• Both the medium and short-term outlook is in bearish trend.
  • $0.0200 in the demand area bears target in the medium term outlook.

TRX/USD Medium-term Trend: Bearish

Supply zones: $0.04000, $0.05000, $0.06000
Demand zones: $0.01000, $0.00900, $0.00800

TRON is in a bearish trend in its medium-term outlook. The strong bears’ pressure was sustained over the weekend as the lower demand area of the range was broken on 2nd March. Increased bears pressure push price further down to $0.02273 in the demand area.

The 10-EMAserve as a strong resistance against upward price movement as rejection occurred at this point which returned the bears with a large marubozu candle at $0.02343 during yesterday market. TRXUSD dropped to $0.02277 before the end of yesterday session.

Today 4-hour opening candle is bearish at $0.02293 an indication of sustained bears pressure . TRXUSD was initially down to $0.02175 in the demand area. Increased bears pressure dropped the cryptocurrency to $0.02103. The bears may continue the journey down south as price lies below the two EMAs and the stochastic oscillator is at 9% in the oversold region.

TRX/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. The breakdown at $0.02380 in the lower demand area due to the bears’ pressure occurred on 2nd March. The cryptocurrency has been on a downward journey thereafter.

The bearish railroad formed during yesterday session after a minor pullback confirmed the bears hold of the market. TRXUSD dropped to $0.02230 in the demand area before the end of yesterdays session.

Today’s opening candle at $0.02294 is a bearish candle, this sustained the bears’ pressure. TRXUSD dropped initially to $0.02193 and later to $0.02103 in the demand area due to increased bearish momentum.

Price is below the two EMAs that are fanned apart an indication of strength in the context of the trend and in this case the downtrend. The stochastic oscillator signal is parallel an indication of a possible downtrend continuation after a brief consolidation.

 

 

 

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

(Excerpt) Read more Here | 2019-03-04 17:03:45
Image credit: source

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