In my last post, I discussed about the BTC making a double top and informed about the risk if the closing of candle fails above $68k. So it seems that the analysis is going to be correct and the crypto king is making a correction. Below is the current chart of BTC/BUSD.
Chart Source: Binance mobile app
My current analysis says that BTC is trading sideways between 67.5k (Resistance line in yellow) and 63.5k (Support line in orange). It is breaks its first support, its next target may be 58k and then 48k if the correction turns in trend reversal. MACD is still above zero which is good however. Short term traders can take benefit of sideways and can take small profits between 63.5k and 67.5k but with SL for risk minimasation in case of reversal.
Since my last analysis of TRX, it is still lingering on the same price point of $0.1 or 170 Satoshi. Here is the TRX/BTC chart for you with support and resistance points.
Chart Source: Binance mobile app
162 Satoshi is good support line (in orange) while 188 can be its very strong resistance (in red) where bears start strong selling. 165 to 175 Satoshi price range is good trading opportunity for short term traders but again with strict SL to avoid washing out all the account value.
Legal Disclaimer: I am not a financial advisor and never give advise to take any trade. The purpose of the analysis is for information only and you have to do your own working before taking any trade. I will not be responsible under any circumstances for any kind of loss.
Best of luck!
