TRX is having a little bit of momentum in the last couple days. From my previous post HERE. I was saying to keep an eye out for a boop right through the 1.5 deviation of the downward channel (Yellow channel, 1.5 deviation being the lighter background shade). The sideways market pulled the candles right through. This happened right where the orange 50MA was crossing. After breaking through, it came back down to show the 50MA as support. First with a bullish Harami candle followed by a doji. Alone, a doji is a neutral candle that forms when a candle open and closes at virtually equal values for the given time period. This is can be taken as a signal for a reversal pattern. Upward movement from here, boop-ing right past the blue 100MA, to show support with another bullish harami candle.
This happened as the Squeeze Momentum Indicator (source: pastebin.com/UCpcX8d7) was starting to show a volatility increase which can be identified by the white crosses. Black crosses on the midline show that the Bollinger Bands are with in Keltner Channel (market entered a squeeze). The squeeze tells us when a market is simply oscillating or a trending market. Currently showing action for a longer movement.
If this volatility remains, It may be a good time to enter into a long position.
I have given two resistance targets I will be keeping an eye out for. Mainly the 624 satoshi yellow line which was the 0.786 fib from the all time high.
Note
I did forget to mention the posted chart was with 4H candles. Here is a copy of the 1D chart that is showing 50MA support and 100MA testing. The Squeeze Momentum Indicator is showing us signs up a potential reverse in trend and an increase of volatility.
Note
Support off the 100MA and testing the 50MA***
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.