Trade Recommendation: TRON
TRON (TRX/BTC) is a market that is currently plummeting. However, it is at a point where it’s attractive for bottom picking.
On December 17, 2018, TRX/BTC finally took out resistance of 0.000004 after four months of accumulation. The range breakout triggered a monster run that drove TRON to as high as 0.00000863 on January 10, 2019.
Since then, TRON has been in a steep correction. In the last few days, however, it is showing signs of stability.
Technical analysis shows that TRX/BTC is not falling too far below support of 0.000004. We have this view for several reasons. First, the market has managed to stay above this level for about a week already. This is a very encouraging sign which tells us that buyers are emerging.
Also, bulls had to tap 0.000004 as resistance three times during its accumulation period from August to December 2018. Now that they’re in control of this level, they are not likely to give it up on the first tap.
The strategy is to buy at the current price level of 0.0000039. If bulls can keep the market from falling lower, they will likely generate a rally to our target of 0.000005.
The process may take less than a month.
Daily Chart of TRON/Bitcoin on Binance
As of this writing, the TRON/Bitcoin pair is trading at 0.0000039 on Binance.
Summary of Strategy
Disclaimer: The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
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