The TRX move below the recent higher low at $0.074 on 9 June signified a break in the previously bullish market structure, and bears looked dominant on the daily timeframe.
Indicators showed a downtrend was initiated- should short sellers enter the market?The RSI on the 1-day timeframe fell below neutral 50 to signal momentum had shifted in favor of the bears. The CMF was also below -0.05 to highlight significant capital flow out of the market. Together they showed a rise in bearish pressure in the market. Moreover, the Directional Movement Index also showed a strong downtrend in progress, with both the -DI and ADX above 20.
The price action on the daily timeframe showed bearish bias as well. The move below the recent higher low at $0.074 signified a break in the previously bullish market structure. What was more, TRX sellers were able to force prices beneath the $0.0668 mark as well. In doing so they brought the bearish intention of the market to the forefront.
It remains to be seen if this move downward is the beginning of a downtrend or only a particularly sharp correction. The evidence at hand pointed toward further downside. A revisit to the $0.074-$0.078 region can be used to short TRX.On 22 May, both the spot CVD and the Open Interest registered their highs for the month of May. Since then, both metrics have been falling. The CVD in particular was in a persistent downtrend, even though TRX pushed to the higher high at $0.085.
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