Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
TRX/USD Medium-term Trend: Ranging
Supply zones: $0.03000, $0.04000, $0.04500
Demand zones: $0.01000, $0.00900, $0.00800
TRX remains in a range-bound market in its medium-term outlook. The new year saw the bearish pressure within the range lost with the formation of bullish marubozu candle on 1st at $0.01939 and 2nd January at $0.01992 which signaled the bulls return.
The bullish pressure was strong within the range as TRXUSD was up at $0.02112 in the supply area before the end of yesterday session.
Price is above the two EMAs crossover and the stochastic oscillator signal is in parallel line 81% which implies a ranging market
TRXUSD is consolidation and trading between $0.02168 in the upper supply area and at $0.01901 in the lower demand area of the range. Traders should be patient for a breakout at the upper supply area for buy opportunities or breakdown at the lower demand area for sell opportunities in the medium-term outlook.
TRX/USD Short-term Trend: Bullish
TRX is in a bullish trend in its short-term outlook. The formation of higher highs and higher lows from the 1st January which are uptrend characteristic is seen in the TRXUSD short-term outlook.
Yesterday the bulls open the session at $0.01980 and sustained the pressure till the end of the session as TRXUSD rose to $0.02085 in the supply area.
A new high of $0.02085 was attained shortly after today’s opening before the loss in momentum which paves the way for the bears to form the higher low as the cryptocurrency continues its journey up north.
Price is above the two EMAs and the stochastic oscillator signal points up at 38% an indication of upward momentum in the cryptocurrency price in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.