Technical Analysis : TRX/BTC

Tron is making headlines lately because of its impulsive price growth over 150% in two months. Tron was able to create a huge demand in the community because of BitTorrent token sale and airdrop program. The BitTorrent launchpad session will be conducted today around 3 PM GMT, We might a start of correction cycle which can correct the price to 15-20% from current level.

Lets look at Technicals

Daily RSI is OverBought, Price started dropping since yesterday, Sell pressure is building up.

Elliot Waves + Fib Levels

Each Large Wave is divided into 5 Waves(1,2,3,4,5) and Three corrective waves(A,B,C). According to the structure drew above, Impulsive Wave 1 Started at 0.00000482 BTC levels and ended at 0.00000754 BTC. Wave 2 Begins at 0.00000754 BTC and ended at 0.00000595 BTC. Impulsive Wave 3 took the price from 0.00000595 BTC to 0.00000858 BTC. Currently, we have entered into Wave 4 – which will correct the price to 0.00000627 – 0.00000672 BTC.

Hitesh Malviya

Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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