Most alt coins today are trending lower. Dash prices in particular continues to trickle lower while NEM consolidates.
In my honest opinion, I really think the 20 period MA which was obliterated on December 22 will continue to hold an important role in the coming sessions.
DASH, Monero, IOTA and LTC prices might continue to trend lower, what do you think?
As per Saturday’s recommendation, we shall continue holding our bullish projection. It’s not really rocket science in my opinion.
In light of last week’s knee jerk reaction and failure of prices to close below the 50% Fibonacci retracement level drawn from last week’s high low, we shall hold a bullish projection.
The reason is simple, notice those long lower wicks and those higher highs relative to the lower BB after that reversal from the 23.6% Fibonacci retracement level on December 22? Well, if NEM prices close above the 20 period MA, then we enter long and aim at December 19 highs as our immediate, short term target.
DASH PRICES LOWER
DASH prices are consolidating and when compared to December 23 price action, price action is actually testing support defined by 23.6% Fibonacci retracement level as drawn from last week’s high low.
Now, here’s the deal, as long as prices remain below the 20 period MA, we remain bearish. Because of this skew, we expect support at around $800 which is December 1 highs and 61.8% Fibonacci retracement level.
IOTA SELLERS FOCUS ON DECEMBER 22 LOWS
On December 22, IOTA crashed to $1.1 but the recovery was swift. However, ever since that higher highs and close above $3.3 which was the base of our bull flag before this break below, buy demand has been low and has failed to close above the equilibrium line.
In higher time frame, last week prices were overextended with a whole candlestick closing above the upper BB.
Because of that, we expect prices to continue trickling lower especially if there is no attempt of close above the middle BB. In line with this search for equilibrium, sellers should target $1.1 as printed by December 22 lows.
MONERO BEARS NOW TARGET $160
Monero prices continued with their collapse. Evidently, the 20 period MA couldn’t hold and you see the consequent lower lows confirming that.
If prices remain this way and the 20 period MA remain as ceiling, $215 should be the immediate seller’s target. Otherwise, if sellers persists, then lower lows to August 27 highs of $160 is likely.
LTC BEARS CONTINUE TO SUPPRESS PRICES
As it is, bear pressure makes it reasonable for sellers to aim at $140 December 22 lows. Already, there is a stochastic sell signal which is in sync with daily chart short term trend.
Therefore, until a stochastic buy signal prints, sellers are in charge.
All charts courtesy of Trading View