Bitcoin (BTC), Ethereum (ETH) & Tron (TRX) Price Analysis – 26th – 27th June: Overall Market Sentiment Bearish as Volumes Decline
A look at the bitcoin’s weekly chart shows that it is still in bear territory. That’s because it opened lower than last week’s close, and is not showing any signs of breaking above the candle that saw it hit a low of $5700.
This shows that there is very little momentum in the market. If it breaks below last week’s candle at $5700, bitcoin (BTC) might test $4400, which is the next major support level along the 100-day moving average.
In the day charts, bitcoin paints a similar picture of low buying momentum. In the last 4 trading days, bitcoin (BTC) has been unable to break above the long bearish candle of the 22nd of June that saw it hit a low of $5700. With the overall momentum looking bearish, one needs to look at the 12-hour chart for entry positions. On this chart, bitcoin (BTC) paints a similar picture with the last 12-hours unable to rise above $6300.
Based on this data, it makes sense to either short bitcoin (BTC) or sit on the sidelines until a clear bullish candle emerges.
The best bullish indicator would be a break above $6800, which is the next major resistance level to the upside. It would be a confirmation that bulls have taken control of the price of bitcoin in the short term. For a more long-term entry, it would be more sensible to wait until the price confirms above $10,000.
In the weekly charts, Ethereum looks bearish, after breaking lower from last week’s close of $456. That’s a sign that Ethereum will most likely test the low of $395 support level in the week.
A break below $395, would see Ethereum test $300, which is the next support level along the 100-day moving average. A look at the day charts paints a similar bearish picture. After ranging for 3 days, Ethereum has broken lower, and looks set to test $400 – $390.
However, for a more elaborate entry point, one needs to look at the 12 hour chart, for directions on what is happening in the market intra-day.
In the last 12 hours, Ethereum has been trading lower amidst declining market volumes. All indications are that we are likely to see a lower price level in the next 24 hours or so.
A short entry intra-day would make sense. If you are a bull you might want to wait out until the price breaks above $567, the first major resistance level, along the 200-day moving average.
Tron is having a great time at the moment, with the successful shift from ERC20 to an independent blockchain. However, the same has not reflected in its price, due to the overall bearish momentum in the market.
In the weekly charts, Tron (TRX) looks set to test $0.03, which is a major long-term support level. In the day charts, Tron (TRX) has broken below the $0.042 support level, a key indicator that it is headed lower.
For someone looking to get into Tron with a 24 hour target, the 12 hour chart offers a good entry point. In the 12 hour chart, if Tron (TRX) breaks below $0.04, it could test $0.037.
However, for a bull entry, it would be best to wait until the price confirms above $0.05, the first major resistance along the 200-day moving average.