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The Price of Tron opened today opened 5% higher today w.r.t. BTC and reached $0.027. Tron has increased its price forming a cup pattern since last year w.r.t. BTC. The Price of Tron increased from $0.018 to 0.29 in 2 months. Despite, the other altcoins taking major hits in including Ripple (XRP), Ethereum (ETH) and EOS, Tron seems to be riding on the BitTorrent news.
The traders are awaiting action from the Bitcoin market since a fortnight, Tron with positive fundamental developments, associated hype from 2017 and a cup formation were indicative of Bull. However, the handle pattern is not completed, and price is entering a triangle.
The Shooting star (in orange) has been observed on the daily and 4H-chart of TRC/BTC. There are a couple of Spinning Tops (in yellow) on both the charts implying uncertainty and fear in the market. The support will be formed at 661 Satoshi’s and if it breaks that might go down to Oct-Nov levels to 0.02 levels. On the up-side if it breaks $0.3, the bulls will take control.
The Shooting Star with Spinning Top or Dojis patterns is a clear indication of a bear. The entire market sentiment is also on the bearish side with only a handful of cryptocurrencies in the green.