Most altcoins moved lower but that is normal especially if we consider how robust prices have been over the past 4-5 trading days. That’s what happening to EOS and NEO especially.
In any case, buyers should be gearing to buy on dips-and average down they position with every lows these liquid coins prints.
Let’s have a look at these charts:
Some little bit of positivity here, Besides Bittrex, Lumens is now available at Kraken with USD as quote. Several prices show a positive correlation between price and the availability of tokens at more than one high trading volume exchange.
In this case, I recommend taking long opportunities in lower time frames every time a stochastics buy signal prints from the oversold territories.
As it is, we can see that slide of Lumens prices towards the middle BB at around $0.40 but in my opinion, prices might actually recover and trend higher today.
If not, then we shall be waiting for pull backs towards $0.30 and that is actually ideal buying zones since it acts as our short term support.
It’s obvious that IOTA prices are actually bouncing off this mid-range resistance line at $2.2.
Of course the overall mood is positive and technically, our recommendation is to pick longs when prices fall back towards the break out level at around $2 or better still the middle BB.
In my view, I don’t recommend going long until after there is a strong close above $2.2 in the coming session.
That is when maybe we can start spreading out longs but my ultimate break out point is above $3 when bulls are in charge and trading above this strong $1 resistance range.
Even though we have sellers pushing down prices at $9.5, I remain positive and inclined to think that EOS will find support in due course and sync with last week’s positive price recovery.
In coming sessions, the middle BB and $9.5 remains significant and as we said before, conservatives should wait for a strong close above $11.5 or there about to initiate long with any pullback towards $9.5.
At the moment, sellers might actually follow through today despite pockets of buy pressure from yesterday’s long lower wicks.
If prices close below yesterday’s lows, then there is a high chance that EOS sellers might drive prices to $8.5 before a recovery happens. Buyers have to be on standby and buy when that discount avails itself in the 4HR chart.
Surprisingly, following the explosion of LTC bullish pressure on February 14, prices have been moving within a tight $25 range or so with barriers at $240.
This is common with such break out pattern and as per our plan on February 17, it is likely that prices might move lower and complete the 2nd phase of a bull break out pattern, the retest before buyers resume normal business as per last week’s pattern.
Anyhow, isn’t that a clear 3 –bar bull reversal pattern visible in the weekly chart? In my view and this is actually my recommendation. I retain my positive projection as we build up to February 26 LitePay launch, LTC may find support at around $180-$200. That’s just around the 61.8% Fibonacci retracement level and the middle BB.
Alternatively, you can fine tune entries in the 4HR chart and wait for a stochastic buy before loading longs. If not, buy stops above $255, the 2nd Fibonacci extension level in the weekly chart may just do the trick if we remain optimistic with price.
Yesterday’s NEO prices were pretty much lower and in our view, sellers might continue pushing prices down.Remember, in our previous analysis, $130 continues to be a strong region of resistance.
However, since we were trading a break out trade, it is likely that this correction back to $110-$120 might be on the cards especially if price breaks and trade below the 20 period MA in the 4HR chart.
Even though we cannot rely on stochastics, we can get to know the strength of bears by looking at the spread-between %k and %d of the stochastics.