Tronix, TRXUSD, Cryptocompare chart

TRONIX Medium-term Trend: Bearish

Supply zones: $0.09000, $0.1000, $0.1100

Demand zones: $0.0500, $0.0400, $0.0300

Tronix‘s bearish trend still continues in the medium-term. The bears kept exercising their control of the market each time the bulls staged a comeback. The bulls were able to gather momentum together and pushed the price up to the supply area at $0.07373. Efforts to push further were resisted by the bears as they pushed the price down to $0.07014 demand area. The bounce off the downward trendline continues against the bulls while there was a bounce off the upward trendline for the bears. This creates a scenario called  a ‘Bearish Pennant’ – as seen from the chart. In this case, the bears are favoured. It thus implies that momentum to the downside will likely increase in the medium term. The daily candle opened at $0.07070 compared with yesterday’s open of $0.7379 – meaning more sellers are in the market for a further downward price push.

TRONIX Short-term Trend: Ranging

Tronix, TRXUSD, Cryptocompare chart

Tronix continues ranging in the short-term. The bearish momentum that pushed the price to the $0.06800 could not be sustained as the formation of double bottom brought back the bulls. The price was pushed back up to the upper supply zone at $0.07400. The bulls likewise lacked the momentum to push further as the bears came back. The $0.07100 demand area was the limit for the bears – before the bulls came on board again. The fight continues within the range. Traders are advised to wait for a clear upward breakout or downward breakdown – which is imminent – before taking a position.

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