Bitcoin and Tron’s TRX Weekly Technical Analysis – September 7th, 2020

Bitcoin

Bitcoin tumbled by 12.39% in the week ending 6^th 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 6^th 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.