TRON: weekly market analysis (from December 1st to December 7th 2019 on BTC / TRX pair)
Today the TRX prices are 10% lower than they were a week ago; the feeling, as we will see later, is that the bulls will not be able to defend this support for very long and that the price will return from where it started. We can only hope, therefore, that TRX does not go to mark a new low and that it soon returns to reverse its trend, but for now let's take a look at the charts to try to understand together what to expect from the next seven days.
BTC / TRX returns to bearish pressure
Let's start with the monthly chart, here we see that the price has opened just below the pivot point, which currently serves as a resistance, and the feeling is that soon we will test the S1 around 175 satoshi; moving to the weekly chart we focus on what could be a new accumulation zone between 167 and 182 satoshi. Still on the 7D chart, we see that the MACD has lost momentum and seems to be getting bearish, as is the parabolic SAR, so be careful because the risk of a heavy collapse seems to be around the corner; the most probable scenario, however, seems to be that of an important retracement but without a new minimum being set, with the MACD which in this way would build a new bullish divergence. A quick look at the 1D chart, to conclude, it is enough to realize that we are in a markedly bearish trend and that there are no margins to be optimistic, the only thing we can hope for is that the price drop stops before it comes scored a new low.
At this point I believe that anyone has already realized that this week too I am bearish on tron; this coin, however, has already given interesting profits in the past weeks, in the order of 30/40%, and it is also normal at this point that you retrace. We must consider that probably 2020 will not be an exceptional year for crypto, things could languish a little and we could witness long lateral movements waiting for a 2021 that should return to give strong emotions. For now, however, the market appears to be quite weak and this applies, in principle, to practically all crypts, not only for TRON. Better to adopt a wait-and-see logic and keep our liquidity aside for better times.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only