on the lower timeframes. The BTC rejection at $29.8k meant there was a chance that the king would see some more losses over the weekend. The second was the presence of a bearish order block at $0.07-$0.073.A look at the 4-hour charts showed that the price action was strongly bullish behind TRON. The price recovered well from the setbacks it suffered in mid-April, when the bulls struggled to break the $0.067 resistance.
They achieved this on 1 May. Moreover, it occurred on strong buying volume, as the OBV saw an upward move past a trendline resistance. Yet, the daily timeframe showed that things weren’t smooth and bullish for TRX. Despite the move above the lower timeframe resistance at $0.067, the $0.00705 area was a bearish order block on the daily timeframe. Therefore, a move to $0.072-$0.073 to boost liquidity before a reversal was a possibility. Hence, both bulls and bears must exercise caution.
The evidence at hand showed bullish momentum and buying pressure for TRX, but it was unclear if a breakout past the $0.073 bearish order block can occur. Buyers can wait for a daily session close above this level, while bears can look to short a rejection. 8 May’s high and low could shed more light on the situation for the week ahead.The Coinglass data showed that short positions consistently saw larger volumes liquidated than the long positions.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »