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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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