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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

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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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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