TRONLong
TRX/USD bear trend might be in troubles!
Updated
HELLO everybody
TRON losing his selling power
Smaller swings, a LOT of divergences (both from RSI14 and MACD 3-10) which makes me think the trend is about to correct.
It looks like we also broke the discending support (for the bears) and / or falling wedge formation (orange lines) with a decent burst of momentum, which could be identified as a Kick-off, namely the first signal of the beginning of a possible correction.
If so, we are now testing the orange trendline to then move higher.
We also have a pretty big resistance (dotted red horizontal line) and the 20MA is close for a 50MA cross.
SO, power is being lost, what do You think?
NOW: I really can't be sure of the entity of the correction. in this 7H chart I placed 3 blue rectangle boxes, which are the most important areas of resistance.
In my strategy, I will wait to see what price does and how the buyers will behave to decide where to consider the correction depleted.
I am not a professional Trader, these are only my opinions on TRX USD and I wanted to share this idea with You to gather feedbacks and maybe improve it togheter =)
let me know your thoughts on this
TRON losing his selling power
Smaller swings, a LOT of divergences (both from RSI14 and MACD 3-10) which makes me think the trend is about to correct.
It looks like we also broke the discending support (for the bears) and / or falling wedge formation (orange lines) with a decent burst of momentum, which could be identified as a Kick-off, namely the first signal of the beginning of a possible correction.
If so, we are now testing the orange trendline to then move higher.
We also have a pretty big resistance (dotted red horizontal line) and the 20MA is close for a 50MA cross.
SO, power is being lost, what do You think?
NOW: I really can't be sure of the entity of the correction. in this 7H chart I placed 3 blue rectangle boxes, which are the most important areas of resistance.
In my strategy, I will wait to see what price does and how the buyers will behave to decide where to consider the correction depleted.
I am not a professional Trader, these are only my opinions on TRX USD and I wanted to share this idea with You to gather feedbacks and maybe improve it togheter =)
let me know your thoughts on this
Trade active
UPDATE 4 dys later:No big changes to the set-up so far.
Price is finding resistance on the DAILY 20 MA, where the big red resistance is (0.016)
we successfully bounced off the previous dynamic resistance (orange descending upper trendline) that now acted as support.
an ascending triangle has formed, similar to an inverted H&S formation.
most important, momentum indicators (RSI14 and MACD 3-10) are continuosly giving kick-off signals.
this may tell us there is a good momentum to invert the trend in the near term.
Let's see
-how price reacts to the trendline which is currently supporting our Higher Lows, -if we can manage to stay ABOVE 4hEMA50 - or - 0.0152 USD
-how price will react to the big red resistance once again
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