Tron (TRX) Technical Analysis | 17 January | Potential Breakout Imminent

On the 10th of January 2018 Haejin published an analysis on Tron. Up until the 9th of January Tron had been going down to 800 satoshi. In his analysis, Haejin reasoned a potential imminent explosion of the price. The two factors that led him to such conclusion were as follows:

• An upwards curl observed on MACD
• Tron breaking out of a bullish downward pointing triangle

The breakout, as observed by Haejin only managed to push up to 960 satoshi, after which TRX fluctuated in a horizontal channel around the 800 satoshi mark again. Thus, Haejin's prediction did not come true yet.

On the 13th of January Eric Choe advised that he spotted the formation of a downwards channel.

The same day, Haejin posted an updated analysis in which he adjusted his previous analysis. He now stated that one can observe a lateral movement of TRX, which would likely slingshot upwards after some horizontal movement.

In the last few days, Eric Choe proved to be correct with his analysis, as TRX did in fact enter a downwards channel. This channel can be observed in the image below.

As shown in the image above, previously there were two attempts to break the ceiling of this downwards channel, both of which were unsuccessful. Just moments ago a third attempt transpired. While I do not believe that this will be the end of the downwards channel, an upwards breakout is imminent. Later today the ceiling of the downwards channel will pass 500 satoshi, a level that has shown considerable resistance. Once a breakout occurs, a temporary lateral movement as suggested by Haejin could be a likely future development, subsequent to which TRX will slingshot upwards. I believe now would be a good time to buy into Tron.

What are your thoughts? Post them in the comments below!