TRXBTC breaks back below 20-day moving average


Tron/Bitcoin Index (TRXBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team

Highlights

TRXBTC breaks back below 20-day moving average
TRXBTC runs into sellers again around 0.00000165
TRXBTC closes within previous day's range

Overview

TRXBTC finished Sunday at 0.00000156 losing BTC0.00000007 (-4.29%) on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (TRXBTC as at Nov 22, 2020):

Daily technical analysis candlestick chart for Tron/Bitcoin Index (TRXBTC) as at Nov 22, 2020

Sunday's trading range has been BTC0.00000012 (7.36%), that's above the last trading month's daily average range of BTC0.00000009. Weekly volatility is also higher, being slightly above 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 Black Candle. The last time a Black Candle showed up on Friday, TRXBTC actually gained 15.60% on the following trading day.

Tron closed back below the 20-day moving average at 0.00000161. After having been unable to move above 0.00000164 in the previous session, TRX ran into sellers again around the same price level today, missing to move higher than 0.00000165.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 0.00000166 where further buy stops might get activated.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Its common bearish interpretation has been confirmed for TRON/BTC. Out of 49 times, TRXBTC closed lower 63.27% of the time on the next trading day after the market condition occurred.


Market Conditions for TRXBTC as at Nov 22, 2020

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