TRXUSD; Fresh highs
After a broader sidways move between roughly 0.2600 and 0.5600 this coin quickly flipped the range after the 0.5600 breakout on better volume.
The calculated 0.8600 terget derived from this has been quickly met. Now market is caught in a very steep bullchannel, too steep to sustain in the fuure. Although crazier things have happened in the past one should consider some sort of digestion near term with the RSI well in overbought territory.
Maybe bulls are eager to touch the round 1.0000 handle before backing off. Either way, dips are likely to be eyed by them and the higher volume area between 0.6500 and 0.5600 can be used to pick up coins. Also note that this is where the Bollinger midline resides. Once a clear top is visible one can use Fibonacci to exactly pinpoint retracement levels.
First support is seen around 0.8000.
The calculated 0.8600 terget derived from this has been quickly met. Now market is caught in a very steep bullchannel, too steep to sustain in the fuure. Although crazier things have happened in the past one should consider some sort of digestion near term with the RSI well in overbought territory.
Maybe bulls are eager to touch the round 1.0000 handle before backing off. Either way, dips are likely to be eyed by them and the higher volume area between 0.6500 and 0.5600 can be used to pick up coins. Also note that this is where the Bollinger midline resides. Once a clear top is visible one can use Fibonacci to exactly pinpoint retracement levels.
First support is seen around 0.8000.
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