TRX to make a move within the next 12 hours?

27 Apr 2018

TRX broke down and sideways from the ascending triangle I identified in a previous post (i.e., the blue support/resistance lines marked in the chart). I expected a break up from this triangle (as long as BTC continued sideways or upwards); however, as BTC had a price drop, this stopped TRX from moving significantly upwards. Having said that, we're now in a steeper ascending triangle (resistance line is still blue, support line is purple in the chart) - once again, providing BTC doesn't shit the bed, then TRX will likely be up and over the resistance line within the next 12 hours (I say 12 hours, as this is essentially when we hit the apex of the triangle).

27 Apr 2018

Nota

Adding to the above, you can see bullish divergence in the OBV. More specifically, when you view two recent high points (green lines on price chart), you can see an obvious decrease; however, when you view these same points on the On Balance Volume (OBV), there is actually an increase in the volume (green line on the OBV chart). Decreasing value and increasing OBV is generally a good indicator of bullish divergence (i.e., a good buy sign, as a future up move is likely).