Multi-timeframe Analysis Of TRXUSDT On Trading View

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Hello crypto family,

How are you doing today? It is your favourite cryptocurrency analyst and I am before you all today to share my analysis on trxusdt.

Trx is a very good token with Interesting fundamentals and I have decided to share my analysis on trxusdt, starting from a higher time frame to a lower time frame.

I visited my trading view and went straight to the pair trxusdt on the monthly timeframe.

On this timeframe, I could see the market recovering from a bearish move by breaking highs, then I decided to identify key levels in the market.

From the image above, i identified my support and resistance levels.

The market has respected this level severally and I have the belief that the market will respect this region again and again.

And from the chart, I can see that the market just approached the resistance zone and it is expected to be rejected, just as the strategy of support and resistance explains.

Then I decided to move to a lower timeframe to get more details about the market.

From the above screenshot, we can see that the market has severally tested and respected this key level.

And also the market has entered into the resistance region and I can see some rejection candles.

This rejection candle has given me a reason to enter a short position but I decided to get more detailed information on the market data by moving to a lower time frame.

Then moving to the daily timeframe, I could see more market activities and i could see the market trying to retrace to the downside, then I searched for confirmation to enter my trade.

The support and resistance strategy is a very good strategy to analyse the cryptomarket, and I love making use of this strategy in analyzing the market.

Then I moved to the 4hr timeframe to search for an entry into the market.

Within the resistance region, I could detect a minor resistance which I decided to use as my entry.

As I indicated above, I could see that the market has tested the minor resistance level severally and has not been able to break above this region, then I decided to add indicators as a confluence to my chart.

Then I added my stochastic indicator so I could get confluence for my trade.

Moving to the monthly timeframe, I added the stochastic indicator and I noticed that the market is in its oversold region.

And the oversold region is a region that signifies a bearish trend reversal signal, and at this region, we should expect the market to retrace to the downward side.

Then I moved to the weekly timeframe to see what signal I would get from the stochastic indicator.

And from my weekly analysis using the indicator, I noticed that the market is also in an oversold region, and this region is a bearish trend reversal signal.

From this, I got the confluence I needed to enter my short position on the market, but I take my entry on the 4hr or 2hr timeframes, and as such, I have to continue my analysis to the 4hr timeframe.

From the daily timeframe, if we check properly, you would notice that the market is not in an oversold region, however it is approaching an over sold region.

And this is also signaling a bearish trend reversal as the oscillator has crossed above the 50-line on the indicator.

Then I moved to the 4hr timeframe, and from this timeframe, I can see that the market is also in it's oversold region.

Then I took this as enough confluence to enter my position.

Then I entered my short position on the market trxusdt, i placed my entry on the minor resistance and I placed my stop-loss on the closest support in the market.

Conclusion

I have shared my analysis of trxusdt on multiple timeframe and I will continue to share more technical analysis.

This post of mine should not ne used as a financial advise, rather it is being made for educational purposes.