Tron: Bulls are primed to break through
The post Tron: Bulls are primed to break through appeared on BitcoinEthereumNews.com. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Tron saw its H4 market structure flip bearishly. This might not presage much more than a minor dip before the bulls seize control again. Tron [TRX] saw its Total Value Locked (TVL) rise to $7 billion, and the network appeared to be robust. Investor confidence was also growing as the coin trended higher in the second half of October. Read Tron’s [TRX] Price Prediction 2023-24 A previous price analysis by AMBCrypto noted a bearish divergence and suggested that a retracement to the $0.0869 mark could occur. While we did see a minor dip, it was not as deep as expected. This reflected intense bullish sentiment in the market. Tron is at a local resistance, but the HTF uptrend is many months old Source: TRX/USDT on TradingView In mid-October, TRX retraced its late September rally and almost retested the 78.6% Fibonacci retracement level. This level was at $0.0845 and TRX approached it in mid-October. Since then, the bulls were able to drive a strong uptrend and broke past the local resistance at $0.0883. At press time, TRX was trading at $0.0911. The Fib extension levels pointed to the $0.093 and $0.0962 levels as the 23.6% and 61.8% extension levels where bulls can look to take profits. Additionally, the $0.0944 level marked the high during the TRX rally in June and July that began at $0.0645. The RSI on the H4 chart was back near neutral 50. The market structure favored the bulls, but the recent higher low’s breach at $0.0905 meant the structure has shifted. Yet the DMI signaled a strong uptrend was still in progress with the ADX (yellow) and +DI (green) above the 20 mark. Should traders beware…
The post Tron: Bulls are primed to break through appeared on BitcoinEthereumNews.com.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Tron saw its H4 market structure flip bearishly. This might not presage much more than a minor dip before the bulls seize control again. Tron [TRX] saw its Total Value Locked (TVL) rise to $7 billion, and the network appeared to be robust. Investor confidence was also growing as the coin trended higher in the second half of October. Read Tron’s [TRX] Price Prediction 2023-24 A previous price analysis by AMBCrypto noted a bearish divergence and suggested that a retracement to the $0.0869 mark could occur. While we did see a minor dip, it was not as deep as expected. This reflected intense bullish sentiment in the market. Tron is at a local resistance, but the HTF uptrend is many months old Source: TRX/USDT on TradingView In mid-October, TRX retraced its late September rally and almost retested the 78.6% Fibonacci retracement level. This level was at $0.0845 and TRX approached it in mid-October. Since then, the bulls were able to drive a strong uptrend and broke past the local resistance at $0.0883. At press time, TRX was trading at $0.0911. The Fib extension levels pointed to the $0.093 and $0.0962 levels as the 23.6% and 61.8% extension levels where bulls can look to take profits. Additionally, the $0.0944 level marked the high during the TRX rally in June and July that began at $0.0645. The RSI on the H4 chart was back near neutral 50. The market structure favored the bulls, but the recent higher low’s breach at $0.0905 meant the structure has shifted. Yet the DMI signaled a strong uptrend was still in progress with the ADX (yellow) and +DI (green) above the 20 mark. Should traders beware…
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