Dojistar2017

TRXUSD; Setting itself up for a beartrap?

BITFINEX:TRXUSD   TRON / Dollar
The possible (near) double bottom I discussed earlier is being retested and still holds; could see several stops being hit once below which can see a test of the lower end of the Bollinger Bands , currently just above 0.0350;

A break below that 0.0375 seems discouraging but it is important how market reacts next; is it able to climb and close above 0.0375 again? This could be a sign for a bear trap as the RSI could show positive divergence.

It should be clear this market is in a bear trend; a higher high is needed to improve the situation, i.e. a move over the latest higher high, give or take 0.0520.

Getting value below 0.0350 sees downside risk to 0.0265.

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