At the moment, I’m neutral on most altcoins. EOS and NEO would be my highlight this coming week and all we need from NEO is to cross above $130 or retrace and break below the support trend line.
For EOS, sellers should test $5.8 on the downside but any form of bull pressure between $5.8 and $7 should be a probable loading point for buyers.
Let’s have a look at these charts:
The importance of confirmation came to pass after February 24 Lumens candlestick.
Even though we had this convincing double bar reversal pattern at the support trend line of our ascending wedge, my recommendation was for a follow through before entry.
That didn’t happen and instead prices are trickling down towards $0.22 or the 78.6% Fibonacci retracement level. Before then, I expect prices to find support at $0.30 and I will remain neutral with a bullish inclination until after there is a break above $0.40 or $0.22 in the next coming sessions.
For now, a consolidation might be the next thing as prices oscillate between $0.40 and $0.22 with mid range support at $0.30.
Over the past 2 days, IOTA valuation has been on the rise and that appreciation is evident from price action.
Of course, from my previous analysis, I remain neutral on this pair because prices are still a long way from $3, my main resistance line and buy trigger.
For now, even after yesterday’s early pump and failure to close above the middle BB, I still think buyers are in charge. As such, if there is a recovery and prices rise above $1.95 or above yesterday’s highs, bulls can buy and aim for $2.2 which is our immediate resistance.
It looks like EOS sellers are still on the driving seat and the most likely destination is $7, a key reaction zone and from which the double bar reversal pattern on February 5 and 6 is still riding on.
Besides that possible projection, we should be placing a keen eye on the horizontal consolidation between February 22 and 25 since they are our temporary high lows.
Optimists can begin searching for buy opportunities anywhere around $5.8 and $7 and if there is a change of fortune today and prices break above $8.5 or the middle BB, then $9.5 will be our buy trigger as it has been the case.
Let’s talk of possible spoilers for LTC now that buyers look to be firmly in charge. Fact is they are even feeding the 3rd phase of a typical bullish break out pattern.
Well, the first got to be possible resistance at around $220 which happens to be right around the 50% Fibonacci retracement level.
Today, I expect buyers to cross and sustain prices above it. If not, then a pull back towards the middle BB is on the cards. From there we can as well forget about prices testing $270 in the short term as LTC prices might be confined within $170 and $220 probably in a consolidation.
Honestly, I don’t see any visible change in price action unless of course you are talking about this consolidation along the middle BB. Often, such move is a precursor and a hint of possible break out in consequent sessions.
At the moment though, we still pretty much stuck with our previous analysis and buyers can still play the patience game.
$130 is our trigger and any surge below the immediate support trend line won’t be good for sellers. Anyhow, let’s see what happens today.
All charts courtesy of Trading View