BUY BITCOIN
Though altcoins are finding reprieve following rapid depreciation mid this week, the fact that most are trading at new 2018 lows as IOTA, Litecoin while some as EOS and Stellar Lumens are retesting important support line means the market might add to their losses in coming days/weeks. However, there are potential upsides especially if the SEC comes up with favorable decision on VanEck SolidX Bitcoin ETF–the reason behind recent market fracture.
EOS Technical Analysis
Two days of high volume, high trade range trading days saw EOS prices plummet below our intermittent support and sell trigger line on Aug 7 and 8.
On a weekly basis, that was a 22 percent decline in prices and as expected, confirmation of such events are not usually accompanied by high volumes or trading ranges.
In fact prices tend to retract and slip back into a consolidation with confinement of price within break out high lows. That was nearly the case yesterday as we could see a slowdown. In any case, our EOS trade plan is intact and we recommend selling EOS on pull backs with ideal upper limit of stops at $7.
First targets are 2018 lows at $4 and any depreciation below that could see $3 being tested.
Litecoin (LTC) Technical Analysis
Coin related news are scarce and as traders digest the last two day losses, Litecoin bears are now trading below $70, our main support line.
So, in line with our last Litecoin (LTC) technical analysis, the best approach here is to sell on any pull back retesting $70 with targets as mentioned in our earlier trade plan.
Remember, should LTC find any support, appreciate above $70 and into our previous trade range triggering our stops in the process, we shall revert back to neutral.
As before, the upper limit at $90 is important for our analysis since should bulls thrust above it then the current bear break out pattern guiding sellers would be nullified.
Stellar Lumens (XLM) Technical Analysis
With that down thrust cancelling our Stellar Lumens (XLM) bull projection on Aug 8, odds are we might see XLM trickling down towards 2018 lows in coming days.
Though we expect this to happen after XLM prices taper or even retest 22 cents, risk off traders should find selling opportunities with recoveries towards 22 cents and 25 cents, our sell zone.
On the other hand, conservatives could find better trading opportunities once there is a break below June and 2018 lows anywhere between 18 cents and 20 cents as stated in our past Stellar Lumens (XLM) trading plan.
Either way, ideal XLM bear target is at 15 cents and later 8 cents.
Tron (TRX) Technical Analysis
From the News
- Crypto Girls, a SR at the Tron network are now part of HummingPay
Technical Analysis
While it’s clear that TRX sellers are running rampage, the fact that the bear breakout pattern that was initiated on June 10 has been confirmed is not at all helpful for bulls.
As a matter of fact, we expect further depreciation and that’s why according to our last TRX trading plan, we suggested locking in some profits and shifting ideal profit targets to Jan 24 lows at$0.000052.
It’s miniscule yes but well, TRX was once valued at that level before Q1-3 rapid gains peaking at 10 cents in Q2 this year.
IOTA (IOT) Technical Analysis
From the News
- There is a trending post at Reddit on how IOTA’s Curl-P is but a sieve and vulnerable for attacks. I suggest taking a look at it and making your own conclusions—it has been in the IOTA sub-Reddit for sometimes now.
Technical Analysis
Following the likes of Litecoin, XRP and a host of other high liquid altcoins, IOTA is down 30 percent for the week and trading at new 2018 lows.
At current spot rates, we have seen a high volume break below 90 cents confirming that bear break out pattern set rolling on June 12 as IOTA sellers snap back in trend.
Now, considering all these factors—including the general crypto sentiment-we recommend shorting on pull backs with stops at Aug 8 highs at 72 cents and first targets at 32 cents.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
