TRX is trying to break out from this range it's been stuck in for weeks but it cannot properly close above the 385 level. We did break and close above it earlier in the month but that was short-lived as we returned back below after just 2 days above.
We are currently sitting on top of a demand zone, which has held strong in the past so if we are expecting some movement in TRX, now is the time as BTC continues to trend sideways. A break below this support area could see us test the lows once more, which could make a lot of bulls panic out of their longs. Breaking above resistance will cause a lot of short liquidations, which could see TRX potentially even test 2 supply levels above.
Thanks guys
We are currently sitting on top of a demand zone, which has held strong in the past so if we are expecting some movement in TRX, now is the time as BTC continues to trend sideways. A break below this support area could see us test the lows once more, which could make a lot of bulls panic out of their longs. Breaking above resistance will cause a lot of short liquidations, which could see TRX potentially even test 2 supply levels above.
Thanks guys
Comment:
We can see that we have so far bounced nicely off this demand block and could make our way back up to resistance but BTC is looking somewhat weak so keep an eye on that!