[TRX/BTC] Long "I Just Can't Stop! Legendary Analysis in TRON"

Hi friends! Welcome to this update analysis on Tron! Looking at the four hour TRX/BTC -0.96% chart, we can see that it continues to produce failed attempts to rally above the 50 EMA (in orange,) as expected. If you recall, from two posts ago, I said "If you'll notice, there is actually a pattern of fails and holds. We can see that each time the first "Fail" or "Hold" is posted, at least two more tests follow. If this pattern is to repeat itself, we can assume that TRX/BTC -0.96% may test the bottom of the 50 EMA , a few more times, in the near future. We have one fail posted right now, so perhaps a few more tests occur, before we get a break to the upside, or a break to the downside." We now have six failed attempts to get above the 50 EMA . Additionally, you can see how TRX/BTC -0.96% is being squeezed between the 50 EMA and the 78.6% retrace/200 EMA (in purple.) Usually, when price action is squeezed into a small area, between support and resistance levels, breakouts will produce high volatility . In other words, when a breakout eventually occurs, there is an increasing likelihood that it will cause large price swings. Looking at the MACD , you can see that it has become nearly invisible, as it flattens and stagnates just below the zero line. This is reflective of the recent low volatility in TRX/BTC -0.96% . Overall, TRX/BTC -0.96% remains trapped inside of a downtrend channel , so the bears still have the advantage. Looking at the chart, we can see that the last time there were several failed attempts to rally above the 50 EMA , TRX/BTC -0.96% sold off, until it reached the bottom of the downtrend channel . That pattern may be repeating itself, as TRX/BTC -0.96% continues to fail to get above the 50. Going forward, look for a breakdown below the 200 EMA , to confirm a repeat of the previous pattern. If that does occur, we will look to the dotted trendline for initial support, around 380. A break above the 50 EMA , will put the top of the downtrend channel in play.

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This information is not a recommendation to buy or sell. It is to be used for educational purposes only.

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