It’s up 1.07%, but that only makes me even more wary of touching it. $TRUMP is trading at 1.23, and the 14-day RSI has already fallen to 27.8, just a step above the 14-day low of 1.11.
It’s plunged from 1.92 to where it is now, sharply and relentlessly. In the short term, it does look a bit oversold. But oversold doesn’t mean the fall is over. There’s little support below, and one more slip could take it to a new low. The 24-hour high of 1.25 is right overhead, while the price is hovering near the low. Holders are afraid to sell in case this is the bottom, but also afraid to stay in if it keeps sliding.
I’d rather wait and watch for now: if 1.11 holds, that gives the bulls some breathing room; if it doesn’t, panic selling could pick up again. It’s simple what would change my mind: let’s see it get back above 1.25 first. That would show buyers are willing to return.
At this level of oversold, do you believe in a bounce, or in the trend?
#TRUMP #MarketAnalysis
It’s plunged from 1.92 to where it is now, sharply and relentlessly. In the short term, it does look a bit oversold. But oversold doesn’t mean the fall is over. There’s little support below, and one more slip could take it to a new low. The 24-hour high of 1.25 is right overhead, while the price is hovering near the low. Holders are afraid to sell in case this is the bottom, but also afraid to stay in if it keeps sliding.
I’d rather wait and watch for now: if 1.11 holds, that gives the bulls some breathing room; if it doesn’t, panic selling could pick up again. It’s simple what would change my mind: let’s see it get back above 1.25 first. That would show buyers are willing to return.
At this level of oversold, do you believe in a bounce, or in the trend?
#TRUMP #MarketAnalysis