BUY BITCOIN
Undoubtedly, besides IOTA which is gaining due to Hannover Messe events, most coins like NEO, Litecoin, Stellar Lumens and EOS are stagnant and trading within narrow ranges. They are actually retesting the middle BB and should bears overcome support, we anticipate corrections especially in NEO and Litecoin trading pairs.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
Recent development is that you can now manage your XLM wallet from Stellar’s DEX. This means you can keep control of your wallet all courtesy of the distribution that DEX rides on. Besides this, prices are tepid and in the past 24 hours, Stellar Lumens is up 2.37 percent.
https://twitter.com/StellarLumens/status/984737341737615360
Technically and from our Stellar Lumens technical analysis, prices are moving horizontally. Following the double bar bear reversal pattern in the daily chart, there is a likelihood of bears pushing prices lower according to our previous price forecast. So, unless prices breach 40 cents in the coming session, I recommend short term selling with immediate targets at 30 cents or whenever a stochastic buy signal prints.
IOT/USD (IOTA)
More and more companies are joining the IOTA band wagon and for good reasons. In the future where everything is denominated by interconnection, IOTA shall be king. That’s not because of the strong foundation they are laying but because the Tangle has demonstrated that it solves scalability. So, whenever we see two presidents in an industrial fair where IOTA team members and affiliates are making presentations, then there are positives to be taken out of it.
From the chart, buyers are in the driving seat and fading our previous recommendation. Now that prices are at $2, I urge patience until after there is a stochastic buy signal in the 4HR chart or when prices are trending above yesterday’s highs of $2.15. Before then, early buyers can move their stops to break even and wait for their initial bull targets at $3 to be hit.
EOS/USD (EOS)
It’s no doubt that EOS was a top performer last week and despite everything else-development, shills and FUD, odds are this coin shall correct in the coming days. Well, I mean, prices remain pretty much stuck within a two dollar range within the last 24 hours as EOS buyers find resistance at $12.
I will still hold on to my previous suggestion and wait for a stochastic buy signal to print before loading. In my view, buying on dips shall be a good strategy if you plan on ramping up before EOSIO launch in June 2018. Ideal buying zones lies at $8 on the lower side and $9.5 or the recent support as visible in the 4HR chart.
LTC/USD (Litecoin)
Of all the coins under our focus, Litecoin gains are modest to say the least. In the last 24 hours, it is up two percent helping push its weekly gains to 15 percent and in the process amassing $8.45 Billion in market cap. As we have seen in recent weeks, the Litecoin Foundation and Charlie Lee have been on the forefront pitching Litecoin as a suitable coin for merchants and the response has been good. Several merchants and payment providers are now using the coin and this is good for investors as it draws demand and improves liquidity.
When it comes to prices though, price action is trending within a bullish break out and $140. That was our buy trigger. However, at the moment, prices might slow down and even retest that previous resistance now support if prices break below $145 or the middle BB in the 4HR chart. If that happens buyers should load up on these dips especially if there is a stochastic buy signal printing in our entry chart.
NEO/USD (NEO)
Judging from recent announcement, NEO is relentless on their effort to create a smart economy. On April 22, NEX said that their next Smart Economy Expo will be held at the EU parliament where Dang Hong Fei and other high ranking officials from NEO familiar shall deliver their key notes in a closed session to parliamentarians only. According to reports, the main purpose of this session is to help educate regulators n the benefits of blockchain technology and why they should develop support policy by 2022.
From price action, NEO is still oscillating within April 21 bear candlestick. As it is, chances are prices might break below the 20 period MA as the 4HR shows now that stochastics are bearish and we have a bearish diverging pattern. Unless prices break past April 20 highs of $80, I’m net bearish and project prices to reverse anywhere between $65 and $70.
