Evaluating Tron's Bullish Momentum | BITmarkets
Insights Analysis Evaluating Tron's Bullish Momentum

Evaluating Tron's Bullish Momentum

August 13, 2024 Analysis
BITmarkets | Evaluating Tron's Bullish Momentum

The cryptocurrency market appears to have stabilized for the time being, offering an opportunity for more conservative traders who stayed on the sidelines during the recent sharp decline to enter trades.

Tron is currently trading at discounted prices due to the correction, presenting a favorable buying opportunity for those looking to capitalize on the market's recovery.

Daily time frame analysis

TRX11.1

TRXUSD - 1 Day Time Frame

Tron has successfully broken through the internal bearish correction structures, marked by blue lines on the chart. Additionally, it has established two robust support zones.

The lower of these zones is situated at the intersection of the Premium and Discount zones, making it a likely candidate for a test before a potential impulsive bullish move. Such a move could present highly profitable buying opportunities.

The potential trade setup targets two critical levels: internal and external buy-side liquidity.

These levels are significant because they hold a high accumulation of buy stop orders, which commercial market participants will need to exit their buy positions. Essentially, these participants require a counterparty of buyers to facilitate their exits.

When to buy Tron?

For this trade, a Stop Loss (SL) order should be placed below the internal bottom of the bullish structure to allow sufficient room for the position.

However, traders should remain vigilant—if the price closes below the lower support zone on the daily time frame, it would be prudent to consider selling off part of the position.

This is because a close below this zone would significantly reduce the likelihood of further price growth, increasing the risk of a downturn.

In conclusion, Tron’s current price action suggests that it may be positioned for a bullish continuation, especially if the support zones hold.

For traders, this scenario presents a compelling opportunity to enter the market at a discount, with clearly defined targets and risk management strategies in place. However, caution is advised, as a break below the key support levels could signal a need to reassess the trade.

Join

Try to invite your friends and earn together

10% of trading fees of your friends and 5% from the earnings of your friends.

We use cookies to store, access and process personal data to give you the best online experience. By clicking Accept Cookies you consent to storing all cookies and ensure best website performance. You can modify cookie preferences or withdraw consent by clicking Cookie Settings. To find out more about cookies and purposes, read our Cookie Policy and Privacy Policy

Cookies settings


Cookie Control


What are cookies?

Cookies are small text files that enable us, and our service provides to uniquely identify your browser or device. Cookies normally work by assigning a unique number to your device and are stored on your browser by the websites that you visit as well as third-party service providers for those website. By the term cookies other technologies as SDKs, pixels and local storage are to be considered.


If Enabled

We may recognize you as a customer which enables customized services, content and advertising, services effectiveness and device recognition for enhanced security
We may improve your experience based on your previous session
We can keep track of your preferences and personalize services
We can improve the performance of Website.


If Disabled

We won't be able to remember your previous sessions, that won't allow us to tailor the website according to your preferences
Some features might not be available and user experience reduced without cookies


Strictly necessary means that essential functions of the Website can not be provided without using them. Because these cookies are essential for the properly working and secure of Website features and services, you cannot opt-out of using these technologies. You can still block them within your browser, but it might cause the disfunction of basic website features.

  • Setting privacy preferences
  • Secure log in
  • Secure connection during the usage of services
  • Filling forms

Analytics and performance tracking technologies to analyze how you use the Website.

  • Most viewed pages
  • Interaction with content
  • Error analysis
  • Testing and Measuring various design effectivity

The Website may use third-party advertising and marketing technologies.

  • Promote our services on other platforms and websites
  • Measure the effectiveness of our campaigns