Crypto Update: Key Levels to Watch for TRON and 2 Other Coins
TRON (TRX/BTC), ChainLink (LINK/BTC), and Binance Coin (BNB/BTC) have one thing in common: they’ve all decoupled from Bitcoin’s trend. In other words, bulls have taken over these markets while Bitcoin and other altcoins continue to languish in bear territory. Bulls have been flexing their muscles so hard that these three alts have been recently on a tear. Consequently, many crypto enthusiasts are rendered in a state of disbelief.
If you think that the recent TRON, ChainLink, and Binance Coin rallies are for suckers, you may want to change your stance now while these markets are in consolidation. You might just get in on time for the next leg up. Here are the levels to watch for TRON, ChainLink, and Binance Coin.
On our December 26, 2018 TRON update, we noted how the market will likely revisit 0.00000945 once it takes out 0.0000056. This target is still valid, especially now that bulls have taken TRON to as high as 0.00000863 on January 10, 2019. That’s a growth of over 70% a couple of weeks after we published an update emphasizing the market’s potential to explode.
Of course, it only makes sense for TRON to pull back after such a big rally. We’re looking at 0.0000073 and 0.0000065 as possible reentry points.
Daily chart of TRX/BTC
A look at the daily chart shows that TRON is currently consolidating between 0.00000858 and 0.00000730. On February 1, 2019, the market dropped to just below our range low of 0.0000073 and as expected, it bounced. However, bulls were not strong enough to keep the market above our range midpoint of 0.00000793. Add to that the fact that there’s a bearish divergence on the daily RSI.
These signals indicate that 0.0000073 is likely to be breached. If it is, the next reliable support stands at 0.0000065. Interestingly, the 50-day moving average is also crawling around that area. It should help keep TRON trading above 0.0000065.
On our December 28, 2018 crypto update, we reported how ChainLink’s uptrend remains strong. That assessment is still valid, especially since ChainLink hit a new all-time high of 0.000158 on January 22 as we thought may happen. The good news is that the market is currently consolidating gains. This brief pause in the uptrend gives interested investors the chance to go long on the market before another explosion.
4-hour chart of LINK/BTC
The 4-hour chart shows that LINK/BTC is range trading between 0.000104 and 0.00012884. Recently, the market managed to pierce above our range midpoint of 0.0001165. On top of that, it appears that ChainLink has broken out of a symmetrical triangle pattern. With these price movements, the market is now likely to revisit our range high of 0.00012884 and possibly resume its uptrend.
Thus, bottom-pickers can take their chances and buy LINK/BTC as close to our range midpoint of 0.0001165. On the other hand, breakout traders might want to wait for the market to take out resistance of 0.00012884.
Binance Coin (BNB/BTC)
On our January 18, 2019 Binance Coin update, we showed how the market is preparing for one big markup. So far, it has achieved two out of our three target prices: 0.002008 and 0.002287. With this strong bullish action, we believe that the market is on track to hit our last target of 0.00258. Also, it is very likely that BNB/BTC will surpass this target.
12-hour chart of BNB/BTC
Analysis of the 12-hour chart shows that the market is consolidating between 0.0022712 and 0.002488. In addition, BNB/BTC seems to be printing a large bull flag. This means that the market will likely explode again once it takes out our range high of 0.002488.
Bottom-pickers may wait for the market to revisit our range low of 0.0022712 while breakout trades can buy once BNB/BTC breaches resistance of 0.002488.
TRON, ChainLink, and Binance Coin have all decoupled from Bitcoin’s current trend. Their strong rallies over the last few weeks have left plenty in disbelief. If you’re one of them, get out of that mindset and start thinking about longing these markets.
Featured image courtesy of Shutterstock.