TRX has had quite a day today. It surged to 0.362 in the morning, slid steadily through the afternoon, then whipsawed up and down twice inside the range tonight.
This afternoon, I said 0.33 was the bottom of the range. By evening, it really did drop to 0.3308, but buyers stepped in as soon as it touched that level. It then bounced to 0.3418, and is now at 0.334u.
Daily trading volume topped $2.2 billion, several times higher than usual. That morning wick trapped the people chasing the rally near the top, while the afternoon move shook out the nervous holders.
I think it’ll keep grinding around in this 0.33–0.345 range for now. It tested the bottom once and held, so the odds seem to favor a move up. Around 0.33 still looks like a comfortable entry; first, I’d watch for 0.345. A lot of people who chased it this morning are stuck there, so that level may bring some resistance.
If it really breaks below 0.33, this three-month range will be broken—that’s a different story. #TRX $TRX
This afternoon, I said 0.33 was the bottom of the range. By evening, it really did drop to 0.3308, but buyers stepped in as soon as it touched that level. It then bounced to 0.3418, and is now at 0.334u.
Daily trading volume topped $2.2 billion, several times higher than usual. That morning wick trapped the people chasing the rally near the top, while the afternoon move shook out the nervous holders.
I think it’ll keep grinding around in this 0.33–0.345 range for now. It tested the bottom once and held, so the odds seem to favor a move up. Around 0.33 still looks like a comfortable entry; first, I’d watch for 0.345. A lot of people who chased it this morning are stuck there, so that level may bring some resistance.
If it really breaks below 0.33, this three-month range will be broken—that’s a different story. #TRX $TRX
