TRXBTC closes higher for the 2nd day in a row
Tron/Bitcoin Index (TRXBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TRXBTC ended Saturday at 0.00000163 edging higher BTC0.00000001 (0.62%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TRXBTC as at May 23, 2020):
Saturday's trading range has been BTC0.00000008 (4.94%), that's slightly above the last trading month's daily average range of BTC0.00000008. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TRXBTC.
One bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on January 29th, TRXBTC actually gained 2.50% on the following trading day.
After trading down to 0.00000161 earlier during the day, the cryptocurrency bounced off the key technical support level at 0.00000161 (S1). The failure to close below the support might increase that levels importance as support going forward. After spiking up to 0.00000169 during the day, the market found resistance at the 20-day moving average at 0.00000163.
Though Tron is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for TRON/BTC. Out of 99 times, TRXBTC closed lower 57.58% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more