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TRON (TRX) Price Analysis: TRX/BTC Breaks Through the Important Resistance

Price Predictions
Tue, 10/15/2019 - 15:30
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Arman Shirinyan
TRON breaks through the significant resistance and changes the trend movement. The new bullrun confirmed?
TRON (TRX) Price Analysis: TRX/BTC Breaks Through the Important Resistance
Cover image via U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Contents

TRX/BTC pair price breaks through Senkou (First lead) line and enter the Ichimoku Cloud on daily chart for the first time in more than a year. 

TRX/BTC Price Chart by TradingView
TRX/BTC Price Chart by TradingView

Cloud entry usually indicates the trend reverse and particularly being considered as a bullish indicator. Besides, on the more local timeframes we can see even more bullish indications: 

4 Hour Timeframe

TRX/BTC Price Chart by TradingView
TRX/BTC Price Chart by TradingView

Tenkan and Kaijun cross is a common bullish trend-reversal indication. On 4HR timeframe Kijun (Base) line will act as a support and exponential value for the price.

1 Hour Timeframe 

TRX/BTC Price Chart by TradingView
TRX/BTC Price Chart by TradingView

On 1H timeframe we can see multiple support lines - second Senkou (Lead) line that acts as a cloud’s top support and 50EMA line. Both were tested multiple times as we can see on the chart. 

Summary

TRX/BTC Price Chart by TradingView
TRX/BTC Price Chart by TradingView

So, our buy orders are located at the top of the pattern resistance and will be executed as soon as the price breaks through 201 target and we will have the sell order right before the 200 EMA resistance line in 260-270 zone. Target is more than 30% above the current price, but that's where the next resistance is.

Do not forget to always watch the price movements since TRX/BTC is a highly volatile pair and can change its movement in any time. 

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.