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

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Bitcoin
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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~

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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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Bitcoin

New Tendencies of Bitcoin Gambling

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Bitcoin gambling
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Gambling has always been an integral part of human nature. Nothing is sweeter than the money you win, and that’s why wagering games have always captivated people throughout history. Last couple of decades saw the gamblers switch increasingly towards virtual gaming, instead of physically being inside a casino. The popularization of online casinos led to the integration of Bitcoin Gambling into the systems and today a very large share of the casino industry is based on the virtual currency.

Reasons behind the transition

The tendency to switch from classic casino environment was dictated by the fact of mobility and accessibility. But the new age has brought us cryptocurrencies like Bitcoin that revolutionized the gambling business. From now on, the gamblers of the world don’t have to rely on traditional banking transactions to be able to enjoy themselves online. A simple crypto-wallet and ownership of virtual currency is enough to engage in Bitcoin Gambling.

Bitcoin Gambling and Blockchain Technology

The big reason for the heavy shift towards Bitcoin Gambling is the fact that Bitcoin and other cryptocurrencies are based on the blockchain technology. This means that the process is decentralized, resulting in a much faster speed of transactions, when it comes to depositing or withdrawal of funds in or from the casino accounts. It also makes gambling incredibly secure,…

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Bitcoin

Bitcoin will return to the bear market? Bex500 senior investor teaches you how to get profit in the Bear market

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—— Don’t forget to join Bex500 bonus program at the bottom of the article.

Since September, the Bitcoin price has been decline from beyond $10000 to below the $8000, which 20% of the bitcoin value has been removed. The collapse of bitcoin price brings about the new panic in the bitcoin trading market. Many bitcoin investors are scared of the returning bear market as the early of this year. On the contrary, some of the bitcoin-believer, especially the investor who brought Bitcoin in the height of the price still thought that the bitcoin price will rebound very soon. However, it is no doubt that the early stage of the bear market has been shown up in the past month. Many crypto analysts start to predict the bottom price of this market movement.

However, as the market developed, crypto traders have detected more tools to safely pass through the bear market. They realized more ways to avoid the loss of the price decline; moreover, they began to earn profit from the bear market. The key to the tools is the bitcoin futures contracts. We are honored to make an interview with Bex500 senior investor Tom Beck and he introduces the details about bitcoin futures contracts. (Reporter=R, Tom Beck=T)

R: Hi, Tom, Thank you for accepting our interview, Could you introduce yourself?

T: Sure, My name is Tom, I have over…

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