- October 10, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
For this particular analysis on Tron we are using the TRXUSDT symbol on the OKX exchange.
The idea is on the 1D time-frame where TRX broke today aggressively above its 1D MA50 (blue trend-line) which has been the medium-term Resistance since August 19 2022 and is headed towards the 1D MA200 (orange trend-line). This is currently exactly on the Lower Highs trend-line that started on the November 15 2021 High and is on the long-term the strongest Resistance at hand.
With the 1D RSI approaching the 70.000 overbought barrier, we should be expecting profit taking, at least on the 1D MA200/ Nov Lower Highs Resistance cluster. A rejection there can pull Tron back to at least the (grey) short-term Support Zone and if broken, aggressively towards the ultimate Support Zone of the Bear Cycle (0.04615 – 0.05100).
In order for us to call a buy extension on TRXUSDT, we want to see a candle closing above the 0.07250 Symmetrical Resistance, which as you see has previously rejected an uptrend 5 times since January 17 2022. A break above it, can target the upper Fibonacci levels towards the 0.0930 Resistance that was previously a Double Top (May 09 and June 01 2022).