EOS
All in all, there is a reprieve for EOS coin hodlers and that 12 percent gain is a morale booster for coin holders. In the chart, we have this nice three bar reversal pattern with that pin bar of June 14 capping buyers.
Accompanying this revival in price are high trading volumes and should there be a confirmation today, then I suggest exiting shorts and watching price action.
However, while it may seem perfect to recommend longs, the trend is overwhelmingly bearish making it counterproductive suggest otherwise.
The only time we would be confident with our longs is when prices edge above Aug 10 highs at $6. Thereafter, we shall take longs with stops at $5 and first targets at $9, the upper limit of the recent consolidation.
Litecoin
Interestingly, Litecoin prices are up 13 percent and with that abnormal price expansion—considering the deep liquidity of the seventh most liquid coin, we might see a reversal from the dredges.
First, notice that we now have a double bar bullish reversal pattern forming right from Q4 2017 lows as highlighted from our previous Litecoin analysis. Then secondly, not only did Aug 14 bear close as a pin bar with long lower wicks signaling high buy pressure but the past two candlesticks had high trading volumes meaning there is support for Charlie Lee, Litecoin Foundation and hodlers in general.
It’s the confluence of these technicals that I recommend buying Litecoin at spot price with stops at yesterday’s lows at $50. Immediate resistance at $70 should be our first bull target breathing life to traders.
Stellar Lumens
No doubt, Stellar Lumens is amongst the top performer in the top 10. Jed Mac Caleb backed coin is now the fifth largest coin in the world and has been efficient in rejecting bears.
In fact, checking the past six candlesticks, XLM prices have been in a tight consolidation at the back of high volumes along 22 cents with the double bar bullish reversal pattern off 2018 lows at Aug 8 and 9 capping losses.
Nonetheless, since our trading conditions are yet to be met in line with our previous Stellar Lumens (XLM) trade plan, we shall retain a neutral approach now that our stops were hit yesterday.
Tron
Like the rest of the coins under our focus, Tron is back in the green printing 15 percent in the last day as injection of momentum helps oil buyers who had been sidelined for a while now.
From the chart, buyers stand a chance of reversing recent losses but before we suggest buying and trading against the current, we need to see high volume thrusts above Aug 13 highs of 2.2 cents.
Ideally what we would technically want to see are high volumes in the 25m to 30m region to steady TRX prices.
IOTA
Despite these encouraging gains right at around second bear targets at 30 cents, we are yet to declare IOTA buys. IOTA prices are up 10 percent in the last day but like TRX’s price action, prices are still confined by Aug 13 high lows and so, until we see strong gains above 55 cents, we shall remain neutral with a bearish leaning as stated in our yesterday’s IOTA trade plan.