TRXBTC Trend Change| Higher Lows|Key Resistance !

TRXBTC Trend Change| Higher Lows|Key Resistance !

Hello Traders!

Today’s chart update will be on TRX , 240 timeframe, testing an important resistant level that needs to break to keep the bullish bias. A break from this level will increase the probability of TRX testing structural resistance, which has multiple technical confluences.

Points to consider,
– Confirmed Trend Change
– Support provided by EMA’s
– Key resistance being tested
– Stochastics projected upwards
RSI trading in upper region
– Healthy Volume
– VPVR cluster showing low volume of transactions
– Structural resistance as next target

TRX has broken its lower low projection and has successfully put in consecutive higher lows as it comes into a key resistance. TRX needs to break this resistance with convincing volume to keep the uptrend intact. Support is currently being provided by the EMA’s which has turned bullish from local lows.

The stochastics is currently trading in the upper region, can stay up here for an extended period of time, however we do have lots of stored momentum to the downside. The RSI on the other hand is respecting its support (red line), bouncing of it multiple times.

Volume is currently healthy, its needs to sustain with bull volume to break resistance, which will also avoid the chances of a false break. The VPVR is showing low volume of transactions from resistance to structural resistance. This signals that this cluster will pose little resistance in terms of volume of transactions, if and when TRX tests.

Structural resistance is the technical target for TRX as this level is in confluence with multiple technical indicators such as the .50 Fibonacci level and the 1.618 Fibonacci Extension .

Overall, In My Opinion, TRX has established an uptrend with consecutive lower highs, the market structure has changed. TRX needs to break current resistance levels in order to keep the bullish bias. Volume is looking very healthy for this break, so we do have a greater probability of breaking resistance and meeting technical target.

What are your thoughts on TRX trend change?

Please leave a like and comment,

And remember,

“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite

Published at Thu, 14 Nov 2019 06:10:47 +0000

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