Moreover, the price corrected higher above $0.0.32 and formed a high around $0.03288 (around the levels of August 2018). According to the size of the bearish pattern, the cryptocurrency could fall towards the $0.014 level over the coming days. TRON technical analysis shows that the cryptocurrency could fall towards the $0.018 level before staging its next major upside move. NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins.
We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. TRON is back under technical pressure across both time horizons, following a swift technical rejection from major resistance on the four-hour time frame. The daily time frame continues to show an inverted head and shoulders pattern, which could soon make the TRX / USD pair an attractive buying opportunity.
The current gains are as a reaction to the pattern as seen on the chart. Therefore, XRP/USD is likely to continue in an uptrend and even touch $0.035 before a reversal occurs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Despite this run of gains, the technical picture does still somewhat express some vulnerabilities. The large upper wick produced during the week which commenced 7th January appears to be a bearish pin bar formation. The next major area of support is seen at a demand zone, which tracks from $0. TRX/USD last traded here on 20th December, when the bulls ran through this range, which at the time was acting as supply. At a worse case scenario, a failure of this zone holding will shift attention to the December low area, $0.011150.
The price has not been convincingly breached since June 2018, a strong sign of the bearish trend gripping the market. Briefly on 10th January, an aggressive spike to the upside was observed, pushing above for a very short-time before the sellers piled in. TRON price analysis shows that the cryptocurrency could test back towards the neckline of a head and shoulders pattern, around the $0.016 level. TRON technical analysis shows that the cryptocurrency could soon attempt to rally towards the $0.016 resistance level. Information on these pages contains forward-looking statements that involve risks and uncertainties.
According to the trends shown by the daily chart, TRX/USD has a long-term bullish outlook. The short-term 100-day SMA has maintained the position above the longer term 200-day SMA to indicate that the bulls have an upper hand in this market. Besides, the break above $0.030 meant that the buyers had increased their confidence.
TRON technical analysis shows that a strong downside reversal has taken place, with bears now targeting further losses below the $0.020 level. Bulls ideally need to defend the $0.017 to $0.018 technical area to avoid more heavy losses. Aside from Bitcoin Cash SV, TRX/USD is one of the top performers adding 1.5 percent in the last week despite the general altcoin slowdown. Needless to say, TRX/USD is technically bearish and despite attempts of higher highs in lower time frames, bears are firmly in charge. TRX/BTC daily chart.This trading week, the TRX/BTC bulls attempted on a few occasions,to break down heavy area of supply.
Technical indicators on the four-hour time frame have turned bearish and continue to issue strong sell signals. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss. XRP/USD is likely to continue in an uptrend and even touch $0.035 before a reversal occurs.
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However, correction above this level is hampered leading to the formation of a double top pattern with the highs achieved in the first week of June around $0.0400. Meanwhile, a correction has resulted in declines under $0.0390 with $0.0380 functioning as the immediate support area. Other key areas to look out for are $0.0360 support, $0.0320 support area and June lows at $0.0291. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you.
patterns > Atalante and 2 more… > Tron
Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies. TRON price analysis indicates that a rally towards the $0.016 level could take place. The daily time frame also highlights the $0.016 level as an area of technical importance. Looking at the 4-hour chart, Tron recovered from June lows around $0.0291 and even retested the resistance at $0.0400.
Bitcoin dropped to $6,754 on Monday and spend the most part of the week consolidating under the critical resistance level $7,000. ETH/USD touched the intraday low at $195.17 and recovered to $199.50 by press time. The second-largest digital asset attempted a recovery above $219 on Sunday, May 3, and has been trading with bearish bias ever since. During the weekend, Bitcoin managed to overcome the first resistance level created by a medium-term downward trend line. But today it meets the 200-day simple moving average and the upward movement has become more complicated.
TRX/USD has taken a dive in recent days falling from 0.01832 to around 0.01521 today. The bearish price action has been consistent with the market making lower highs and lower lows.
TRX/USD is among the few coins in the green following a 1.94% rise in the last 24 hours. TRON technical analysis over the short term now shows that a new bearish head and shoulders pattern has formed with a $0.06 downside projection. TRON has started to reverse lower alongside other altcoins, after the popular Chinese cryptocurrency found strong resistance from just above the $0.026 level. If the latter is the case then TRX/USD could drop to Jan 24 lows as laid out in previous TRX/USD trade plans.
- Now the market has consolidated somewhat, there has been a higher low and higher high wave made.
- TRX/USD has taken a dive in recent days falling from 0.01832 to around 0.01521 today.
ETH bears must fight for $193.00 to the last drop of blood
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TRX/USD 1-hour chart
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Now the market has consolidated somewhat, there has been a higher low and higher high wave made. It seems the bulls are rejecting the 0.0150 psychological area. If the market does break higher then the red horizontal 0.0162 resistance zone could come into play. If the pattern breaks lower then the low of 0.01409 and there could be another tussle for support there too. On the daily chart, the larget base pattern low is at 0.01216, so if the bears regain control there is a longer-term target.
This pattern signals a trend reversal and is mainly used to indicate the beginning of an uptrend following a down sloping trend. The daily chart shows the formation of a long-term inverse head-and-shoulders pattern.
It also shows the incoming trend reversal in either direction. However, it cannot be used on its own to accurately predict the trend direction. The slope comes after the Indicator touches the levels at 70.00 due to the surge that began last week.
According to the size of the pattern, the TRX/USD pair has yet to meet the full downside projection of the pattern, around the $0.006 level. TRON has been consolidating in a tight price range over recent days as the popular Chinese cryptocurrency struggles to find a strong directional bias. 3D isometric Physical golden Tron coin with wireframe chain. and currently it completing a Chypher pattern on this price level which matching exactly with our support!
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This is the third time that Tron is breaking above the 200-day SMA since the declines that last year in May. However, the current bull strength displayed by cryptocurrencies across the market shows that there is more to come. Last week TRON showed tremendous upside potential, after invalidating a bearish reversal pattern. The TRX/USD pair recently tested the $0.026 level, which represented the 50 percent Fibonacci retracement of the 2019 trading high to the September 2019 swing-low. TRX/BTC weekly chart.Looking via the weekly chart view, TRX/BTC has been pushing higher for the past three consecutive weeks, at the time of writing.
TRX/USD head and shoulders formation, via daily chart.A near-term ascending trend line can be observed via the daily chart. The left shoulder and head have already been constructed, with attention on this possible right shoulder. It is currently moving back towards the trend line, acting as a neckline for the technical pattern. According to the size of the bullish flag pattern, the cryptocurrency could rally towards the $0.016 level over the coming days.
You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. TRON has a bearish medium-term outlook, with the cryptocurrency once again trading below its trend defining 200-day moving average. TRON has a bearish short-term trading bias, with the cryptocurrency remaining under heavy technical selling pressure. This indicator issued to gauge the strength of either a bullish or a bearish market.
Fibonacci analysis shows that the cryptocurrency could test the 23.6 Fibonacci retracement of the mentioned sequence, around the 0.018 level, before moving higher again. TRON has started to reverse from the $0.026 level over recent days, as altcoins gave back a sizeable portion of their strong yearly gains. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets. TRX/USD daily chart.There has been little in terms of committed market direction.
At present, the signal from this indicator is bearish and could mean that the bullish momentum is fizzling out and bears are likely to come for revenge in the short-term. Tron is the bull among the sloth of bears that seem to be returning for revenge following more than a week of incredibly bullish movements across the entire market.