Of all the cryptocurrencies, NEO remains resilient and seem to rebuff all attempts for lower lows.
We cannot say the same of NEM, IOTA or even LTC because as it is, the candlestick pattern looks like a minor bear break out and resumption of sell pressure.
On the other hand, if Lumens continue stalling below the minor resistance line then bears will continue to rule.
Let’s dissect these charts:
NEM SELLERS WILL BE IN CHARGE IF PRICES DROP BELOW $0.90
Besides the influence of $1.14, NEM price action is subtly moving within a descending minor wedge with obvious resistance at the middle BB.
Now here is the thing, any bear close below $0.90 and we can as well forget about going long as sellers will be in charge as they complete the bear break out pattern right from the support line.
If not, and prices close above the upper limit of the wedge and $1.14, we load our longs. That’s my game plan for today.
SELL OR BUY PRESSURE DEPENDS ON XLM REACTION AT RESISTANCE TREND LINE
However, despite this slight dip, XLM price action is still confined within the two break-out candlesticks-from yesterday’s close above middle BB. Therefore, because of this, the upper and lower limits are our minor support and resistance.
Of course, considering the realignment of candlesticks, support is stronger and any bounce from that could as well lead to close above $0.56 and perhaps the minor resistance trend line.
If not, sellers are in charge and this week candlestick might confirm last week’s bear candlestick and signal strong bears.
IOTA MINOR BEAR BREAK OUT
It is indeed factors to deal with time and price as evident in IOTA. Look at how $3 rebuffed buy pressure? The stream of lower lows breaking below the middle BB could as well push prices towards $2 as normal bear business resume.
In my honest opinion, today may determine the short term trend especially if bears confirm this bear trend. I really think the gap between $2.4 and $1.1 is not wide.
Bear pressure could test the later before resuming trend as the 2nd phase of this bear break out take shape.
NEO BUYERS EYE $220
From my own deduction, I really think NEO has some steel in it. Like most alt coins, it took a beating on Monday but the recovery has been stellar and here is the thing with it.
As long as prices remain above $130 then we can be comfortable and at least expect some follow through with clearly defined bull targets at $220.
Today, my analysis will be contingent of price action reaction at $130. Any hints of buy pressure and I would recommend buy entries with stops below 61.8% Fibonacci retracement level as highlighted from the chart.
LTC BEAR BREAK OUT OR RETURN TO NORMAL
Even after $80 swings a day, none can be said of today’s LTC price action other than tepid and nerve wrecking from a sellers perspective.
Yes, you see our anticipation was for buyers to blast through $210 as they march back to range and normalcy but instead the move was south.
If not for minor support by the 20 period MA, LTC prices could probably slide back to $150. So, are we trading a bear break out or are prices pulling back to normal? That’s what should be answered today.
All charts courtesy of Trading View