Tron price analysis (TRX): trends of 4-10 September 2018

  Photo: Tron / Twitter

Photo: Tron / Twitter

Key points:

  • There could be a pullback at $ 0.024;
  • c & # 39; is the confirmation of the "M" model on the 4H chart; [19659005] patience is needed before undertaking long trades.

TRX / USD Long-term trend: bullish

Resistance levels: $ 0.031, $ 0.041, $ 0.058
Support levels: $ 0.024, $ 0.015, $ 0.010 Price started rallying towards the resistance level of $ 0.024 last two weeks and was unable to break upward due to the downward pressure towards the support level of $ 0.015. Some bullish candles were formed last week and the currency was able to overcome last week's resistance with a resistance level of $ 0.024 when more buyers entered and exposed it to the resistance level of $ 0.31. At present, the withdrawal of prices to retest the support level of $ 0.024.

There is a strong possibility that the price may increase in the next trading days, making a turn towards the North at $ 0.031. On the daily chart the Stochastic Period of the oscillator 14 is above the level 70 with the signal lines pointing towards the North, indicating that there may be a continuous upward movement.

TRX / USD Price Medium-term trend: bullish

The trend is also bullish on the 4H chart. The currency broke last week's resistance level of $ 0.024 and rallied towards the resistance level at $ 0.031, was repelled to repeat the new broken support level of $ 0.024. Currently, there is a downward retracement towards the support level of $ 0.024 to complete the formation of the "M" model. TRX / USD remains above the 10-day EMA and EMA 50 remains below EMA 10, indicating that there may be an upward movement after the complete formation of the medium-term "M" model.

There is a probability that the price will move upwards because the Stochastic Oscillator Period 14 is at 20 (oversold level), with the signal lines pointing North. Patience is necessary before taking a long position this week.

Source link