Since the beginning of the year, the entire cryptocurrency market has tempered in comparison to the wild price run-ups that took place in the last couple of months of 2017. Irrational exuberance that carried many of the popular cryptocurrencies to outlandish over-valued all-time highs seems to have dissipated, and now the market as a whole seems to be displaying price action in which “cooler heads are prevailing.”
Now that the price movements for cryptocurrencies have somewhat settled down, traders can now more effectively apply technical analysis techniques to make rational trading decisions, as opposed to the “hop on the crazy rollercoaster” type of trading that was taking place last November 2017 through January 2018. There is still more than enough price volatility in the Cryptocurrency markets to provide ample trading opportunities without the unreasonable risk.
TRON traded to an all-time high of $.2548 on January 4, 2018, and has since declined and settled into a price channel with a slightly downward slope, as can be seen on the daily chart below. Tron has been trading in this channel since the beginning of February 2018.
CHART #1: TRON Daily
A side-ways price-channel is the ideal situation to apply a price oscillator for finding trading setups. Chart #1 above clearly displays the price oscillation between the resistance and support levels. When those same levels are applied to a 120-minute chart, a stochastic indicator can then be applied to identify trading opportunities when price approaches one boundary levels of the channel. Chart #2 below show several examples of this phenomenon taking place.
CHART #2: TRON 120 minute
We can see on the chart above, when price action approaches and/or surpasses either of the channel boundaries, it is usually preceded by both the %K and %D lingering either above the overbought line, as in the case of price approaching the resistance level (marked with the blue lines and pointers), or the oversold line, as in the case of price approaching the support level (marked with the red lines and pointers).
Once price begins to reverse back into the channel, both stochastic indicators usually make a strong move to the opposite side of the stochastic range. A long signal is indicated when the stochastic indicators go back above the oversold line while the price is returning to the channel range from below the support level. A short signal is indicated when the stochastic indicators go back below the overbought line while the price is returning to the channel range from above the resistance level.
If a price breakout from the channel occurs, the stochastic indicators will persist in the overbought or oversold ranges depending on which side the breakout takes place. Once a new trading range is established, the oscillator will reset.
Currently, TRON is trading near the middle of the channel range. The savvy trader will pay close attention to the stochastic indicator as price makes its next move to one of the boundaries of the channel. There may still be a few more trading opportunities before TRON breaks out of the channel. We’ll keep a close eye on TRON.
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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 coinmarketcap.com
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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