TRXUSDT Emphatic break above 1D MA50 but heavy Resistances ahead

10 Okt 2022

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For this particular analysis on TTRXUSDT/SKYLP we are using the TTRXUSDT/SKYLP symbol on the OKX exchange.
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The idea is on the 1D time-frame where TTRXUSDT/SKYLP broke today aggressively above its 1D MA50 (blue trend-line) which has been the medium-term Resistance since August 19 2022 and is headed towards the 1D MA200 (orange trend-line). This is currently exactly on the Lower Highs trend-line that started on the November 15 2021 High and is on the long-term the strongest Resistance at hand.

With the 1D RSI approaching the 70.000 overbought barrier, we should be expecting profit taking, at least on the 1D MA200/ Nov Lower Highs Resistance cluster. A rejection there can pull TTRXUSDT/SKYLP back to at least the (grey) short-term Support Zone and if broken, aggressively towards the ultimate Support Zone of the Bear Cycle (0.04615 - 0.05100).

In order for us to call a buy extension on TTRXUSDT/SKYLP, we want to see a candle closing above the 0.07250 Symmetrical Resistance, which as you see has previously rejected an uptrend 5 times since January 17 2022. A break above it, can target the upper Fibonacci levels towards the 0.0930 Resistance that was previously a Double Top (May 09 and June 01 2022).




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