Other than LTC/USD, NEO, EOS, Lumens and even IOTA are moving higher.
Even though yesterday’s lower lows in LTC should be a wonderful buying opportunity for buyers, sellers should be cautious and place stops above yesterday’s highs at around $220.
Other than that, EOS is on the upside and the bounce from previous resistance-now support has been spectacular.
Let’s have a look at these charts:
Some positive price movements from yesterday’s Lumens price action.
Even though I cannot really recommend entry for positional buyers until after a convincing break above $0.4, there is a reason for scalpers to fine tune their long entries in lower time frames.
In fact they can enter in the 4HR chart now that there is a bullish break above the middle BB. Good move but that is still below the middle BB and $0.40 in the daily chart. However, spreading long entries with every dip of prices can be a good strategy in the mean time.
Prices remain resilient and even after those emails, buyers are still confident with IOTA’s hashing function.
Anyway, here is the thing, technically, prices look to be on an uptrend and supporting this is the shift of buy momentum as bulls are looking for a break above the middle BB and $2 today.
When we zoom in and check price movement in the 4HR chart then we can see that how significant $1.75 and the 20 period MA have been since that bullish break out on February 24. I will recommend buys with immediate targets of $2 and $2.5 in the short term.
Stop loss should remain at around $1.70 which is below our immediate support in the 4HR chart.
After 12 days of bearish pressure, EOS seems to be on a recovery path. Remember on February 14 we had this nice bullish break out and what happens in such set ups is that prices tend to retrace. It did move lower.
However, look at how that break out line, the previous resistance now support trend line, is shoring prices? Fact is, with this strong bullish candlestick pushing above the 20 period MA and $8, buyers can trigger long positions and place their stops at around $7 which is just below yesterday’s low.
It is likely that the retest phase is over and we are in the early stages of a phase 3-the trend resumption phase and if that is the case, then prices should move higher today. In this case, I place a conservative bull target of $10 which is slightly above February 15 highs.
After yesterday’s ceiling at around $220 or the 50% Fibonacci retracement level in the daily chart, we can as well pause and exit our long positions.
There is a likelihood that we are right in the bear resumption if price action and patterns in the 4HR chart is something to go with.
Notice that prices are reversing right at the support trend line of a previous bull flag and after bear pressure confirmation, sellers might take the lead and drive prices back to $200 or February 18 lows of $180.
Of course this is for scalpers with stops above $220 but long term traders should stay out of this trade and look to buy at last week’s lows of $200 or even $180.
From our previous forecast, yesterday’s strong push above $130 meant NEO bulls can enter this trade.
You see we have a clear push of that in the 4HR chart and even in the daily chart where the past 3 or 4 days of price consolidation became a catapult for prices.
Place stops at $120 and target January 29 highs of $170 or there about.
All charts courtesy of Trading View