Testing Testing Testing ............ The past couple of days have been full of tests for my 3 favorite cryptos!
NEO: Looks like we are at a real testing point for NEO now. It only has about a week to break above an overall downward trend-line from the ATH of around $55 on 08.13 to the recent high of around $39 on 10/2. If it doesn't break through that trendline, with volume, we may see another decent correction which may lead to further consolidation before another TRUE breakout can occur.
LTC: LTC and NEO must be in the same classroom because they are taking very similar tests. However, LTC may be doing slightly better! Even though NEO has had a solid run along with BTC and most other altcoins this week, it still hasn't truly broken its overall downward trend-line as stated above. But LTC has managed to breakout and stay just above its overall downward trend-line. Also LTC has consolidated beautifully over the past month. Much like NEO, LTC needs some solid volume through the coming week or it could face falling back below that downward trend-line.
BTC: The teachers pet! Right after flirting with the topside of it's DOWNward trend-line. BTC went straight to flirting with the bottom side of its current upward trend-line. Overall BTC has had a solid couple of weeks! After all the recent FUD and dealing with a little correction, BTC is still at the front of the class smiling. With all this flirting some down days could occur, but it will overall be for the greater good! It is just 50% below the ATH and following upward channels nicely. But, these channels are growing smaller and need that sweet sweet volume to open up for the ATH's.
This month will truly test our beloved cryptos! Will they obtain the necessary volume to hit the ATH targets we all keep seeing? Or will the new fork and profit taking for christmas presents and new years celebrations steal away that precious volume?
These are just my current thoughts and not trading advice! Please feel free to comment and share, I would love to discuss my thoughts with you! I will soon figure out how to post my marked charts and keep those following updated regularly. I am also open to requests for general analysis and discussion of YOUR favorite coins.
Also follow @Haejin for much prettier analysis!