After lower lows, NEO bears seem to be finding resistance at $34. Nevertheless, given that obvious bounce from $45, NEO looks likely to consolidate within a $20 range especially if there is a break below $34 today.
Let’s look at the charts:
BEAR PRESSURE IN 4 HR CHART BUT NEM BULLS STILL IN CHARGE
If you are trading this pair, you only have to look at the behavior of the stochastics. It is almost mixed and zig zagging indicating how price movement in lower time frames look like.
All in all, the NEM bulls look to be in charge now that yesterday closed with a long upper wick. In the 4hr chart there is some sell pressure.
However, if NEM prices manage to stay afloat and fail to close below $0.198 then bulls are strongly in charge and a push above the main resistance trend line is likely to happen.
On November 20, DASH gained a massive $350 but as we saw yesterday, it gave back those gains after printing lows of $435 which was just $14 shy of November 20 lows.
That was how volatile DASH was yesterday. In the 4HR chart, the main support trend line which has been DASH spring board from November 6 prevented prices from dipping further as you can see in the chart.
We still remain bullish and since there is a stochastic buy from support line in the 4HR chart, intra-day traders should only be taking long positions.
CLOSE ABOVE $0.90 IMPORTANT FOR ALT COIN IOTA BULLS
From price action characteristics, IOTA is definitely bullish. We can see that from yesterday’s long lower wick and the fact that IOTA prices are inching higher and striving to close above immediate resistance at $0.90.
From our post, if it does that, IOTA bulls should be eyeing August highs of $1.1. However, if prices tumble today and close below support of $0.83 in the 4HR chart, then we enter short and take our profits at around $0.61.
We should exercise caution in our buys because after all, stochastics is around the overbought territory with IOTA printing lower lows relative to the upper BB.
AFTER CLOSING ABOVE $136, MONERO BULLS NOW AIM $153
For this move to happen we have to see some strong bullish confirming candlestick today. It also means going long in the lower time frame whenever there is a stochastic buy signal.
Notice that yesterday’s candlestick ended up as a bull with long lower wick. This close means there was rejection of prices below $136.
NEO BEARS HIT RESISTANCE AT $34
Following that bear divergence pattern in the 4HR chart, NEO price action is now correcting lower following that over valuation.
It is worth noting that a double reversal pattern is also forming along the main support trend line. Additionally, there is whole candlestick forming outside the upper BB.
Further NEO devaluation yesterday made November 18 and 19 highs a retest. It also completes a bear break out pattern. That means we sell if NEO close below $34.
Either way, this reversal will keep price action oscillating within another large trading range between $45 and $20.
All charts courtesy of Trading View