TRXUSD; Signs for a floor?
It is clear bears rule for now in this market as it is trapped within a smaller bearchannel which is on itself is caught in a bigger bearchannel. Some signs however market could have found a floor:
- A hammer has emerged and has been retested (first arrow)
- A double bottom is seen (two arrows)
- The RSI has already broken above it's own downtrendline
These signs are interesting to watch and the more speculative could already act on it with tight stops. But, in order to see the overal picture improve we ofcourse need to see a change in the lower high/lower low pattern.
For now watch the top end of the little bearchannel (0.0460/0.0475) for first resistance; above there the key horizontal resistance around 0.0550/0.0570 is likely to get tested. Finally, the top end of the broader bearchannel is seen around 0.0620 for now. My guess is 0.0550/0.0570 is the toughest as a break below there recently saw better selling on higher volume and people are more inclined to cut losses against this area.
So, opportunities here but when thinking about fighting the trend, use tight stops or wait untill a higher low/higher high pattern is clear.
- A hammer has emerged and has been retested (first arrow)
- A double bottom is seen (two arrows)
- The RSI has already broken above it's own downtrendline
These signs are interesting to watch and the more speculative could already act on it with tight stops. But, in order to see the overal picture improve we ofcourse need to see a change in the lower high/lower low pattern.
For now watch the top end of the little bearchannel (0.0460/0.0475) for first resistance; above there the key horizontal resistance around 0.0550/0.0570 is likely to get tested. Finally, the top end of the broader bearchannel is seen around 0.0620 for now. My guess is 0.0550/0.0570 is the toughest as a break below there recently saw better selling on higher volume and people are more inclined to cut losses against this area.
So, opportunities here but when thinking about fighting the trend, use tight stops or wait untill a higher low/higher high pattern is clear.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.