• The bears are in control of the long-term outlook.
• Traders may consider selling after pullbacks with bearish candle reversal pattern as confirmation
TRX/USD Long-term Trend: Bearish
Supply zone: $0.0500, $0.06000, $0.000
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook is a down-trending market. The bears were back in control within the range after the bullish exhaustion at $0.03579 on 8th July. The break of the resistance of the two EMA confirmed the bears’ takeover as price fell further to $0.03106 within the range on 10th July.
The large bearish candle at $0.03190 broke the lower demand area as price fell to $0.02690 in the demand area on 11th July which is the low of the week.
Price is below the two EMAs crossover with the signal of the stochastic oscillator pointing down at 15% in the oversold region which suggest downward movement in price the days ahead.
$0.02400 in the demand area is a key demand area and may be retested as the bears continue the journey down south
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