2018-11-16 19:34 |
Prior to this week, Tron had a bullish set-up after forming higher lows since mid-August. This week’s bearish movements across the cryptocurrency market have broken this pattern and brought the price of Tron back below $0.2. Price currently trades around $0.19 after pricing in a low around $0.175 yesterday.
Momentum is strongly on the side of sellers in Tron with both the RSI and MACD decreasing. Wednesday was when the significant downward move occurred across the market with Bitcoin moving below the important $6000 point and most almost all altcoin suffering sharp losses.
Wednesday’s price action brought Tron’s price from $0.22 to $0.185 on high amounts of volume and was followed up yesterday. Price bounced from its low of $0.175 yesterday with a brief respite from bearish movements occurring across the market.
Tron Daily Chart – Source: TradingView.comTron is the 11th largest cryptocurrency by market cap. Movements of altcoins are still largely linked to those of the market leader Bitcoin. Bitcoin currently represents around 53% of the entire cryptocurrency market cap.
The market leader is currently forming a bearish set-up known as a bear flag. A bear flag takes place when a drop is followed by sideways trading, and this is further followed up by another drop. Bitcoin is currently in the sideways trading phase, so the developments over the next few days price action will reveal whether the bear flag will play out.
Bitcoin Daily Chart – Source: TradingView.com Key Takeaways: This week’s bearish movements have resulted in Tron breaking its series of higher lows. Momentum is currently strong on the side of sellers with both RSI and MACD decreasing. Bitcoin currently has a bearish set-up, and a decline from here would likely result in a decline in Tron also.Tron [TRX] Breaks a Series of Higher Lows Amid Bearish Price Movements was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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