TRX/USD Medium-term Trend: Bullish
Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800
TRX returns to a bullish trend in its medium-term outlook. An inverted head and shoulder pattern is the cryptocurrency structure in the medium-term. After a drop in price to $0.02118 in the demand area, the bears lost momentum setting up the bulls return signaled by the bullish spinning top that ended yesterday session.
The bullish engulfing candle of today’s opening at $0.02152 confirmed the bullish takeover. TRXUSD rose to $0.02571 in the supply area as the bears took over for a brief draw down to $0.02331 in the demand area for a market correction before uptrend continuation.
The right shoulder is developing as the bulls are back. a few hours after opening. $0.0300 in the supply area is the initial bulls target with the stochastic oscillator signal pointing up which suggest upward momentum in price in the medium-term.
TRX/USD Short-term Trend: Bullish
TRX is in a bullish trend in its short-term outlook. Rejection at the $0.02110 in the demand area was key to the bullish rally that is unfolding which was confirmed by the engulfing candle at $0.02151 breaking the two EMAs crossover.
TRXUSD was up at $0.02571 in the supply area before a drop to $0.02331 in the demand area as the cryptocurrency forms higher highs an higher lows which area up trending market features.
Price is above the two EMAs and the stochastic oscillator signal up at 65% an indication of upward momentum in price.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.