TRX (TRON): Overbought at Resistance
Trade setup: Price is in an Uptrend. It made Higher Lows (see blue trendline) and broke back above 200-day MA ($0.12) to signal trend reversal to uptrend. It's now approaching $0.145 resistance and getting overbought (RSI > 75), hence, we could see some profit taking in this area. Now we look for the right entry opportunity in Uptrend. We wait for price to either 1) break above $0.145 to signal continuation of uptrend, or 2) pull back near $0.12 support for another swing trade entry in Uptrend with +20% upside potential back to $0.145.
Pattern: Price is Overbought at Resistance. This trading strategy finds assets that are overbought (RSI > 70) and are near a resistance area, which means there's a high probability that price will get rejected and pull back near-term. Overbought conditions are typically reached when RSI hits 70 or more. Learn this trading strategy in Lesson 5.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Strong Up.
Momentum is Bullish (MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is Overbought currently, based on RSI-14 levels (RSI > 70).
Support and Resistance: Nearest Support Zone is $0.11, then $0.10. Nearest Resistance Zone is $0.145.
Pattern: Price is Overbought at Resistance. This trading strategy finds assets that are overbought (RSI > 70) and are near a resistance area, which means there's a high probability that price will get rejected and pull back near-term. Overbought conditions are typically reached when RSI hits 70 or more. Learn this trading strategy in Lesson 5.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Strong Up.
Momentum is Bullish (MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is Overbought currently, based on RSI-14 levels (RSI > 70).
Support and Resistance: Nearest Support Zone is $0.11, then $0.10. Nearest Resistance Zone is $0.145.
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