TRXBTC has maintained a steady fall for some days, the pair seems not to be relenting in the bearish outlook within the short term period. It has objected to the bullish pressure in between, thereby, indicating a serious bearish trend.
Supply levels: $0.47, $0.46, and $0.44
Demand levels: $0.43,$0.41, and $0.38
TRXBTC Trends: Bearish
It is not surprising; to see the pair going low, this is because of price rejection at the supply of $0.47. This key level has not been broken for a while, hence the market has fallen to the demand price level of $0.38, before re-bouncing a little, and a further, break of this level will be a continuation of a bearish trend for the coin.
The currency bearish outlook is indicated on the chart. The price could not break up the trend line, rather is going south side. The price is also below the Keltner Channel indicator. And the Channel Breakout Arrow indicator is pointing down, showing a strong bearish trend.
TRXUSDT Market Analysis:
The pair is also on the south side, key resistance for the bull to take over has not been broken. So for the time being the 4-Hour outlook is in support of the bearish trend.
Looking intently on the 4-Hour chart, it can be deduced that the coin only had a bounce on the upper channel of the trend line, thus, heading to the low trend line, if the price breaks the lower trend line then, the bearish trend continues.
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