TRONIX Medium-term Trend: Bearish
Supply zones: $0.08000, $0.09000, $0.1000
Demand zones: $0.0500, $0.0400, $0.0300
Tronix is bearish in the medium-term outlook. The bullish run that started on May 23rd came to an end on May 26th after the price got to the supply area at $0.07365. The loss in momentum by the bulls set the bears back into the market. The bears came back strong, and broke the $0.07000 demand zone and later pushed the price down to the $0.0680 demand area. Efforts by the bulls towards a return were rejected by the bears at the 12-day EMA. The daily candle opened bearish at $0.07010 below the 3 EMAs crossover which connotes more sellers presence and pressure. The 3-EMAs are fanned apart which means strength in the context of the trend and in this case the downtrend. The stochastic oscillator was rejected for the upward momentum and now points down suggesting a downward price movement as the bears' pressure increases. The bears may likely retest the demand zone at $0.06500 in the medium term.
TRONIX Short-term Trend: Ranging
Tronix is ranging in the short-term. The bullish momentum that got the price to the supply area at $0.07300 was lost and this brought the bears back. The bears exerted a lot of pressure and dragged the price to the $0.06200 demand area before the bulls came back in again. Tronix is trading within the $0.07300 of the upper supply range and $0.06200 of the lower demand range. Traders should be patient to allow the pair to define its trend either by a breakout to the upside before going long. or a breakdown to the downside before going short.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.