Tron Technical Analysis: (TRX/BTC) Bulls Moving In: Breakout Underway

Tron is positioning well for a long overdue bullish breakout, as the weight of the bear market finally lifts. After releasing the Tron Chrome plugin wallet last week, along with the recent acquisition of BitTorrent and the token migration expected in the next 2 days, the Tron community has been eagerly awaiting for TRX to start showing promise.

Over 4hr candles we can see that TRX fell almost perfectly inside the Gartley pattern we looked at 2 weeks ago, with the price action passing through point D but forced to find support lower down at 0.886 fib level because of the extended bear market we saw.

From there new bullish support has finally arrived and is driving TRX back over a key resistance at 0.786 fib level at 700 sats towards our 1st price target.

EMA indicators are looking favourable for a strong bullish continuation with the 25 EMA (yellow) converging above the 50 EMA (blue), as short-term buying pressure builds.

Further buying signals will arise once the candles begin to pass over the 200 EMA (red).

We can also see a full range of bullish signals lighting up on other indicators.

• CMF above is spiking high above the zero line, indicating an increase in money flowing into the asset.
• MACD is also about to climb bullishly over the central line, with the faster blue MA line converging over the slower red MA line.
• RSI is about to break out of the channel into the overbought region, as average upward price change dramatically increases against the average lower price changes.
• Ichimoku is also looking very bullish. Candles have passed cleanly through the bearish projected kumo cloud, indicating a strong trend reversal ahead.

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All returns on investments (ROI) are calculated from the breakout point, at the 0.786 fib level (700 Sats).

Price target 1: A retracement to 0.618 fib level at 786 sats (12.90% ROI)

Price target 2: A continuation to 0.5 fib level at 840 Sats (19.94% ROI)

Price target 3: If good market sentiment can sustain through the psychological 900 Sats mark at the 0.382 fib level, then it’s likely we’ll see a further retracement to the 0.236 fib above at 970 Sats (38.51%ROI).