Tron’s OBV has been in a steady uptrend throughout 2023 and this suggested that the long-term rally was likely to continue for a while.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The slow move past the weekly chart’s resistance signaled bullish intent and long-term bulls can be confident in their convictionwas in a strong uptrend on the one-day chart.
The On-balance Volume has been in a steady uptrend throughout 2023. It was interspersed with deep pullbacks, just like the price. It was likely that this trend would continue. The Fibonacci extension levels showed that the next target was the $0.101 level, the 23.6% extension. These levels were plotted using the rallies that occurred throughout June and July.
The red boxed demarcate bearish order blocks from the weekly chart. They were zones of resistance that the bulls could take weeks to breach. The next OB sat at $0.105, which suggested that swing traders could look to book profits at $0.101 and wait for another retracement for their next buying opportunity.The Open Interest chart observed an uptrend in early September. It noted another move higher in the second half of the same month, with a minor pullback from 16 to 21 September.
The first week of October saw a steady OI as prices also hovered around the $0.085 mark. This suggested that some speculators were sidelined and waited for a reaction from the support level. At the time of writing Bitcoin was trading at $27.5k. The king coin has a bullish outlook in the short term as its recent losses worked to collect liquidity in the $27.2k-$27.5k region. A move higher for BTC would likely see TRX register gains too.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.