TRXBTC closes below its opening price unable to hold early session gains


Tron/Bitcoin Index (TRXBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team

Highlights

TRXBTC falls to lowest close since August 29th
TRXBTC closes below its opening price unable to hold early session gains
TRXBTC breaks below Saturday's low

Overview

TRXBTC finished Sunday at 0.00000225 losing BTC0.00000002 (-0.88%) on low volume. Today's close at 0.00000225 marks the lowest recorded closing price since August 29th. Trading BTC0.00000001 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Wednesday, TRXBTC lost -1.28% on the following trading day. Closing below Saturday's low at 0.00000226, TRON/BTC confirmed its breakout through the prior session low after trading up to BTC0.00000001 below it intraday.

Daily Candlestick Chart (TRXBTC as at Oct 18, 2020):

Daily technical analysis candlestick chart for Tron/Bitcoin Index (TRXBTC) as at Oct 18, 2020

Sunday's trading range has been BTC0.00000003 (1.32%), 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 Last Engulfing Bottom Pattern which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle.

Although 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 seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for TRON/BTC. Out of 50 times, TRXBTC closed lower 58.00% 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 10 trading days, showing a win rate of 82.00% with an average market move of -6.75%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more


Market Conditions for TRXBTC as at Oct 18, 2020

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