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Bitcoin (BTC) Tron (TRX) Price Analysis: Huge Support Levels Now in Play

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Tron
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As we continue to trace out the recent corrective move that has been dominating the cryptocurrency complex over the past eight days, we are beginning to test key support levels that represent important signals about the fate of the current chart pattern we see shaping the charts for many large market cap coins.

Below, we are going to take a close look at the charts for Bitcoin (BTC) and Tron (TRX), noting the key dynamics in play, any directional signals they imply, and the important levels to watch on both sides of the tape.

Bitcoin (BTC)

Price Analysis

  • High: $7108.6
  • Low: $6914.8
  • 24-Hour Volume: $3.88B
  • 7-day Percent Change: -14.66%

Chart courtesy of tradingview.com

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

The pullback that we are currently navigating in Bitcoin (BTC) has made its way all the way back through the moving average channel to test key support at the 50-day moving average, which crosses the chart just under the $7000 level.

Importantly, BTC volume has been rising over the past month as excitement builds back into the space during the bounce and weak hands are now busy tossing their positions overboard for fear of tying themselves down to a sinking anchor. That is the type of mentality that can often spawn a bounce at support like this.

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

The MACD on that chart right now is actually favorable and supportive for a possible move back above the $7000 level as the histogram sits neutral and both the MACD line and signal line are below the belt.

Tron (TRX)

Price Analysis

  • High: $0.029626
  • Low: $0.028829
  • 24-Hour Volume: $118.83M
  • 7-day Percent Change: -18.31%

Chart courtesy of tradingview.com

Tron (TRX) has been one of the weakest of the large market cap coins over the past week, diving nearly 20% in that time, and taking out a number of key support levels.

We may be building a case for an oversold bounce simply by dint of a seller exhaustion dynamic given the magnitude of the decline. In short, TRX has probably been one of the toughest picks in the space this summer, and there may be no shortage of individuals still contemplating giving up on it if the downside momentum persists.

However, at the same time, Tron (TRX) also has one of the strongest areas of technical support currently in play, with major lows covering the area where it currently trades – including major pivots in 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 days like the action we saw last week.

Happy Trading~

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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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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