Apart from this LTC explosion, most altcoins especially NEO and EOS are moving lower. Our IOTA ceiling at $2.2 is proving significant and keeping buyers away.
In my view and sticking strictly with price action, our buy views remain valid as long as key support levels repulse bears in the coming sessions.
In that case, I will be watching $130 and $110 in NEO chart and $8.5 at EOS to see if there will be any rejection of lower lows today.
Let’s have a look at these charts:
Lumens prices are shifting gear and it seems like sellers are now pushing prices down.
In my view, especially if we consider Fibonacci retracement tool and paste it at last week’s high low then chances are prices might move below $0.35-the 38% retracement level and back towards $0.30 which is about last week’s lows and our main support line.
The reason why we anticipate this bear trend is the failure of prices to close above $0.50-a level which we need if there is a follow through of last week’s buy pressure.
As it is, we shall hold on to our bullish projection as we wait and see at what happens at $0.30 now that bear candlesticks are beginning to band along the lower BB as bears test the middle BB in the daily chart.
So far, there is this common hint of shift of momentum as stochastics shows and despite our optimism, any close below the 20 periods MA in the daily chart at around $1.8 might as well quash this positive view.
Regardless, we must acknowledge this slow IOTA price action as movement remains within February 18 high lows.
Now that that we have this stochastic sell signal from deep the overbought territory, will there be confirmation of yesterday’s bearish candlestick? If yes, then we must see a convincing close below $1.8 otherwise, every low is another loading zone for buyers looking for IOTA discounts.
Relative to February 18 candlestick, we have a zero net price movement if we consider EOS price movement over the past 2 or 3 days.
The thing is, buyers are in charge but not convincing enough since action is below $9.5-a key level over the past few days/weeks.
Now guys, to get a clear picture, let’s consider the 4HR chart and this is where you can see how prices are behaving.
We are still within a break out pattern and as long as bulls maintain prices above the support trend line, buyers are in charge despite the sine price action pattern forming along the support trend line.
Any reaction at around $8.5-$9 will determine the short to medium term pattern of this token.
LTC prices are on a bull run and following that close above the bull flag, the logical thing is to buy on dips with ideal support at around $230.
Prices are still in consolidation mode and sellers are likely to test $115 or so in the next couple of hours if anything is to go by price action in the 4HR chart.
Remember, $130 is key in the short to medium term and if buyers cannot sustain NEO above it, then chances are sellers might push prices back to $110 or there about. That’s the support line-previous resistance trend line-and by doing so, prices would be in line with bull break out pattern strategy-rampant in recent weeks.
See those lower lows after prices failure to close above $150? Those are bears and any butter cut below $130 then our bets are strongly at $110.
All charts courtesy of Trading View