Bitcoin (BTC) Tron (TRX) Price analysis: huge levels of support now in play

LAW SIDE – DOWNLOAD THIS POST AS PDF

As we continue to track the recent corrective move that has dominated the cryptocurrency complex over the past eight days, we are starting to test key support levels that represent important signals about fate of the current chart is to shape the rankings of many large coins with market capitalization.

Below, we will take a close look at the charts for Bitcoin (BTC) and Tron (TRX), observing the key dynamics in play, all the directional signals that imply and the important levels to be observed on both sides of the tape.

Bitcoin (BTC)

Pricing Analysis [19659006] High: $ 7108.6

  • Low: $ 6914.8
  • Volume 24 hours: $ 3.88
  • 7-day percentage change: -14.66%
  • Graph courtesy of tradingview.com

    Bitcoin (BTC) has been consistently pulling back following its very close test to the 200 day simple moving average in the middle of last month around the $ 8500 level.

    The pullback we are currently browsing in Bitcoin (BTC) has made its comeback through the moving average channel to test the key media support 50-day mobile, which crosses the chart only Below the level of $ 7000.

    Importantly, the volume of BTC has increased during the last month while the excitement returns to space during the rebound and the weak hands are now committed to throwing their positions overboard for fear of binding to a & Still sinking. This is the kind of mentality that can often generate a rebound in support like this.

    At this point, the key support is below the $ 6800 level, the lowest lows for the trend on the hourly chart should appear.

    The MACD on that chart at this time is actually favorable and supportive for a possible return above the $ 7000 level because the histogram is in a neutral position and both the MACD line and the signal line they are below the belt.

    Tron (TRX)

    Price analysis

    • High: $ 0.029626
    • Low: $ 0.028829
    • 24-hour volume: $ 118.83 M
    • 7-day percentage change: -18.31% [19659022] Graph courtesy of tradingview.com

      Tron (TRX) was one of the weakest of the large coins with market capitalization in the last week, with a decline of almost 20% in that period and a series of levels of key support [19659003] We could build a case for an oversold rebound simply by virtue of a dynamics of exhaustion of the seller given the magnitude of the decline. In short, TRX was probably one of the most difficult choices in space this summer, and there may not be a shortage of individuals who are still thinking about giving up this if the downward momentum persists.

      However, at the same time, Tron (TRX) also has one of the strongest areas of technical support currently in play, with the main minimums covering the area in which it currently operates, including the main pins of February, March and April of this year.

      The most important level below is clearly the $ 0.025 level, which could come into play if we see another couple of days as the action we saw last week.

      Happy Trading ~

      For the latest cryptocurrency news, join our Telegram! [19659003] Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer

      Image courtesy of Pexels

      Charts courtesy of tradingview.com

    Source link