TRXBTC Daily Trend Change | Increase in Bull Volume
Hello Traders
Two more months in the year, how time flies…
Today’s chart update will be on TRXBTC, we have a potential daily trend change which is backed up with strong bull volume…
Points to consider,
- Trend is putting in new higher lows
- Resistance at .236 Fibonacci retracement
- Support held by EMA’s (EMA’s Bull Cross)
- Stochastics trading in upper region
- RSI testing its local resistance
- Visible increase in bull volume
TRX has been on the move as of late, changing its overall daily trend with consecutive higher lows as it comes into local resistance. This resistance, the .236 Fibonacci Retracement, is in confluence with structural resistance, a key area that needs to be broken for a continuation.
Support is being held by the EMA’s which does look quite strong after a confirmed bull cross. This cross initially signalled the daily trend change.
The stochastics is currently trading in the upper regions; a healthy retracement in the trend can come to fruition as the stochastics does have a lot of momentum stored to the downside.
The RSI confirmed the bullish divergence, and is now trading in the upper region at local resistance. If this resistance breaks, is can trade in the orange highlighted box for an extended period of time, as history suggests.
Volume has been a great indicator; we have had an increase in bull volume, showing that buyers are strong in this trend change. We need to see this continue for local upper resistances to be tested.
Overall, IMO, TRX has had an impressive trend change with follow through; a healthy correction is not farfetched. This will cool of the stochastics and RSI indicators before another leg up, this will also allow the trend to put in another higher low…
What are your thoughts?
Please leave a like and comment
,
And remember
“You’re going to learn a million things, then you need to forget them all and focus on one.” - SunriseTrader
Two more months in the year, how time flies…
Today’s chart update will be on TRXBTC, we have a potential daily trend change which is backed up with strong bull volume…
Points to consider,
- Trend is putting in new higher lows
- Resistance at .236 Fibonacci retracement
- Support held by EMA’s (EMA’s Bull Cross)
- Stochastics trading in upper region
- RSI testing its local resistance
- Visible increase in bull volume
TRX has been on the move as of late, changing its overall daily trend with consecutive higher lows as it comes into local resistance. This resistance, the .236 Fibonacci Retracement, is in confluence with structural resistance, a key area that needs to be broken for a continuation.
Support is being held by the EMA’s which does look quite strong after a confirmed bull cross. This cross initially signalled the daily trend change.
The stochastics is currently trading in the upper regions; a healthy retracement in the trend can come to fruition as the stochastics does have a lot of momentum stored to the downside.
The RSI confirmed the bullish divergence, and is now trading in the upper region at local resistance. If this resistance breaks, is can trade in the orange highlighted box for an extended period of time, as history suggests.
Volume has been a great indicator; we have had an increase in bull volume, showing that buyers are strong in this trend change. We need to see this continue for local upper resistances to be tested.
Overall, IMO, TRX has had an impressive trend change with follow through; a healthy correction is not farfetched. This will cool of the stochastics and RSI indicators before another leg up, this will also allow the trend to put in another higher low…
What are your thoughts?
Please leave a like and comment
,
And remember
“You’re going to learn a million things, then you need to forget them all and focus on one.” - SunriseTrader
