Analysis

Altcoin Analysis: NEO, EOS, LTC, IOTA and Lumens

Dalmas Ngetich | March 7, 2018 | 5:51 am
LTC Technical Analysis
Analysis

Altcoin Analysis: NEO, EOS, LTC, IOTA and Lumens

Dalmas Ngetich | March 7, 2018 | 5:51 am

It is no doubt that the decline in BTC is literally pushing EOS, NEO, LTC and Monero prices down. The correction of this recent appreciation seem to be on its early stages and considering this, we recommend LTC or Monero straight sells with every high a shorting opportunity in the lower time frames.

Let’s have a look at these charts:

XLM/USD (Lumens)

Lumens Technical Analysis

XLM/USD Daily Chart for March 7, 2018

Lower lows and higher highs-that has been the theme of Stellar Lumens price action over the past couple of days.

Yes, our trade plan remains constant. However, considering yesterday’s lower lows and bearish confirmation towards $0.30, I cannot discount possibilities of further deterioration of prices especially if we refer to price developments in the 4HR chart.

Indeed, we are cognizant of current price pattern and being aware of the bullish break out pattern that’s still valid, I will watch if there is a follow through of yesterday’s bears and a breach below $0.30 in today’s session.

After all, $0.30 is right at the break out support trend line in the 4HR chart and this confluence is particularly important for our Lumens price projections.

Our immediate resistance is the middle BB and $0.40 and that’s where we have been holding our buy guns for a while now.

XMR/USD (Monero)

Monero Technical Analysis

XMR/USD Daily Chart for March 7, 2018

After a bear pin bar, an over-extension and a bearish engulfing pattern right at the main resistance trend line, our Monero bearish forecast came to pass.

Even though we were neutral since prices were oscillating at key resistance levels, yesterday’s confirmation means sellers can actually fine tune entries in the 4HR chart and aim for $300 or $255.

Of course, the middle BB which correspond roughly to $300 remains our first layer of support and should be important since we are overly bullish and trading a break out.

$255 will be the 38.2% Fibonacci retracement level and the lower limit-and break out level-of this potential bear run.

EOS/USD

EOS Technical Analysis

EOS/USD Daily Chart for March 7, 2018

Even after tinge bit of positivity, EOS is now dropping like a rock. Yes we had a couple of fundamentals like the EOS Air Drops list and all but since prices found the middle BB at around $8.5 and yesterday’s buy triggers impervious, sellers are literally in the driving seat.

In my view, today’s price action might not be as rapid-as yesterday’s-and prices might ease off from $7.0 which as we can see is our first significant level of support before $5.8.

Anyway, as long as today’s candlestick is bearish, then chances of $7.0 caving in is high and  in that case, sellers should actually fine tune entries and aim for $5.8.

LTC/USD

LTC Technical Analysis

LTC/USD Daily Chart for March 7, 2018

For demonstration on why confirmation and patience is important, LTC can be a prime example. Yes, we had that bullish break above in the 4HR chart but the depreciation of prices thereafter has been astounding.

Because of that single bearish engulfing candlestick closing below $200 and the main support line-the middle BB, chances are prices might move back to February 14 lows of $150 or there about. Trading will be easy today.

All we have to do is look for stochastics shorts in the 1HR chart and short with first targets at $180, 61.8% Fibonacci retracement line.

NEO/USD

NEO Technical Analysis

NEO/USD Daily Chart for March 7, 2018

Our sell triggers are now active and since prices are now below the support trend line, we shall trade this NEO bearish break out with immediate targets of $60.

That is February 6 lows and the genesis of this short term bullish pattern that failed to close above $155.

Notice that this level there is a double bar reversal pattern and is around the 61.8% Fibonacci retracement level. NEO bear pressure might even increase if today end up bearish since that will mean candlesticks will now be banding along the lower BB.

All BitFinex, Bittrex and CoinBase charts courtesy of Trading View

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