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The Tellor (TRB) price has been rejected by the $35 resistance area for the second time, creating a long upper wick in the process.
Tellor is expected to decrease towards the closest support area before potentially beginning another upward movement.
Tellor Rejected From Resistance
TRB has been increasing since reaching a low of $15 on Dec. 24, 2020.
The upward movement continued until TRB reached a high of $35.65 on Jan.17. After a slight decrease, TRB initiated another upward move and reached a slightly higher high of $37.10, but was again rejected. This further validated the $35 area as resistance.
Until TRB breaks out above this area, we cannot consider the trend bullish. If TRB were to break out, the next closest resistance area would be found at $46. Beyond that, there is virtually no resistance above it until a new all-time high.
Conversely, the closest support area is found at $26, which is both a horizontal support area and the 0.5 Fib retracement level.
The six-hour chart shows a possible ascending parallel channel, and what looks like either an irregular or running flat correction (black).
This would suggest another downward move toward the previously outlined $26 support area (0.618 Fib retracement level), or slightly lower at the support line of the channel near $22.
Technical indicators are bearish and support the possibility of this downward movement transpiring.
Cryptocurrency trader @Damskotrades outlined a TRB/BTC chart that shows an increase to the ₿0.0012 and potentially the next resistance area at ₿0.0023
Since the tweet, TRB has been rejected prior to reaching the resistance area, which seems to be at ₿0.00125.
Technical indicators are neutral but are gradually turning bullish.
Currently, TRB is trading right at the 0.5 Fib retracement level of the most recent upward move, found at ₿0.00821.
Furthermore, it seems that TRB has completed a bullish impulse and is now correcting inside an A-B-C structure.
This would fit with both the TRB/USD movement and a possible decrease to the 0.618 Fib support at ₿0.00742.
Both the TRB/USD and TRB/BTC pairs are expected to complete one more move downward before potentially resuming their upward movement.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.