Bullish breaker has been defended so far and has confluence with Point of ControlThe Visible Range Volume Profile tool highlighted the two contextually most important levels for TRON going forward. The first was the Point of Control at $0.053, and the other was the Value Area High at $0.058.
At press time, the price was at the 50% retracement level of $0.0577. These Fibonacci retracement levels were plotted based on TRX’s move down from $0.065 to $0.045. On 26 November, TRX retested the $0.0526 level as support. Beneath this level was a bullish breaker that extended from $0.0527 to $0.0516. Since late November the price has tested this bullish breaker multiple times and has seen a positive reaction on each retest.
In recent weeks TRON has set higher highs on the price charts and had a bullish structure at the time of writing. These higher lows and retests of the bullish breaker formed apattern as well. The pattern has a likelihood of witnessing a northward breakout for the price. With Bitcoin facing some selling pressure in the vicinity of $17k-$17.3k, a pullback could offer bulls a chance to buy TRX. The RSI was above neutral 50 and showed some bullish momentum. Meanwhile, the OBV has been rising rapidly since late November to indicate strong buying pressure.Although the ascending right-angled pattern generally sees an upward breakout, the flat open interest chart suggested the prices may already have reached their local top.
Healthy uptrend? 😂