Bitcoin (BTC), Ripple (XRP) & Tron (TRX) technical analysis – June 24th – 30th: Tron (TRX) set to rally even as overall market looks bearish

Bitcoin (BTC)

In the weekly charts, Bitcoin (BTC) has sent a clear bearish signal having broken clear of the 55-day moving average. Unless the momentum changes, Bitcoin (BTC) looks set to test the 100-day moving average at around $4500 – $4500.

That’s the first major support level to the downside. If it breaks below this price, it could easily test $3600, which is the next major support level to the downside. Selling volumes are high too, an indicator that most investors are bearish on bitcoin at the moment.

Under such circumstances, when prices are depressed, any minor rallies in the market would be sold off, leading to further declines in the price. In essence, if bitcoin rallies back to $7500, which is now resistance along the 55-day moving average, a sell off would push it back to $3500.

Therefore, for someone looking to invest in Bitcoin (BTC), it is best to either sell bitcoin or hold on to fiat at the moment.  The risks of making a buy entry into bitcoin at this moment far outweigh potential gains to the upside. That’s because Bitcoin (BTC) has broken market structure, and sank to an 8-month low. That’s an indicator that the overall mood is bearish, and trying to buy into a rally might lead to losses.

Ripple (XRP)

In the weekly charts, Ripple (XRP) has broken below the long-term support level of $0.48 and there is no near-term support, up to around $0.21.

Ripple XRP

This makes a buy entry into Ripple (XRP) with a short-term target a high-risk buy. That’s because volumes too point to further declines. The sell volumes are quite high, which points to a scenario where investors don’t believe that prices could rise higher, at least not in the short-term. To make a trade into ripple (XRP), one also needs to watch out for the price of bitcoin as well.

That’s because Ripple (XRP)’s long-term chart is almost a mirror-image of that bitcoin, indicating the strong chokehold that bitcoin (BTC) has on the altcoins market. In essence, the best decision at the moment it to short ripple (XRP), hold fiat, or wait it out until there is a clear reversal in the market.  A long-entry would be too risky at the moment, yet the whole point of trading crypto is to make money, while minimizing the possibility of losses.

Tron (TRX)

Unlike the rest of the market, Tron (TRX)’s weekly chart shows a market that is entering a consolidation phase. Its current price level is also along a major long term support-level. That’s an indicator that after a sustained sell off for several weeks, Tron (TRX) might have bottomed out.


As such, with the on-going token migration and the upcoming super-delegate’s elections, Tron (TRX) might reverse to the upside.  A possible reversal could see Tron (TRX) test $0.05, which is the first resistance level to the upside. A break above that and it could test $0.06, on its way to full price recovery. This makes Tron (TRX) a worthy buy at current prices.

However, one also needs to watch out for a break below $0.039, which could see Tron drop to $0.028 to the downside.

Follow us on Instagram | Twitter | Facebook

This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.


Crypto Destroyer