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The TRX / BTC crypto pair is now at a critical support level, after the generalized downturn in the cryptocurrency market forced most of the cryptos down. However, TRX / BTC did not experience a lot of downside, unlike the situation with Ethereum which saw the major as a provider lose nearly 30% of its market value. This TRX / BTC analysis presents the outlook for the next few weeks as a price action for this crypto pairing.
Fundamental Outlook
CEO Justin Sun continues to blow the cryptocurrency's trumpets and has continued to dish out reasons as to why decentralized apps developers should ditch Ethereum and patronize Tron. Binance has also started to promote TRX in its Gold Label Project Info. However, this news does not have much of an effect on the recent price action of TRX / BTC. Traders seem to be interested in the general market sentiment at the moment.
Technical Outlook
Last week, the last three months, the last three months, the last three months of the year, and the last three months of the year, as of March 2018 as well as August – September 2018.
TRX / BTC Weekly Chart: November 27, 2018
These levels are tested once. We can also see the 50-EMA line providing dynamic resistance to price action, and this is also intact. We suggest that the volume is on the sale side of the equation.
Let us now go to the medium term outlook chart (daily chart) to get a clearer view of what is happening in the market.
TRX / BTC Daily Chart: November 27, 2018
This chart reveals the following:
- There are two possible levels at which the price action will most likely find support. En (0.00000287), which has been tested in August as well as early November 2018.
- Volume for this week has been relatively low. Their status is not surprising, they can be applied to the initial support level and traders are realigning their positions.
- The 50-EMA line continues to play a vital role as a dynamic resistance line.
The situation on both charts provides some information on how to proceed with the trading of this pair.
Trade Scenario
0.000003 may prove to be too strong for sellers to breach, and this may provide an area where traders may decide to perform quick bounce trades to the upside. However, the looming 50-day exponential moving may limit any upside movements and keep them at the barest minimum. It may be too early to trade on a bounce. Indeed, price may decide to test several times in the next week or two without any concrete definition of direction of movement. So caution is advised.
In any case, any moves to the upside (such as a strong bounce) have to be supported by the 5o-EMA line.
Trade Scenario 2
A successful break of the initial support will open the door to the next support level at 0.00000287. Nicely, but found the 50-EMA too tough to crack. If it is possible we can have a retest of this area. A range of for some time.
Market Sentiment:
The long-term and mid-term outlook of the TRX / BTC pair is:
- Long-Term – neutral to bullish
- Mid-term – neutral to bearish
Please note: this was done on a weekly chart. They take a whole week for a candle to form, so many moves may take several weeks to play out. Entries should be made on shorter time frame charts such as the daily chart.
Learn More
Want to learn more about TRON? Read about how Tron's transactions have passed other major coins in our in-depth article. You can also read about Tron's price rumor of a big partnership.
Interested in investing in Tron? You'll want to start with our Tron price prediction article.
The best place to buy or trade for TRX is on Binance. After, you can use the great features of TronWallet to hold your TRX.
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