The TRXUSD bullrun has yielded roughly 223% since the last week of November 2018 to the peak on 01/09/19.
Bearish Sentiment Daily Time-frame:
1.) Candles indicate loss of strength upwards
2.) Bearish Divergence
3.) SMII losing strength along with bearish crossover
4.) Head and Shoulders pattern forming (LS 12/24/18, H 01/09/18, RS 01/27/19)
5.) Volume Head and Shoulders
6.) 100 EMA is holding as strong resistance
7.) Elliott Waves (5 waves complete & ABC correction forming)
Entrance on the hourly time-frame with bearish divergence, break of support, SMII downward strength
Bullish Sentiment Intraday Time-frame (60, 15 & 5 min):
1.) Bullish uptrend following the white diagonal line
2.) Strong support at $.0254 area
3.) Reverse Head and Shoulders forming (15 min)
4.) On the 15 minute time-frame, ABC may be complete with a fifth wave still to come, completing a bigger wave one.
Key Entrance is on the 5 minute time-frame, with key support, bullish divergence and positive trending SMII. A break first above the seemingly RS then the H, will confirm following of the uptrend.
Overall, the short term uptrend favors the bulls. However, the long term bearish trend looks to have more probability of pushing the price lower. Thus, probability favors the bears after the yellow horizontal support breaks with confirmation from indicators.
Please like, comment and share as I appreciate you taking your time to view my analysis and give feedback. Happy trading :0)
This is not advice for buying or selling, it is utilized for perspective on educational technical analysis.
Bearish Sentiment Daily Time-frame:
1.) Candles indicate loss of strength upwards
2.) Bearish Divergence
3.) SMII losing strength along with bearish crossover
4.) Head and Shoulders pattern forming (LS 12/24/18, H 01/09/18, RS 01/27/19)
5.) Volume Head and Shoulders
6.) 100 EMA is holding as strong resistance
7.) Elliott Waves (5 waves complete & ABC correction forming)
Entrance on the hourly time-frame with bearish divergence, break of support, SMII downward strength
Bullish Sentiment Intraday Time-frame (60, 15 & 5 min):
1.) Bullish uptrend following the white diagonal line
2.) Strong support at $.0254 area
3.) Reverse Head and Shoulders forming (15 min)
4.) On the 15 minute time-frame, ABC may be complete with a fifth wave still to come, completing a bigger wave one.
Key Entrance is on the 5 minute time-frame, with key support, bullish divergence and positive trending SMII. A break first above the seemingly RS then the H, will confirm following of the uptrend.
Overall, the short term uptrend favors the bulls. However, the long term bearish trend looks to have more probability of pushing the price lower. Thus, probability favors the bears after the yellow horizontal support breaks with confirmation from indicators.
Please like, comment and share as I appreciate you taking your time to view my analysis and give feedback. Happy trading :0)
This is not advice for buying or selling, it is utilized for perspective on educational technical analysis.