🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

TRX/BTC Bounces At The First Significant Support Area Of 160

Published 08/13/2019, 05:22 AM
Updated 07/14/2021, 10:35 AM
TRX/BTC
-

On August 4, the TRON price reached a high of 213 satoshis. A gradual decrease ensued. On August 9, it reached a low of 163 satoshis. It has been increasing since then.

TRX Outlook

Has the TRX price made a bottom or will it decrease even further? Continue reading below if you are interested in finding out.

TRON Price: Trends and Highlights for August 12

  • TRX/BTC is trading inside a broadening descending wedge.

  • There is support at 160 and 70 satoshis.
  • There is selling pressure at 190 satoshis.
  • It generated a bearish engulfing candlestick on August 9.
  • Current TRX Price Support

    TRX Outlook

    A look at the daily time-frame shows that the TRX price has just reached a minor support area and is above the other significant support area.

    The support areas are found at 160 and 70 satoshis respectively.

    Additionally, a closer look reveals that TRX is trading inside a descending, broadening wedge. This is considered a bullish pattern, making a price breakout more likely.

    TRX Outlook

    Additionally, the support line of the wedge coincides with the first support area — making it a very suitable level for the initiation of a reversal.

    Let’s take a look at the technical indicators and decide whether an upward movement will begin.

    Downtrend

    TRX Price

    In order to analyze the strength of the underlying trend, we have incorporated moving averages (MA) into the analysis.

    On July 28, the 10- and 20-day MAs were very close to making a bullish cross.

    However, the cross was rejected, and both MAs proceeded to decrease.

    The TRX price has been trading below them since, facing close resistance from the 10-day MA.

    It has not yet made an attempt at breaking out.

    TRXBTC Daily Chart

    A closer look at the daily candlesticks reveals that there is selling pressure above the current price levels.

    This is visible in the long upper wicks of August 8 and 11.

    Additionally, on August 9, the TRX price created a bearish engulfing candle.

    It has not yet reached a close above the opening level of the day.

    This is a sign that the bearish pressure has yet to dissipate.

    Therefore, we believe that the current attempt at initiating an upward movement will not be successful.

    This view is also supported by the lack of significant bullish divergence in the RSI or MACD.

    Instead, the TRX price is likely to continue trading close to the support area, possibly creating a double bottom pattern.

    Afterward, it could initiate an upward move.

    TRON Price Summary

    The TRX price is trading inside a descending, broadening wedge.

    According to our analysis, it is likely to consolidate inside the support area for a period of time.

    Eventually, it should increase towards the resistance line.

    Latest comments

    Loading next article…
    Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
    Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
    Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
    It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
    Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
    © 2007-2024 - Fusion Media Limited. All Rights Reserved.