Bitcoin (BTC) rose back to the $39,000 mark within the last few days, hitting value levels with some near-term supply. Remember, this was a decisive level as BTC made the previous low at the zone. Will Bitcoin continue climbing?
The altcoin market recorded upside actions as BTC climbed its charts. TRON was among the assets that surged amid positive sentiments triggered by Bitcoin’s northbound moves. Tron might flip its previous short-term peaks to support. Moreover, the altcoin can climb to the highs of $0.063 and $0.066 once it flips the $0.06 level to demand.
Experts plotted FIB retracement zones from TRON’s move from the $0.051 low to $0.0606. The crypto remained bearish on high timeframes. Nevertheless, the one-hour price chart shows the asset breaking the previous bearish structure. While publishing this post, TRX requires a move to conquer and flip the $0.0605 previous higher peak to demand.
That way, market participants need to watch the $0.06 value area. TRX can either encounter rejection around this level within the coming few days or make a near-term higher peak to retest this box while searching for buyers. Flipping the area to demand might mean preparing a move towards the levels at $0.063, then $0.066, representing the plotted 27.2% and 61.8% FIB extension levels, respectively.
Also, the support level near $0.0593 remained significant as far as the long-term outlook is concerned. That means the level might witness buyers again within the coming few days.
Reasoning
The hourly Relative Strength Index surged beyond the neutral level (50) and displayed massive bullish strength over the last couple of days. The indicator should stabilize to support higher moves to $0.063, then $0.066.
The Stochastic RSI remained within the overbought territory, whereas the Awesome Oscillator rose back beyond the zero-line and recorded green bars on the histogram. That represents massive upward strength on the 1-hour chart.
Final Thought
Momentum remained bullish, and the token might retest and break previous peaks, presenting a ‘buy’ opportunity at $0.0605. Meanwhile, BTC remained around the resistance of $38,500. BTC should surge beyond $39,000 and $40,600 to support TRX in its journey to $0.066 highs. However, Tron’s long-term trend highlights bearishness.
