Published: 2018-11-15 06:21:16
TRX/USD Medium-term Trend: Bearish
Supply zones: $0.02500, $0.02600, $0.02700Demand zones: $0.01600, $0.01500, $0.01400
TRX continues in a bearish trend in its medium-term outlook. The strong bearish pressure that started on 7th November with a bearish inverted hammer at $0.02470 and confirmed on 9th with a bearish Marubozu at $0.02350 sustained the momentum with a massive drop in the TRXUSD price to $0.01866 in the demand area.
This was the low of the Brief lost in momentum for continuation returned the bulls as TRXUSD went up to $0.01991 in the supply area and closes at $0.01989 as yesterday session ended.
Today’s 4-hour opening candle at $0.01995 engulfed yesterday closing candle and dropped the cryptocurrency to $0.01861 in the demand area earlier today.
Price is below the two EMAs which imply strong bear pressure confirmed by the stochastic oscillator in the oversold region 15%.
The target at $0.01819 in the demand area may be attained in the medium-term with more candle open and closed below the EMAs crossover due to the bears’ pressure.
TRX/USD Short-term Trend: Bearish
The cryptocurrency continues in a bearish trend in its short-term outlook. After the massive drop in price from to $0.02240 in the supply area to $0.01866 in the demand area, flags were been created as the bulls stage brief return.
$0.02000 in the supply area was the high the cryptocurrency attained this morning before the bears pushed it down to $0.01861 in the demand area.
Currently, another flag is been formed and a strong bears pressure should be expected to push price further down in the demand area before the end of today to give a lowest low of the day in the short-term.
.The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
The views and opinions expressed in the article Tron (TRX) Daily Price Forecast – November 15 do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.