BUY BITCOIN
There is a ray of hope in the crypto-sphere: Litecoin is up three percent rejecting lower lows right at $50 support line while Stellar Lumens bulls did add five percent following through on Sep 11 gains. Others as EOS and Monero are stable but edge higher with Monero trending along $100, a psychological level. In the mean time ADA is below ATLs at 7 cents meaning our sell triggers are live overriding news of Metaps ADA integration come November 2018.
Let’s have a look at these charts:
EOS Price Analysis
The drop in Ether (ETH) prices should logically be supportive of EOS but for some reason that has not been the case. If anything, the movement of EOS has been restricted to a very tight trading range with support found between $4.5 and $4.
As mentioned before, temporary reprieve could be found only when prices edge above $5.5, our very minor resistance line. When that happens, then maybe EOS would have mustered some momentum to reverse last week’s losses. However, that seem to be a tall order and the proximity of $4 elevates odds of a break below and bear targets of $1.5 being hit.
Litecoin (LTC) Price Analysis
From the News
- Even as the Litecoin developers take on the risky route of creating a web-based wallet, Charlie Lee can’t simply stop throwing jabs at Bitcoin Cash. Citing low hash rates—stands at around 6 percent of Bitcoin; he said a continuous Bitcoin mining attack on the Bitcoin Cash network would wipe the coin out in no more than 20 days. But he thinks Bitcoin miners won’t waste time on such activities. On matters cryptocurrency and adoption, Charlie lee thinks the only way Litecoin and other cryptocurrencies would gain traction is if users find a simple way of using crypto for their day to day transactions. That would trigger mass adoption and the only way to spur such is to build speedy, robust systems with simple to use user interfaces. To him that’s when people will truly begin appreciating what it means to be their own banks.
Price Analysis
Thanks to a three percent gain in LTC, sellers did slow down preventing sells triggers below $50. Instead, what we have is a pin bar with virtually no sell pressure but visibly strong bulls– clear in lower time frames.
While we can suggest longs, the best approach is to hold on a neutral position keeping in mind that any bull candlestick printing at the $50 mark shall complete a three bar reversal pattern and trigger the next wave of buys.
If that is the case today, then we shall begin taking buys in lower time frames on Friday with first targets at $70 and later $90. If not, and sellers reverse these losses then the trip to $30 is open on every pull back retesting $50 as laid out in prior LTC prior forecasts.
Stellar Lumens (XLM) Price Analysis
Though news of Stellar Foundation acquisition of Chain should be bullish for XLM, prices are actually stable and oscillating within Sep 12 high lows.
According to our set XLM trade plans spelled out yesterday, we recommend holding off trading until either there is a solid close below 18 cents inviting sellers or there is a rally above 25 cents reversing week ending 9 hinting of a possible recovery.
Even if it’s unlikely, any break below 18 cents, shall undoubtedly reinvigorate sellers aiming for 8 cents or Dec 2017 lows.
Cardano (ADA) Price Analysis
From the News
- By November, Metaps will complete their integration with ADA making it possible for consumers to make purchases across 33k stores throughout South Korea.
Price Analysis
With a three percent drop in the last day, ADA did close below the 7 cents mark meaning prices are now trading in new all time lows. But it could get worse for ADA especially if sellers press lower today.
Because of this new development, we shall trade according to the laid out plan and sell on every retest now that we have a bear break out pattern. ADA sellers shall place their stops at around 8 cents and let the trade run only exiting when stops are hit or when solid reversal patterns print later in the bear territory.
Monero (XMR) Price Analysis
The main support trend line is once again proving helpful for XMR. From the charts, not only did we see a rejection of lower lows in lower time frames resulting in that long lower wick hinting of bull pressure but the failure of sellers to drive prices below the psychological $100 level speak volumes about underlying momentum.
Technically, XMR is in a down trend but any move above the $110 or $120 level might trigger a minor revival reversing Sep 5 losses. On the other side of the coin, any dip and close below $100 shall confirm our past XMR price forecast and could easily see prices printing $70 or lower.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.
