* We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.
After hitting $0.10 level as expected in the last analysis, TRX has failed to penetrate this level so it bounced back. Moreover, it wasn't able to break out the small downtrend ( the black one on the chart) in the last four days.
However, TRX is still trading on the uptrend ( the red one on the chart). It should provide support, but if the bears break it down a fall to $0.0566 level is possible where we anticipate strong buying. Since this is the 61.8 percent Fibonacci retracement from the last fall from $0.10 to $.0282 and where the 50-day SMA is located now.
TRX will turn negative if it breaks down $0.0566 level. On the upside, we expect some minor resistance from the downtrend. Therefore, we recommend buying TRX on a breakout of this trend.
On the downside, we recommend buying TRX at $0.0566 level.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.
After hitting $0.10 level as expected in the last analysis, TRX has failed to penetrate this level so it bounced back. Moreover, it wasn't able to break out the small downtrend ( the black one on the chart) in the last four days.
However, TRX is still trading on the uptrend ( the red one on the chart). It should provide support, but if the bears break it down a fall to $0.0566 level is possible where we anticipate strong buying. Since this is the 61.8 percent Fibonacci retracement from the last fall from $0.10 to $.0282 and where the 50-day SMA is located now.
TRX will turn negative if it breaks down $0.0566 level. On the upside, we expect some minor resistance from the downtrend. Therefore, we recommend buying TRX on a breakout of this trend.
On the downside, we recommend buying TRX at $0.0566 level.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.
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