TRX/BTC formed bearish divergence on the 4-hour time-frame and may look to move lower. TRX has struggled to break above the 375-380 area with conviction, and we are seeing the strength of the upward trend weakening, indicating we could be set to move lower. RSI on the 4-hour has clear bearish divergence, and the volume hasn't be able to match the previous high formed on the first run-up to 375 on December 4th. I'll be watching for the .618 fib level around 350, and the .236 fib level around 310 as area's of interest for the price to potentially rebound from.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! :)
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! :)
Comment:
There is also a pennant formation on the RSI, break below the RSI pennant would better confirm my analysis:
Comment:
Said 4-hour in the post; meant to say 1-hour. Here is what the 4-hour looks like: