Our highlight got to be that strong depreciation of Monero prices and with hard fork worries in the horizon-the fork date has been postponed by the way, the community is generally wary that MoneroV is another ploy to dilute Monero reputable privacy and price.
Remember to access the air drop you need to submit those private keys. Anyway, like most forks, volatility is something to content about.
LTC, EOS and NEO are other coins that are reversing their February gains and our analysis suggest prices to test key support levels before bull pressure resumes.
Let’s have a look at these charts:
The general price action remains bearish and you can judge that by the slope of the middle BB. OK, it’s obvious that there is a continuation of sell pressure and even with that we haven’t seen a “yes” moment. By that I mean strong bear surges below $0.30.
If we refer to yesterday’s technical analysis, our forecast rooted for more value erosion if bear candlesticks begin banding along the lower BB and that can first happen assuming today happens to be overwhelmingly positive for sellers.
Not only did Monero sellers confirm our forecast but with that strong surge and close below the middle BB in the daily chart, it’s likely that bears might test $255 in the coming sessions.
Of course, $255 is the main break out line and as a main characteristic of a bull break out pattern, often reversals happen around such level-in our case anywhere between $220-$255-when the retest phase is over.
Considering Monero set up, it will be simple. If a stochastic buy signal prints and Monero bulls push prices higher with a positive candlestick, then we can fine tune long entries and aim for $380 as our first TP level.
But, as always that’s potentials and maybes, let’s wait for price action for proper trend definition.
Those are short, normal bear candlesticks that characterize EOS price action at the moment. It’s not only means bear momentum are strong but it means the pace of price erosion is steady.
To fade this if often a loss making strategy and therefore our yesterday’s forecast remains the same and this time, for those who sold, they should move their stops to break even and wait for further erosion towards $4.2.
Like EOS, LTC bears are still in the driving seat and today, all we need is a strong close below $180.
As we can see from the chart, $180 is the 61.8% Fibonacci retracement level anchoring on this recent moves high low.
In our previous analysis, the bullish break out pattern will remain valid if and only if there is no strong depreciation below $150-our immediate bear target- which is also December 22 lows.
Even if NEO prices were generally bearish, the depreciation wasn’t as rapid as it was on March 7.
Notice that yesterday’s daily range remain mostly within March 7 high lows and a couple of bucks away from $85 which we state remains a key support line.
Our projection will remain bearish and it will be important if there is a follow through of bear pressure and NEO close below this level.
If not, prices might recover before the end of the week and might even test $110-the 50% Fibonacci retracement line.
All BitFinex, Bittrex and CoinBase charts courtesy of Trading View