Buy the rumor and sell the news: TRON and BitTorrent technical analysis

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On May 26, Justin Sun, the 28-years old CEO of TRON, revealed that he was working on "Something huge and amazing" that will impact the future of TRON and BitTorrent, but that the announcement will be made in early June.

TRON and BitTorrent value rose more than 50 percent within days after Sun's tweet.

In this case the saying "Buy the rumor, sell the news" took effect as the first piece of information released increased the prices of TRON and BitTorrent, but the actual announcement was taken as a sell event.

Now, a deep technical analysis will help determine where TRX and BTT may be heading.

TRON. On Nov. 25, 2018, TRON hit a low of $0.011 and since then its market valuation has appreciated approximately 270 percent to reach a high of $0.041 on June 2.

The sell signal could get invalidated if TRON is able to go higher than the recent high of $0.041.

Currently, TRON is trading between the $0.031 support and the $0.040 resistance level.

On the 12-hour chart, TRON can be seen trading inside an ascending parallel channel.

A sell signal has been given by the technical index with a green nine that is currently trading below the 7-three-day moving average.

The recent surge that TRON and BitTorrent went through was so strong and fast that an exhaustion point was needed for a healthy continuation of the bullish trend.

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