TRX Enters Consolidation, Where Will The Bulls Defend Support?
There is no doubt, TRX has surprised even its biggest believers this last week, with an impressive breakout above the .05 cent resistance to peak in the last 24 hours at nearly .15!
No markets continue in a straight line forever, and the consolidation (or pullback) for TRX seems to have begun. The only two questions that remain are where will the bulls find their support, and will that support continue a trend higher?
From a larger timeframe the old .05-.06 resistance is a logical new support, but that is pretty far off right now, and there are more aggressive technical levels to now consider.
The chart shared shows a potential 15min supportive fib, and the trendlines that the market is testing.
.10 cents extension 50% fib aligns with March highs and the bull flag that took us into April.
No markets continue in a straight line forever, and the consolidation (or pullback) for TRX seems to have begun. The only two questions that remain are where will the bulls find their support, and will that support continue a trend higher?
From a larger timeframe the old .05-.06 resistance is a logical new support, but that is pretty far off right now, and there are more aggressive technical levels to now consider.
The chart shared shows a potential 15min supportive fib, and the trendlines that the market is testing.
.10 cents extension 50% fib aligns with March highs and the bull flag that took us into April.
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Now that the trendline drawn against the highs has broken, lets see if the bulls can get us back to the first green -23.8 upside targets at .1325 on the 15m trend
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Looks like the market decided it must test the .10 cent support!
The further you pull back the rubber band... the further it flies!
The further you pull back the rubber band... the further it flies!
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... and there the rubber band goes...
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Hold the line mode...