The TRON/Ethereum (TRX/ETH) market launched its bull run on December 16, 2017 when it breached resistance of 0.000045. The momentum of the breakout was so strong that the pair went as high as 0.00032 on January 5, 2018. At this point, however, the market flashed extreme overbought signals. This prompted breakout players to start taking profits.
Faced with heavy selling pressure, TRX/ETH went as low as 0.00011043 on January 6. While the pair did bounce, it created a bearish lower high setup of 0.00018866 on January 8. Noticing that the market was running out of steam, participants dumped their positions. The pair nosedived until it found the bottom at 0.00004451 on January 16. This drop could be a chance for you to enter the market at the bottom.
Technical analysis reveal that the TRON/Ethereum pair is currently consolidating at support level of 0.000045. Bulls defended the support on January 17 as seen in the surge in volume. The buying pressure was so strong that the market reached 0.000106 on January 18. Although bears repelled the advance, the thin volume over the last nine trading days suggests that sellers have likely sold most of their positions.
The strategy is to buy as close to 0.000045 support as possible. If the market respects this level, it will most likely rally to our target of 0.000105. The process may take a month.
Daily Chart of TRON/Ethereum on Binance
As of this writing, the TRON/Ethereum pair is trading at 0.00004765 on Binance.
Summary of Strategy
Buy: As close to 0.000045 as possible.
Target: 0.000105
Stop: 0.00004
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.
Featured image courtesy of Shutterstock.
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