#TRXUSD - is challenging the red line, where the 21- bar moving average lies. The BBs are tightening. #TRX is trading below the red cloud. The cloud signals bearish
trending market and the lagging span is also below the candlesticks
. TRON is far from a breakout on the daily chart
. It still has a long journey, but it is warming up before the big jump. The cloud indicates a fat resistance protected by both the purple (144-bar) and the blue (55-bar) lines. This resistance zone
gets confirmation by the Volume profile
analysis. Once TRX
is over the cloud, then it is out of the woods. Till then, the trades should be done with prudence, as $0.02 levels are the only significant support at the current levels. The breakout of the overhead cloud is the first indication of the breakout signal. Watch this closely. If #Bitcoin dips, then #TRX will be no exception. In this case, a sharp
fall to $0.02 levels would be expected.