TRX technical analysis

TRX seen from the temporality of 1D we can see how the movement of the candles have formed an upward channel where the price has been forming peaks and lows ever higher, in the current structure of candles the price has formed a double roof that I have indicated within the blue circles, this is a sign of reversal of trend, the neck line is located at 0.029, I have indicated a possible scenario if the neck line of the double roof is broken, where it is possible to run a pullback and recover the support to continue rising.

TRX seen from the temporality of 1W we can observe the movement from a wider perspective, we have a setup of SHS inverted, the neck line has been drawn with the blue diagonal, the current candle has found support at that point, which suggests that the current bullish momentum has been caused by the correction that is having Bitcoin, we should begin to see a recovery above the support and then continue with the bullish movement.

TRX seen from the temporality of 4H we can observe more closely the bearish movement that have had the last candles coinciding with the correction of the BTC price, I have indicated within a blue circle the area that will be important for TRX, where we should see the recovery above the blue diagonal.

In conclusion, the current bearish movement was caused by the strong setback BTC had yesterday, therefore, it is normal to see this scenario with TRX and other currencies, the price should continue above the neck line without any problem, in case the break we have the horizontal support located at 0.29, in the graphs above I have indicated through a blue rectangle the area of important demand located within the price range of 0.027 – 0.030, I recommend to be very attentive to what happens in the next few hours.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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