Tron cryptocurrency as an indicator of Bitcoin dynamics

Tron cryptocurrency as an indicator of Bitcoin dynamics

Top 5 Indicators for Cryptocurrency Trading | BTC, XRP, ETH

Contents

Tron cryptocurrency as an indicator of Bitcoin dynamics
CONTENT

  • Bitcoin has violated the integrity of an important level of $ 10,000 and is trying to recover

  • Altcoin Tron (TRX) rate strengthened on the scale of the pump, while other coins became cheaper

  • In a bullish scenario, BTC will confirm the $ 10,000 level status as support

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Over the past weekend, Bitcoin actively tested psychological support for $ 10,000, and now traders are wondering what status this level will have in the coming week..

The cryptocurrency markets have had a tough week. Ether literally in a few days fell from $ 500 to $ 300, bitcoin violated the integrity of an important $ 10,000 level, talk about a bubble in the DeFi market intensified Decentralized finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to open, efficient and … More, which, according to some market observers, has already collapsed, and the focus was on the gastronomic tokens led by SushiSwap, where the power change took place, and the token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More SUSHI has demonstrated impressive volatility.

Tron cryptocurrency as an indicator of Bitcoin dynamics

Against the background of all these movements and events, many might not have noticed that at this time the rate of the altcoin Tron (TRX) was strengthening on a pump scale..

Perhaps this is a coincidence, but the last time there was such an aggressive collapse of digital assets, the market was in a protracted crypto winter..

Bitcoin dropped 21% as it fell from the $ 12,500 area below the $ 10,000 mark in two weeks, forming the so-called “Bart” pattern

When the largest cryptocurrency by market capitalization shows such an aggressive fall, in most cases the rest of the cryptoassets follow..

The recent top of the bitcoin rate is around $ 12,500, and now market participants are wondering where the coin will find the bottom.

 Keeping track of the dynamics of Tron

If you look at the trading history of the Tron cryptocurrency, you will notice that whenever this altcoin forms a wick on the charts, the length of which approximately coincides with the length of the candle itself, strange things happen in the market as a whole..

So, on the weekly chart of the TRX / ETH pair, you can identify a clearer pattern and picture than the “Bart” pattern in the case of Bitcoin. The last time a similar candlestick with a long wick appeared on timeframes on a pump scale, the market soon entered a bearish trend. The second time this happened in the first week of January 2019, and on February 4 of the same year, a candle with a long wick on the dump was formed on the charts. During that period, bitcoin found the bottom at around $ 3 300.

Tron cryptocurrency as an indicator of Bitcoin dynamics

Let’s get back to the current situation. During the week of August 30, Tron formed a bullish candle with a long wick and the rest of the market was hit by a sell-off. Thus, it is possible that the next Tron candlestick will indicate a potential BTC bottom, the wick of which coincides in length with the candle itself.

Two scenarios for BTC

If the pressure resumes, Bitcoin will return under the $ 10,000 mark and will not be able to stay above the $ 9.665 level, the players’ attention will switch to the $ 9,190 area, where the 0.382% Fibonacci retracement level is located and then to $ 8,168 – the 0.5% retracement level.

In a bullish scenario, BTC will confirm the status of the $ 10,000 level as support and then exceed the 0.236% Fibonacci retracement level around $ 10,454. If this mark turns into support, a resumption of the bullish move can be expected.

Disclaimer

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