TRXUSD closes higher for the 2nd day in a row
Tron/US Dollar Index (TRXUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TRXUSD finished Sunday at 0.01938 gaining $0.00043 (2.27%). Closing above Saturday's high at 0.01908, Tron confirmed its breakout through the prior session high after trading up to $0.00067 above it intraday.
Daily Candlestick Chart (TRXUSD as at Nov 10, 2019):
Sunday's trading range has been $0.00078 (4.11%), that's below the last trading month's daily average range of $0.00139. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TRXUSD.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 0.01919 (now S1), which is likely to act as support going forward. The last time this happened on October 27th, TRXUSD gained 7.74% on the following trading day.
TRX shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 0.02050 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 0.01862 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for TRON/USD. Out of 84 times, TRXUSD closed higher 51.19% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.14% with an average market move of 27.28%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more