Today’s Technical Analysis – TRXUSDT – trading in a small range with defined levels to breach for either a bull or bearish scenario.
Points to consider, - Bullish trend (higher lows) - Structural resistance (triple top) - Local support holding (wicks) - RSI possible divergence (Further confirmation needed) - Stochastics momentum down - Volume climax evident
The local trend is bullish with consecutive higher lows but it is now important to note that a triple top may be in if structural resistance does not get breached.
Local support is holding true as a current trade location; multiple wicks suggest buy pressure coming in.
Also another important observation is that these wicks are in a higher low fashion.
The RSI has a probable hidden bullish divergence, putting in lower lows as price puts in higher lows.
Confirmation will be on the next confluence touch at local support.
The stochastics momentum is stored down, currently at 50, there is room for further downside as price retraces.
Volume climax is evident, indicating that a temporary top is in; this will obviously be negated with a breach of structural resistance.
Overall, in my opinion, TRXUSDT needs to come for a retest of local support; this is where the hidden bullish divergence will be confirmed and or negated.
What are your thoughts?
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And remember,
“Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.” ― Yvan Byeajee
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