We are seeing a change of fortune as far as price action and altcoins is concerned. LTC, Lumens and DASH are on the fore front printing clear bull patterns that awaits confirmations today.
Besides these three, we remain neutral on EOS unless we see a close above $9.5 while NEO is also encouraging as scalpers can enter this trade and aim at $130 in the short term.
Let’s have a look at these charts:
As per our projection, all we needed was a double bar bull pattern anywhere around last week’s lows at around $0.34.
That’s what we have now and as it is, I will be looking for that resumption of bull pressure as this is not only happening at support of the ascending wedge but at last week’s low.
Now, it depends on your patience because you can either wait for a cross above $0.40 or the 61.8% Fibonacci retracement level or enter at current prices.
I recommend entry after today because for assurance purposes, a double bar reversal pattern-bull or bear is only useful if there is confirmation.
We are seeing a nice bounce off the middle BB at $620 and so far, our plan is on course.
From yesterday’s analysis, there is a slight bullish resumption because of yesterday’s doji or bull pin bar right at the support or break out level.
The thing, even though we are seeing this reversal of last week’s gains, we remain largely bullish and today might actually determine the short to medium course for DASH.
Any strong bullish candlestick today and we shall have that nice 3 bar reversal pattern with $620 as our anchor and all bulls have to do is to refine their long entries in lower time frames on February 25.
Because of lower lows and reversals from recent EOS price action, I still remain neutral on this pair.
Yes, of course there is a clear bull candlestick on the chart and that lack of bearish confirmation is what is positive for buyers.
From yesterday’s preview, the middle BB at around $8.5 remains our first resistance level and we should be watching what price action shows today.
Scalpers may look for buying opportunities in lower time frames and aim for $9.5.
Yesterday’s forecast is on course and now with that reversal right at the middle BB, LTC buyers should be angling and hunting for long opportunities in lower time frame.
Ok, you may decide to wait and see if LTC bulls confirm yesterday double bar reversal pattern and even wait for a close above February 22 highs but the thing is, there are high chances that the 3rd phase of a micro-bull resumption being in play.
I recommend longs with every stochastic buy signal in the 1 or 4HR charts or when there is a pull back towards $180 or middle BB in the daily chart.
There is s a reprieve for NEO and while there is a reversal right at the middle BB at $110-$115, I shall only recommend wholesale longs with any close above $130. That line remains a strong resistance and support line depending on price action.
Patience is important and now that bull pressure is building up after yesterday’s events, scalpers may as well enter and aim for $130 in the short term.
Conservatives and risk averse traders should wait for a convincing close above $130 or even $155 and wait for pull backs towards the middle BB before buying.
The post Altcoin Analysis: NEO, EOS, LTC, DASH and Lumens (XLM) appeared first on NewsBTC.
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