Analysis

PRICE ACTION GRAVITATES ER SPORT TURNED RESISTANCE TREND LINE RETESTED

Jayanand Sagar | October 11, 2017 | 3:05 pm
Neo, altcoin, analysis, oct 11
Analysis

PRICE ACTION GRAVITATES ER SPORT TURNED RESISTANCE TREND LINE RETESTED

Jayanand Sagar | October 11, 2017 | 3:05 pm

NEOUSD TECHNICAL ANALYSIS

Price action is held within $34 and $25 and so long as volatility doesn’t result in a strong bullish candlestick which closes above $34, we shall continue to treat this rebound as a retest following a breakout. For bear trend to be confirmed, bulls should retest $32-$34 before a correction resulting in a close below yesterday’s lows of $32 and the 20 period MA support. Refer Figure 1 (above): NEOUSD-Daily Chart-11.10.2017

DASHUSD TECHNICAL ANALYSIS

dash, altcoin, analysis, cryptocurrency markets

Figure 2: DASHUSD-Daily Chart-11.10.2017

Further moves lower, is proving futile after price tested $250. I’m still a bear and after a breakout, similar set-ups in the past often show gravitation higher and retest of support turned resistance which in this case will be at around $300 to $310. Any price appreciation with sell signals in lower time frames around $290 provides a wonderful shorting opportunity for sellers. However, if prices continue to rise in sync with stochastic bullish momentum and close above $320, 09.10.2017 will definitely be a fake bear break-out.

IOTUSD TECHNICAL ANALYSIS

IOTA, oct 11, analysis, altcoins, market

Figure 3: IOTUSD-Daily Chart-11.10.2017

On Monday, the first take profit level was at $0.45 was hit. Since Monday was particularly bearish with strong bearish volumes driving prices lower, consolidation was expected as historically proven. Volumes dipped and yesterday ended up higher, exciting bulls. There are new sets of conditions for bears to be sure of their trend. First, the support line at $0.45 must be broken and secondly, the resistance trend line drawn from 30.09.2017 and 06.10.2017 highs must hold and rebuff any price appreciation. If there is a bull volume spike and price close above $0.52, we enter long and aim at the first resistance line at $0.65.

MONERO-XMRUSD TECHNICAL ANALYSIS

xmr, altcoins, analysis, monero, oct 11

Figure 4: Monero-XMRUSD-Daily Chart-11.10.2017

Price action has reverted back to its daily average range even after Monday’s bear break out. At just $4 range and a bullish candlestick, bears gave up on some of their Monday’s gain. Since our bearish view remains invariable, 09.10.2017 lows of $82 will be our minor support line and any further price depreciation below it means a break away from the BB squeeze. This will cement bear position and confirm a bear break out. However, If price close higher, then $82 lows will be in sync with 24.08.2017 and 22.09.2017 lows for a double bottom reversal pattern. In that case, a break above the 20 period MA and resistance trend line will invalidate my bear projection and buyers should aim at $106.

LSKUSD TECHNICAL ANALYSIS

lisk, lsk, altcoin, analysis, cryptocurrency

Figure 5: LSKUSD-Daily Chart-11.10.2017

As noted yesterday, the short to medium trend of this pair depended directly on the nature of participants. In this case, it turned out that buy volume was high after Monday when candlestick closed as a doji. You can also note that despite the lower BB hugging, the price actually closed below the lower band. As a result momentum up was confirmed yesterday with a buy signal and an evening star in the process. Since this is a 3-star reversal pattern and double bottoms at 09.10.2017 and 15.09.2017 lows, we close our sells and aim for 18.09.2017 highs of $6.85. Trend high will be strong especially if price action break and close above support turned resistance trend line at $5.5.

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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