Today’s chart update will be on TRX , 240 timeframe, testing an important resistant level that needs to break to keep the 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
– trading in upper region
– VPVR cluster showing low 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 to keep the uptrend intact. Support is currently being provided by the EMA’s which has turned 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 on the other hand is respecting its support (red line), bouncing of it multiple times.
is currently healthy, its needs to sustain with bull to break resistance, which will also avoid the chances of a false break. The VPVR is showing low of transactions from resistance to structural resistance. This signals that this cluster will pose little resistance in terms of 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 .
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 bias. 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?
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“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Published at Thu, 14 Nov 2019 06:10:47 +0000