Cryptocurrencies News: Tron must defend falling channel, Bitcoin Loses $8,000 Support
|Tron price analysis: TRX/USD must defend the falling channel
Tron is disintegrating within a falling wedge pattern. The declines come after a failed attempt to rise above the resistance at $0.023. A lower high and lower low pattern has been the norm in the last three weeks. Possible support areas have been shuttered to the extent of TRX testing the key support at $23.6% Fib resistance level taken between the last swing high of $0.0230 and a swing low of $0.0137.
The 4-hour chart clearly shows that the bears are in control. The Relative Strength Index is back below 30 after a failed attempt to push TRX above $0.0170. If the RSI continues to explore lower oversold levels, TRX could shutter the channel support. Read more...
Bitcoin Price Loses $8,000 Support
Bitcoin (BTC) fell below $8,000 on Nov. 21, after several days of downward price pressure finally cost the cryptocurrency a major support level.
Data from Coin360 showed BTC/USD finally reentering the $7,000 range on Thursday, marking its lowest since the last week of October. $7,880 was met by an immediate bounce to $7,940. Read more…
Bitcoin price analysis: BTC/USD shutters $8,000 support, focus shifts to $7,800
Bitcoin is leading the market in fresh declines during the European session. The largest cryptocurrency in the world has slipped under $8,000 and is seeking support above $7,000. It is trading at $7,930 following a 2% loss on the day.
The falling wedge pattern I have explored as a bullish indicator severally failed to yield. Instead, it’s support has been shuttered giving way for Bitcoin to explore the levels under $8,000. The price is also moving further below the 50 SMA and the 200 SMA on the 4-hour chart. Moreover, the increasing gap between the moving averages suggests that selling pressure is growing. Read more…
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