Categories: Fin-Tech Tool Box

EOS, Litecoin, Stellar Lumens, Tron, IOTA Technical Analysis: Hold On, It is Normal For Prices To Drop–Before Rising

Click here to view original web page at www.newsbtc.com

Many are speculating that the SEC decision might have triggered this sell frenzy but what we should also realize is that most coins were dangling right at the edge waiting for a collapse. All altcoins caved in, registering double digit losses as EOS and IOTA lead the loss making pack. Fortunately though, at the moment price isn’t a priority. This is because as long as these projects find use and therefore value, to recover they shall—but for now, we should brace for impact!

Let’s have a look at these charts:

EOS Technical Analysis

EOS Daily Chart by Trading View

Technically our EOS shorts have been activated in line with our last EOS technical analysis. The question now remains: how low can we get? For once, I suggest that EOS might first test 2018 lows at $4-our first bear target before finding the much needed support.

Thereafter, we expect an EOS recovery back to Q2 highs at $9 or there about. Considering yesterday’s 21 percent drop, we suggest selling on pull backs with targets at $4 and stops at $7.

Litecoin (LTC) Technical Analysis

From the News

Perhaps it’s the US SEC postponement of their decision on VanEck-SolidX Bitcoin ETFs that is causing market jitters. It may also be that whales are finding opportunity to unload their coin holdings simply because delays are not often good news in the securities market. May be it’s not and prices are finding fair value but either way Litecoin (LTC) prices are trading below 2018 lows for the first time this year.

Technical Analysis

A 16 percent, high volume drop below $70 means Litecoin (LTC) is now trading below 2018 lows. It also means LTC sellers are successful and have confirmed that bear break out pattern we talked about in our last Litecoin (LTC) technical analysis.

With this, the official third stage of the bear break out pattern, the trend resumption phase is live and in line with our projection, there is optimism for buyers looking to ramp up Litecoin for cheap at or around $50—Q4 2017 lows.

Stellar Lumens (XLM) Technical Analysis

Accompanying the cancellation of Stellar Lumens buy projection is an 18 percent dip below 22 cents, our previous buy trigger line and support. As it stands, we shall retain a neutral view on price action as we wait for reaction anywhere at 18 cents and 201 cents.

Coincidentally, that’s not only June lows but 2018 lows and area of strong support. Thereafter, depending on the new found trajectory which is largely reliant on sentiment then, we can buy or short XLM with first bear targets at 15 cents and later 8 cents as our last Stellar Lumens (XLM) trade plan dictates.

Tron (TRX) Technical Analysis

Like XRP and Litecoin, Tron is trading well below 2018 lows and after losing 18 percent in the last day, there is definitely a high volume close below 2.5 cents, our first bear target now resistance.

In line with our previous Tron (TRX) technical analysis, we suggest unloading TRX on every high in lower time frames with targets perhaps at January 24 lows-ideally! After all, January 24 candlestick has been confining prices for the better of the year and so it makes sense for prices to retest those lows first before stabilizing and gaining.

My sober recommendation for sellers who are in the trade already is to lock in some profits and ride with the bear trend.

IOTA (IOT) Technical Analysis

Following that break below 90 cents on Aug 4, our sell triggers were activated and at current spot rates, our first bear target at 65 cents has been hit.

However, IOTA sellers seem to be stepping up and after dipping 20 percent in the last day, we suggest trading with the trend.

As such, selling on every high in lower time frames with next targets at 32 cents–Q4 2017 lows is ideal.

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.

Tags: eos technical analysis, IOTA (IOT) Technical Analysis, Litecoin (LTC) Technical Analysis, Stellar Lumens (XLM) Technical Analysis, Tron (TRX) Technical Analysis, VanEck-SolidX Bitcoin ETFs SEc Decision

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: iot

Recent Posts

$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

5 hours ago

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a… Read More

5 hours ago

Why Are France & Germany Blocking Facebook’s Crypto? The Euro, Apparently

For those most part, governments have ignored Bitcoin . While the crypto asset’s proponents see it as the future of… Read More

5 hours ago

U.S. Charges JPMorgan Suits for ‘Spoofing’ Precious Metals Markets

| Source: Lorimer Images/Shutterstock The United States Department of Justice has charged three gold and precious metals traders from JPMorgan… Read More

5 hours ago

Your Crypto Exchange Can’t Send Even $1000 Without Exposing You

Regulator-compliant crypto exchanges are required to share your information with other financial institutions. | Source: Horth Rasur/Shutterstock Transferring more than… Read More

5 hours ago

Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend

Geopolitical risks and an uncooperative Fed could trigger a short-term relapse in stock prices. | Image: Shutterstock The U.S. stock… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More