ahoy traders!
Tron is looking attractive at these levels and at these levels it's risk profile is medium because it hasn't retraced as low as other altcoins have.
Trading information
Tron enters in to support zone second time. It's starting slowly bounce off from the support zone and this is ideal zone to open small position. It seems like Wave C has finished and break out above of 0.382 fib level is good indication for bullishness and that the price wants to push higher.
Also the chart is showing that Tron is moving inside of the Falling Wedge pattern which is known reversal pattern and MACD histogram is supports upward movement by showing Bullish Divergence.
Conclusion:
Waiting until it the daily candle closes. If it does close above of the 0.382 fib level and volume starts expanding then I can start considering opening additional position. As I'm considering this as medium risk trade I'm not in rush to open larger positions until I'm fully convinced that it's going to push higher.
Read my previous analysis:
"The Bullish Case for Bitcoin"
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DISCLAIMER:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
My list of trading tutorials
- Lesson 1 - Beginner's Guide: How to use Moving Averages to Day Trade?
- Lesson 2 - How to Trade a Selling Climax with Cryptocurrency?
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