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Altcoin Analysis for 03-10-2017: NEO, DASH, IOTA, XMR and NEM

NEOUSD TECHNICAL ANALYSIS

From the charts, it is easy to tell that buy pressure is still high. After 01.10.2017 tight price range, price finally broke and closed above $35 but ended up with an inverted hammer which recorded highs of $39.50. Evidently, the move up is supported by diverging %k and %d and a tendency of price action-candlesticks in this case-to band and hug along the upper BB. With a default 2% deviation, almost 95% of all price action is held within the BB and anytime there is price action along either band, then chartists can conclude as strong momentum. In this case, the bullish momentum is strong and it is shown by volumes spikes-977K- above the 20-period averages of 916K. In light of this break above $35 and volume spike, our immediate bull target and second level of resistance of $45 remain unchanged. Refer Figure 1: NEOUSD-Daily Chart-03.10.2017 (above)

DASHUSD TECHNICAL ANALYSIS

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Figure 2: DASHUSD-Daily Chart-03.10.2017

In 5 days of sustained downtrend and whipsaws, sellers are comfortably in charge. From that resistance trend line at $360, price is now testing $310 having broken and closed convincingly below minor support at $320. You can also see that smooth bounce from the upper BB after21.09.2017 and 27.09.2017 highs of $370.  Yesterday’s sell recommendation is still valid as stochastics are bearish with price action below 20 and 50-period MAs. This means that, over 3 trading days, bears have broken and closed below three key support levels around $310-$325. In light of this and assuming this trade goes according to our forecast, sellers should aim for the next support level at $270 with ideal take profit placed at June-July highs of $220.

IOTUSD TECHNICAL ANALYSIS

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Figure 3: IOTUSD-Daily Chart-03.10.2017

So, after 02.10.2017 closed as a bear, a classic 3 bear reversal pattern capped with stochastic sell signal was formed. It is clear that the first level of resistance at $0.65 was significant and should there be further price dips, the accumulation area at $0.40 and 04.09.2017 and 15.09.2017 lows around $0.36 should be our immediate take profit levels. Therefore, as long there will be no further surges above $0.65, sellers should look for short entries in the lower time frames. Conservative stop losses should be above resistance line at $0.65 while aiming for a risk reward of 1:3 or more.

MONERO-XMRUSD TECHNICAL ANALYSIS

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Figure 4: Monero-XMRUSD-Daily Chart-03.10.2017

There are a couple of bear soldiers moving alongside the 3rd leg of the M-Formation even as yesterday’s candlestick closed. As noted yesterday, $107 ceiling and double top was followed by a nice bounce lower. Because of this, immediate bear targets remain unchanged at $81 and consequent support levels. Bears should add to their short positions even in lower timeframes.

NEMUSD TECHNICAL ANALYSIS

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Figure 5: NEMUSD-Daily Chart-03.10.2017

Risk-averse traders should wait for a clear break below yesterday’s support trend line of $0.21 before initiating short trades. By shorting at those levels, price action would have confirmed our predisposition of a bear trend should price close below the lower range of our sell zone marked at $0.23. After yesterday’s candlestick tested the 50 period MA, aggressive traders should initiate shorts today with stop losses above $0.25. Immediate take profits should be at $0.20 and $0.16.

Contributed by Dalmas Ngetich, an expert with 3 years in Forex, Commodity and Cryptocurrency trading. All charts, courtesy of Trading View
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