TRXUSDT Bullish short-term but still limited.

18. Nov. 2022

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For this particular analysis on TRXUSDT we are using the TRXUSDT symbol on the TRXUSDT.
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The idea is on the 1D time-frame where TRXUSDT has been trading within the Support Zone of the Bear Cycle (0.04460 - 0.05100) ever since the FTX crash. On the bright side it appears that it has found Support and since June 22, every time (4 times in total) it has done so within this Zone, it rebounded aggressively. The obvious limitation is the Lower Highs trend-line that started on the November 15 2021 High, which even though it broke on Nov 05, the price quickly fell below it again, remaining the strongest Resistance right now. Interestingly enough, this is where the 1D MA50 (blue trend-line) is at the moment.

The 1D MA200 (orange trend-line) has been intact since August 18 and after that, the key to a strong rally is the 0.07250 Symmetrical Resistance which has multiple rejections under its belt since January 17 2022.

A bullish signal is the fact that the 1D RSI hit and rebounded within its 23.50 - 30.00 Support Zone, which every time it got hit, initiated a strong rally. As a result, even though a short-term rebound is possible if the market conditions help, it is still limited to the 1D MA50 and the November 15 Lower Highs trend-line. In order for us to call a confirmed buy extension on TRXUSDT, we want to see a candle closing above the 1D MA200 or preferably the 0.07250 Symmetrical Resistance, which can then target with high probabilities the upper Fibonacci levels towards the 0.0930 Resistance that was previously a Double Top (May 09 and June 01 2022).


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