For much of 2018, there has been a reoccurring trend in the crypto markets. When Bitcoin falls, altcoins fall but fall further. When Bitcoin rises, altcoins rise but rise higher. However, for much of 2018 the crypto market has been in a downtrend, and last week when Bitcoin blasted through $6850 as noted here, this trend was broken.
Now the market seems to be playing by different rules. Even though Bitcoin has made a significant move to the upside over the past 24 hours, altcoins are having mixed performances. Tron is having a second consecutive red day and has made some substantial depreciation since the ascending triangle pattern formed last week broke down. The drops have been on low volume so bears could be losing momentum, but in the event of a significant drop, there should be strong support at $0.03.
On the 4-hour chart, we can see the 50 and 100EMA are acting as significant resistance any time the price tries to trade above. About this time last week, the outlook for Tron was looking very bullish after closing above the significant $0.04 point and even trading around $0.045 briefly. However, since the ascending triangle pattern broke down, Tron has failed to recover and has been trading in a range which looks more likely to break to the downside.
On the hourly chart, we can see more clearly the range Tron has been trading in. Mainly fluctuating between $0.035 & $0.036, it looks likely now to break to the downside after pricing in a lower high on the hourly (as indicated by the arrow on the chart below). MACD is trading below its signal line adding to the case for further movement to the downside.
- Outlook changes from bullish to bearish.
- Has been trading in a range from $0.035 to $0.036 since the ascending triangle broke but after pricing in a lower high on the hourly, the price looks set for a downward move.
- In the event of a significant drop, $0.03 should act as strong support.
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Consecutive Losses for Tron [TRX] – Price Outlook Changes From Bullish to Bearish was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.