TRXBTC finds buyers again around 0.00000226

Tron/Bitcoin Index (TRXBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team


TRXBTC finds buyers again around 0.00000226
TRXBTC closes within previous day's range after lackluster session


TRXBTC finished Saturday at 0.00000227 flat on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (TRXBTC as at Oct 17, 2020):

Daily technical analysis candlestick chart for Tron/Bitcoin Index (TRXBTC) as at Oct 17, 2020

Saturday's trading range has been BTC0.00000004 (1.76%), that's below the last trading month's daily average range of BTC0.00000008. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TRXBTC.

Three candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns and one neutral pattern, the Doji. The last time a Tweezer Bottom showed up on October 9th, TRXBTC actually lost -1.68% on the following trading day.

After having been unable to move lower than 0.00000226 in the previous session, the market found buyers again around the same price level today at 0.00000226.

Though Tron is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for TRON/BTC. Out of 314 times, TRXBTC closed lower 56.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after six trading days, showing a win rate of 62.10% with an average market move of 2.34%.

With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more

Market Conditions for TRXBTC as at Oct 17, 2020

Loading Market Conditions for TRXBTC (Tron/Bitcoin Index)...
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