TRXUSD breaks key support level


Tron/USD Index (TRXUSD) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
TRXUSD breaks key support level
TRXUSD closes below its opening price unable to hold early session gains
TRXUSD closes lower for the 2nd day in a row
TRXUSD ends the day on a bearish note closing near the low of the day
TRXUSD breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, TRXUSD ended Saturday at 0.02230 losing $0.00137 (-5.79%). Today's closing price of 0.02230 marks the lowest close since December 15, 2017. Trading $0.00070 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 0.02320, TRX confirms its breakout through the prior session's low having traded $0.00094 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for TRXUSD
Volatility

Saturday's trading range was $0.00208 (8.8%), that's below last trading month's daily average range of $0.00297. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being exactly the same as average.

Support/Resistance

Breaking below the key support level at 0.02330 today, it is now likely to act as resistance going forward.

Trend

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

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Tron/USD Index
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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