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Bitcoin and Tron’s TRX Weekly Technical Analysis – September 7th, 2020
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It's a bullish start to the week. A move through the weekly pivot levels would be needed, however, to bring resistance levels into play.
Bitcoin
Bitcoin tumbled by 12.39% in the week ending 6th September. Reversing a 0.57% gain from the previous week, Bitcoin ended the week at $10,276.0.
It was a mixed start to the week. Bitcoin fell by 0.50% on Monday to an early weekly low $11,600 before making a move.
Steering clear of the first major support level at $11,296, Bitcoin rose to a Monday intraweek high $12,067.
Bitcoin came up against the first major resistance level at $12,006 before hitting reverse.
The reversal saw Bitcoin tumble to a Saturday intraweek low $9,925.5.
Bitcoin fell through the week’s major resistance levels before finding support on Sunday.
On the day, Bitcoin broke back through the third major support level at $10,151 to wrap up the week at $10,200 levels.
4 days in the red that included a 10.85% stumble on Thursday delivered the downside for the week.
For the week ahead
Bitcoin would need to move through the $10,756 pivot level to support a run the first major resistance level at $11,587.
Support from the broader market would be needed for Bitcoin to break back through to $11,000 levels.
Barring an extended crypto rally, resistance at $11,000 would likely leave Bitcoin short of the first major resistance level.
In the event of a breakout, Bitcoin could test resistance at $12,000 before any pullback. Bitcoin would likely come up well short of the second major resistance level at $12,898, however.
Failure to move through the $10,756 pivot would bring the first major support level at $9,445 into play.
Barring another extended sell-off, Bitcoin should avoid sub-$9,000 levels and 23.6% FIB of $8,900. The second major support level sits at $8,615
At the time of writing, Bitcoin was up by 0.18% to $10,294.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $10,258.2 before rising to a high $10,330.0 early on Monday.
Bitcoin left the major support and resistance levels untested at the start of the week.
Tron’s TRX
Tron’s TRX surged by 16.92% in the week ending 6th September. Following on from an 11.04% rally from the previous week, Tron’s TRX ended the week at $0.031499.
It was a particularly bullish start to the week. Tron’s TRX rallied from a Monday intraday week low $0.02569 to a Thursday intraweek high $0.05337.
Steering clear of the major support levels, Tron’s TRX broke through the week’s major resistance levels before pulling back.
More significantly, Tron’s TRX also broke through the 23.6% FIB of $0.0291 and the 38.2% FIB of $0.0428.
The pullback saw Tron’s TRX slide back through resistance levels to sub-$0.028 levels.
Tron’s TRX also fell back through the 38.2% FIB and the 23.6% FIB before finding support.
It was a bullish end to the week. Tron’s TRX broke back through the first major resistance level at $0.02971 and the 23.6% FIB to end the week at $0.031 levels. The second major resistance level at $0.03237 pinned Tron’s TRX back late in the week.
4 days in the green that included an 18.61% breakout on Tuesday and a 15.90% rally on Thursday delivered the upside.
An 11.19% slide on Friday and a 15.92% tumble on Saturday limited the upside for the week, however.
For the week ahead
Tron’s TRX would need to move through the $0.03685 pivot to support a run at the first major resistance level at $0.04802.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the 38.2% FIB of $0.0428.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Tron’s TRX could revisit last week’s high $0.05337 before any pullback. Resistance at $0.060 would likely leave Tron’s TRX short of the second major resistance level at $0.06453 and 62% FIB of $0.0648, however.
Failure to move through the $0.03685 pivot would bring the first major support level at $0.02034 into play.
Barring an extended crypto market sell-off, however, Tron’s TRX should steer well clear of sub-$0.020 levels. The second major support level sits at $0.00917.
At the time of writing, Tron’s TRX was up by 1.22% to $0.031882. It was a mixed start to the week. Tron’s TRX rose to an early Monday morning high $0.032279 before falling to a low $0.031311.
Tron’s TRX left the major support and resistance levels untested at the start of the week.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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