I thought we had found the bottom yesterday with the drop to 840 but as you can see on the 1 hour chart we have a clear bearish continuation pennant forming and it should break in the next few hours.
The first level of support is at 826. I doubt this will hold, which means we're likely to see a drop to the 762-794 range. I believe this will be the bottom in the current down cycle and we should start a new uptrend as we get closer to possible new partnership news and the switch to mainnet.
Short term I'm bearish, long term I'm still very bullish.
If we break above 877 that could signal a reversal of the bearish pennant and start a new move up from here.
The first level of support is at 826. I doubt this will hold, which means we're likely to see a drop to the 762-794 range. I believe this will be the bottom in the current down cycle and we should start a new uptrend as we get closer to possible new partnership news and the switch to mainnet.
Short term I'm bearish, long term I'm still very bullish.
If we break above 877 that could signal a reversal of the bearish pennant and start a new move up from here.
Comment:
I mistakenly labeled the 794 line as 'resistance'. This should say 'support'.
Comment:
Looks like TRX is trying to break the bearish trend. Let's see if it has staying power.
Comment:
2 hour and 4 hour RSI also indicate a possible reversal.