Connect with us

Bitcoin

Bitcoin (BTC) Tron (TRX) Price Analysis: Probing for New Levels

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

As we take a close look at the charts for Bitcoin (BTC) and Tron (TRX) below, our goal will be to develop scenarios for understanding potential support levels given what appears to be – for much of the cryptocurrency complex – a new leg lower in the overall bearish trend that got started at the beginning of this year.

This process is about implementing a study of both the tone of the action and the levels appear on the charts based on an intricate analysis of historical prices and the key levels that played important roles in the action over the course of the last year of price movement.

Bitcoin (BTC)

Price Analysis

  • High: $6723.1
  • Low: $6404.1
  • 24-Hour Volume: $4.80B
  • 7-day Percent Change: -13.03%

Chart courtesy of tradingview.com

While the selloff over recent days has been relatively severe, Bitcoin (BTC) remains an overall island of relative strength based on both the magnitude of its recent declines – much less on the downside then we see in many other large market cap coins – and the relationship of its current price in comparison with its major pivots over recent months.

In other words, Bitcoin (BTC) remains well above its lows from late June, unlike many other coins.

However, even given this relative strength, there’s no denying the technical damage that has been done over the past 10 days. The 50-day simple moving average is toast. The range highs from early July are likewise toasted. That centers our analysis on the pivot lows established in late March and early April between $6400 and $6600.

The key level below that point for Bitcoin (BTC) is marked by a pivot low established in mid-June and the clear higher low pivot inflection established in mid-July. This level is still well below but should be on the radar at around $6100.

Either the current zone around $6500, or this lower level around $6100, should be enough to spark at least a selling exhaustion point capable of spurring a bounce back up to test the 50-day simple moving average in confluence with the $7000 level.

Tron (TRX)

Price Analysis

  • High: $0.0277
  • Low: $0.024744
  • 24-Hour Volume: $120.77M
  • 7-day Percent Change: -18.9%

Chart courtesy of tradingview.com

Tron (TRX) is a very different picture.

While it may appear as though the action in Tron (TRX) has been driven by a correlation with Bitcoin, it should be clear that TRX is badly underperforming Bitcoin in recent action, and has been demonstrating this underperformance for the better part of the past few months.

On its face, this makes Tron (TRX) one of the worst-performing coins across the crypto complex over the past few months. That suggests that TRX became crowded with overeager bounce positions that are now being liquidated as recent lows are taken out during the decline.

However, hope springs eternal in a bear market. And the next level of hope that may come into play and drive the potential for a bounce in Tron (TRX) should come into play as we reach dramatically oversold readings on the 14-day RSI indicator in confluence with a test of the pivot lows from early February and mid-March in the neighborhood of the $0.025 level.

Happy Trading~

For the latest cryptocurrency news, join our Telegram!

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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

Continue Reading

Elite