Bitcoin (BTC), Tron (TRX) & Monero (XMR) Price Analysis 3rd-4th June: Clear Signs of a Bullish Breakout!
In the last 24-hours, Bitcoin (BTC) has broken above the 21-day moving average. While this is a minor resistance level, it comes after bitcoin (BTC) has been on the rise for 4 days in a row. This goes to show that the number of buyers in the market outnumbers those shorting bitcoin at the moment.
Volumes too have increased slightly after dropping momentarily earlier in the day. This is a sign that money is flowing into bitcoin at the moment, and that bullish momentum is rising.
This is quite clear in the 12-hour chart, where bitcoin is trading in a tight range along the 55-day moving average.
That’s usually an indicator that a potential bullish break-out is coming. If bitcoin breaks out in the next 24-hours, it could test $7600, which is the next major resistance level.
A break above $7600 would mark the beginning of a long-term bull run, one that could see bitcoin (BTC) hit $10,000 in the next few weeks.
This makes bitcoin (BTC)’s current price a good entry both with a short-term and a long-term target. Chances of a bearish break at this point are quite minimal.
Tron (TRX) looks set to test new highs after closing higher for the last 4 days. In this duration, Tron (TRX) has pushed up from a low of $0.034 to its current price of $0.04. This is a major resistance level, and the fact that it has broken above it goes to show that there is some serious buying momentum in the Tron market at the moment.
Besides, on the downside, Tron’s low of $0.034 is a major support level, and the fact that it has strongly bounced above it goes to show that Tron (TRX) has hit its bottom.
This means that the risk/reward ratio for a buy entry is quite good. This can be confirmed in the intra-day moves that Tron (TRX) has made in the last 12-hours. In this period, Tron (TRX) has been trading in a tight range along the 21-day moving average, but the range is above the high that pushed it above $0.04.
This goes to show that this range is a bullish consolidation, and is usually a precursor to a bullish breakout.
As such, Tron (TRX) could break out in the next 24 hours and test $0.049, which is the first resistance level to the upside.
In the day, Monero has been trading along yesterday’s close of $139. This means that there is some strong buying pressure in the Monero market.
This follows a whole week of higher closes, indicating that Monero (XMR) is attracting more buyers than sellers. This is confirmed in the last 12-hour of trading where it has broken above 55-day moving average.
This is a clear indicator that the upside is confirmed and that in the next 24 hours, it is likely to hit $159, which is the first resistance level along the 100-day moving average. The near-term potential looks good.
Disclaimer: This content is for information purposes only and is not intended as financial advice or any other advice. It is not an offer or solicitation to buy or sell nor is it meant as an endorsement or recommendation for any security. The information is general in nature and does not take into account your individual financial position. You should seek advice from a registered professional investment adviser and undertake due diligence before making investment decisions.