TRXBTC Likely Bounce Soon, Start AccumulatingTRXBTC got a little over-extended and needed this pullback. As long as today's daily candle is either a red doji with lower volume than yesterday or a green candle, expect that we return to the upward trend. There was a nice bounce off the 9 EMA and now we are battling for the 5 EMA on the daily chart. It may look ugly to breakout traders, but this is a beautiful chart for a dip-buyer.
The hourly chart suggests we are either in accumulation phase now, as selling volume has decreased while price has stabilized as we make higher lows on the largest red volume candles but lower highs as well. As energy builds in this zone, we will shortly see if we need a deeper pullback (perhaps to the 20 EMA) or, as I expect, we break through the 5 EMA on the daily and eventually close above VWAP (blue) ~0.00001btc to start making higher highs again.
A close below 0.00008 is likely an indication that we are still breaking down, but the stochastics suggests this is near support, as we are about to see hidden divergence on the hourly.
