Tron (TRX) Price Analysis and Prediction 2019 – Bullish Trend Reversal On Shorter Timeframes (May 15th Update)

Mid May update: Technical analysis

Charts used to bode bad for TRX but the tides seem to be changing for Tron but also for the whole altcoin market. Both on weekly and daily TRXBTC, Tron has been cemented in the descending channel that is currently ranging between 300 and 500 sats but tilts towards lower levels. Tron is right now attempting to bounce up a bit, and it did manage to close couple of green candles, especially on shorter time frames.


You can see a clear trend reversal on 4hr timeframe as TRX bottomed out at 306 satoshis and launched a mini bull run, to the current 378 sats. There is a possibility for a small pullback, that shouldn’t drop below the EMA20 at 349 sats if we are to carry on with the bull run. Next stop in this scenario is the Fib50 line at 457 sats where we can see another small correction wave before resuming up to the resistance at 508 satoshis.


Daily chart shows that TRX is looking to enter back into the descending channel and is currently hanging around its bottom line. EMA20 is the next small resistance that should be cracked in the move up to the upper line of the channel and the horizontal resistance at 508 subsequently.


Weekly trend still shows that the long-term trend for TRX is bearish, even though EMA20 didn’t make the bear cross with MA50. If this bullish reversal from shorter timeframes continues, it might just bounce off of it and should TRX close a weekly candle above the upper line of the descending channel, we might call it a long-term trend reversal for Tron.

One thing to bear in mind is the turbulent and erratic nature of bitcoin – a sudden thrust up or slide down is always on the cards which would invalidate this and all other analysis and…

Source Link