Bitcoin (BTC), Dash (Dash), Tron (TRX) technical analysis 31st August
Bitcoin (BTC) started the day above a key support level (the 100-day moving average) at $6923 and has been oscillating around it for the last 12 hours. This is an indicator that the $6900 support level is strong, and could be a signal for buyers to get into the market. This is confirmed by the fact that in the last one hour, bitcoin dropped below this support, before the downside break was quickly rejected by the market. For intra-day traders, it is best to watch until the price makes a clear break outside of $6920 – $6950 price level.If bitcoin breaks below the 100-day, and the drop sustains below the intra-day low of $6907, it would be a signal that bears have the market. In such a case, a short entry with a target of $6813 would offer the best risk/reward ratio. On the other hand, if bitcoin breakout to the upside and tests the intra-day high of $7021, it would be a signal that bulls have control of the market going into the weekend. A long-entry at this level would be ideal with an exit target of $7117 in the next 24 hours.
Dash opened the day in positive territory, breaking above the 55-day moving average resistance level at $187, and pushed to a high of $193.32. However, it has reversed in the last 5 hours, and now looks set to test the 100-day moving average support level at $180.78. Currently, it is trading along the 21-day moving average at $184.08.
For a trader looking to day trade Dash (Dash), it is best to watch out for a breakout outside of $186.72 (the 55-day moving average resistance) and $181.11 (the 100-day moving average support). If Dash breaks out to the upside above $186.72, and retests the day’s high of $193.16, it would be a signal to buy with a target of $200. On the other hand, if the price breaks below $180.78, it would a reliable sell signal with a target of $175 in the next 24 hours or so.
Tron (TRX) opened the day in the green, but has been unable to break above the 100-day moving average support level at $0.0250. It tested this price level, then started dropping to its current price level of around $0.0248. For day traders looking into Tron (TRX), it is best to wait until a trend emerges. If the price breaks back above the 100-day moving average at $0.025 then tests the day’s high of $0.0252, it would be an opportunity to buy, with a target of $0.0258.
On the other hand, if the price drops below the day’s opening low of $0.024, it would present a good opportunity to sell, with a target of $0.0234 within the next 24 hours. If it fails to test any of these levels, then chances are that Tron (TRX) could trade in a range heading into the weekend.