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NEO, altcoin, analysis, cryptocurrency

Altcoin Analysis for 05-10-2017: NEO, DASH, IOTA, XMR and LSK

Avatar Gautham 2 years ago


As bears increase their sell pressure today, a tight trading range with decreasing volumes has been maintained. With $12 worth of NEO wiped out after that 3 –bar reversal pattern on Monday, bear momentum is still in place. Earlier today, price action dipped but rose to current levels at $31.55. Also, note that sellers are in charge as shown by those stochastics sell signal with anticipated price reaction at $26. This is 02.09.2017 and 29.09.2017 lows where buyers are likely to jump in as shown on those previous occasions. If there is a break below, then there is a big chance that our target takes profit zones of $20 and $14 will be hit. Ref: Figure 1 (above): NEOUSD-Daily Chart-05.10.2017


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Figure 2: DASHUSD-Daily Chart-05.10.2017

As 03.10.2017 and 04.10.2017 candlesticks closed, it was clear that prices below $286 were being rejected. Despite increased buying pressure after yesterday’s long upper wick, our selling view is unaltered. Price action is also overextended to the downside with a stochastic buy signal. Therefore, depending on how today candlestick closes, our test resistance of $323- yesterday’s highs-will be our upper limit. Break above $323 means we cancel our sell projection and wait for bullish confirmation tomorrow.


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Figure 3: IOTUSD-Daily Chart-05.10.2017

Over two days, price action had a floor at $0.52 when buy pressure was building up as shown by those discernible long lower wicks. Likewise, today’s candlestick looks like following the same trend as price action rebounded from $0.52. However, it is still ranging within 03.10.2017 Hi-Los of $0.58 and $0.52. This behavior means consolidation in the lower time frames with obvious support at $0.52 which coincidentally is at 50 period MA. If anything, the price could retest $0.58 support turned resistance trend line before resuming original bear trend. Anyway, since there is a stochastic sell signal, we hold on to shorts and see if the price will react at $0.58.


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Figure 4: Monero-XMRUSD-Daily Chart-05.10.2017

If you are keen, then you will have noticed that there is a BB squeeze in progress. Today is also the second day of low volatility inside this squeeze. Price action is trending along the 3rd leg of M-Formation and on 03.10.2017 and 04.10.2017, tested the support turned resistance trend line at $96. Remember there was price consolidation at $96 before a dip lower to $84. In my opinion, as long as the 50 period MA acts as a flexible resistance and price fail to close as a bull candle above $96, then our bear trend is valid.


Figure 5: LSKUSD-Daily Chart-05.10.2017

In this pair, price is bound clearly by support and resistance trend lines as marked in the chart. The likelihood of a breakout is high especially now that price is near the apex. The 50 period moving MA is acting as resistance and price is within 03.10.2017 Hi-Los. If prices move down and today’s candlestick close as a bear, then we enter short tomorrow and aim at $4.

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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