Technical analysis TRON. TRX-BTC on July 20, 2018July 20, 2018
The market has made a good correction pullback and tried to bounce to the higher levels, but didn’t manage to overcome the resistance on Fib 0.786. Now on 4 hours timeframe, TRON is squeezed between the moving averages МА100 and МА200 and their conditions tells about the further fall priority. On the higher timeframes we can see the oversold condition and readiness for the further fall, but the strong support meets us below and if we have a negative scenario, we will bounce from it to the current level. In order to consider the further positive scenario for this market, the price needs to overcome the resistance at Fib 0.786, which will push to the formation of a wave to Fib 0.618 level and the breakout of the secondary downtrend level will give a perspective for the further growth (but its resistance looks really strong, there are almost no chances to break it from the first time, the market can have a correction pullback after the 1st try and then starts to form the ground for the next try and further growth). In general, the asset, as most of the others, is close to the reverse and the chance of a trend can happen any time and the breakout from mentioned resistances will give TRX the strength to form the next uptrend wave.