TRXUSD closes within previous day's range
Tron/US Dollar Index (TRXUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TRXUSD finished Saturday at 0.01501 gaining $0.00014 (0.94%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TRXUSD as at May 23, 2020):
Saturday's trading range has been $0.00078 (5.25%), that's slightly below the last trading month's daily average range of $0.00084. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TRXUSD.
After spiking up to 0.01563 during the day, the market found resistance at the 200-day moving average at 0.01558. The last time this happened on May 18th, TRXUSD actually gained 1.30% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for TRON/USD. Out of 5 times, TRXUSD closed higher 80.00% 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 40.00% with an average market move of 7.71%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more