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Tron analysis: 4 Hour Timeframe Bullish Chart Patterns

Conclusion for today’s Tron Price Analysis:

Price closing above 0.030536 implies more bullish upside in Tron (TRX).

Tron analysis for today is carried out on a 4 hour timeframe candlestick chart using a log scale. The bottoming price action from August 14, 2018 to current date is the main focus of study and/or examination in order to provide guidance for future price development.

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Chart patterns identified in Tron are the head and shoulders (or complex, inverted head and shoulders) bottom pattern and a descending triangle. The former (ideally bullish) formed between October 11, 2018 and May 15, 2019 when price closed above the neckline of the pattern at ~0.030536.

The latter (ideally bearish) was established from January 10, 2019 to May 15, 2019 when price broke out above the upper boundary of the pattern as opposed to the conventional expectation of a lower close and confirmation as a result of price closing below the triangle.

The descending triangle in this case provided non-confirmation and therefore be used to further argue for a bullish bias in Tron (TRXUSD). The minimum estimate for the bullish move expected in Tron can be obtained by measuring the vertical distance between the head and the neckline of the pattern and projecting it onto the breakout price level at 0.030536.

Last , but not the least are the 50 and 200 moving averages for Tron used for trend study on the 4 hour timeframe. Price action currently trading above both does imply bullish sentiment in Tron and therefore higher price to follow.

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