All alt coins are depreciating across the board after testing record highs.
Let’s look at the charts:
AFTER TESTING SEPTEMBER 12 HIGHS, NEM NOW CORRECTS
In the weekly chart, bulls are in charge and that means in lower timeframes like the 4HR chart, buyers should be waiting for buy opportunities to load up their long positions.
Because of the current bearish divergence pattern which begun between November 26 and 29, USD bulls are NEM prices lower.
Traders should in turn wait until a stochastic buy signal is printed probably around $0.22 because as it is, it is likely that bears might close below $0.24 and the 20 period MA support lines.
DASH FOLLOWS BTC RALLY AND IS NOW TRADING AT RECORD HIGHS
After yesterday’s slow price action, DASH bulls are now trading at record highs just like Bitcoin.
The minor resistance trend line which was capping prices at around $640 was broken through after November 29 higher highs and the accompanying above average buy volumes.
As it is, DASH prices look fair. For investors seeking to benefit from the same rally as BTC, DASH is an attractive alt coin to invest in. Traders should only be watching higher time frame trends to determine entries in the lower time frames.
At the moment, the weekly chart is bullish and therefore we only take long positions. Our immediate support is the 20 period MA and the trend line at around $640 just in case there is a correction from current prices.
ALT COINS IOTA BREAKS ABOVE JUNE’S HIGHS OF $1.3
This week has been historic for IOTA and after positive news following that collaboration with MicroSoft and 20 other companies, IOTA is gaining traction.
As we can observe in the weeklly chart, IOTA reversal was from below the 78.6% Fibonacci retracement levels. This meant that IOTA bulls were capable of pushing prices to current levels just as Fibonacci retracements and extension stipulate.
It did and right now prices are trending above June’s highs at $1.40. The daily and weekly charts are bullish with diverging %k and % d pointing at high momentum and IOTA demand.
As a result of this surge, traders are anticipating a correction. As it is $1.3 is our immediate support line. Should price break below it then traders should wait for better entries at around $1.1 and $0.98 support zone.
AFTER TESTING $214 MONERO IS NOW CORRECTING LOWER
For some reasons, Monero is dropping like a stone after testing highs of $214.
Because of this strong bearish engulfing pattern, a stochastics sell signal is clear in the daily chart. Remember before this bear surge, the 20 period MA in the 4HR chart was our main support line. Monero bulls will be invalid if USD bulls convincingly close below this level in coming sessions.
Going forward, this bears will be in charge if bears push prices below August highs of $166 in the next few trading sessions.
Otherwise, this bear forecast will be null and void should prices bounce back and close above $170.
USD BULLS DRIVE NEO PRICES BELOW $34 MAIN SUPPORT LINE
Overly, despite these lower lows, our bullish skew remain. Because of this, we shall only wait until after a stochastic buy signal is forms at the over-sold territory before we trade.
Thereafter, NEO bulls should look to initiate long entries.
All charts courtesy of Trading View