Bitcoin, EOS, Stellar, Litecoin, Tron Technical Analysis August 1st

EOS and Litecoin Range Bound But Down 5%

The top 20 altcoins has been painted red and the erosion continues. For one, despite stellar fundamentals in some coins, buyers need to muster enough momentum to reverse these losses and print above certain price levels before long traders jump in. If not, we are likely to see prices printing new lows.

Bitcoin (BTC) Technical Analysis

News Highlights

  • A $10.7 trillion Chicago based, Northern Trust has opened up to cryptocurrencies and is now helping hedge funds invest profitably in Bitcoin. Northern Trust is one of the largest Trust fund in the US and ranks 486 in the Fortune 500 list. Besides working steadily with three mainstream hedge funds and adding cryptocurrencies to their portfolios, they are now exploring ways of integrating blockchain technology to their PE division.

  • As Trump complains about China, the EU and other major economies devaluing their currencies and lowering interest rates (in order to get an edge over the US), the initial trade war is quickly turning into a currency war. For perspective, in the last two months alone, the Chinese Yuan has been on a slide losing 15 percent against the USD. Could this open up doors for Bitcoin as a store of value and a hedge against this “war”?
  • Too much is expected from the SEC when it comes to regulation. What many forget is that it’s not only the US that is racing against time in order to implement regulations that either stifle or support blockchain and cryptocurrencies. South Korea is the main player. Once they device and pass fitting regulations, we might see traders jumping in and driving market volumes towards December levels.

Technical Analysis

Bitcoin (BTC) Technical Analysis
Click here to see the full Bitcoin Daily Chart by Trading View

At around $7,500, Bitcoin (BTC) prices are down seven percent in the last day. That’s not all though. It also means our stops at $7,800 were hit and we exit this trade with about $1,000 in profits following yesterday’s price collapse.

In any case, our strategy remains the same and while sellers can continue unloading the coin, we expect BTC to find support anywhere between $6,800 and $7,000.

That’s former resistance now support and a bullish break out level which initiated the last two week’s surge. For sellers eager to unload at spot prices, fitting stops should be at today’s highs at $8,000.

EOS Technical Analysis

News Highlights

  • Poloniex, which was recently acquired by Circle, is now offering support for EOS. Judging from their prior statement, EOS met all the requirements mentioned in their Circle Asset Framework-Circle’s tool of evaluating various crypto assets before listing them on their exchange. Nevertheless, Poloniex won’t be a platform for converting EOS ERC-20 tokens to EOS mainnet coins neither will it be supporting EOSIO air drops.

  • Demux is the new tool that Block One is releasing to fast track development on their network. The tool draws inspiration from Redux and Facebook’s own Flux Architecture. Demux will simply act as a bridge between blockchain developments and traditional database management systems as Mongo DB.

Technical Analysis

EOS Technical Analysis
Click here to see the full EOS Daily Chart by Trading View

Like Bitcoin and literally all top 10 coins, EOS is bleeding. So far, it is down four percent but still oscillating within our $2 range with $7 acting as our main support and trigger.

In our previous EOS technical analysis, we said that for June 22 bears to be confirmed then EOS sellers should breach and close below $7-our sell trigger.

Thereafter, we shall begin unloading EOS but before that happens, we shall take a neutral stand as we wait for proper break outs.

Stellar Lumens (XLM) Technical Analysis

News Highlights

  • The Bahrain Central Bank has announced that Stellar, a platform where Lumens run from, is Sharia compliant. This means that citizens of that country can freely interact with the platform should they want to tokenize assets or safely move funds from one jurisdiction to another.

Technical Analysis

Stellar Lumens (XLM) Technical Analysis
Click here to see the full Stellar Lumens Daily Chart by Trading View

Even though sellers are clipping Stellar Lumens gains-XLM is down five percent in the last day for example, XLM is technically a buy.

Note this though, sell pressure is strong and our stops at 26 cents were hit yesterday meaning we shall revert to neutral but we shall remain bullish.

Ideal supports remains at 22 cents though we expect prices to spring back anywhere between 22 cents and 25 cents. Any move below 22 cents effectively cancels this bullish projection.

Litecoin (LTC) Technical Analysis

News Highlights

  • Charlie Lee shall advise HTC as they design the first cryptocurrency compatible smart phone, HTC Exodus. In a tweet, the Litecoin co-founder said the smartphone shall support Litecoin and Litecoin’s Lightning Network. The latter is in beta and struggling to attract full nodes.

Technical Analysis

Litecoin (LTC) Technical Analysis
Click here to see the full Litecoin Daily Chart by Trading View

Now, here’s the thing:  As long as Litecoin sellers continue to cap gains, June 10 bear break out trade shall remain valid.

From a technical perspective, sellers are in charge and we might see further depreciation as the third phase of a break out pattern kick in following last week completion of the retest.

As such, my suggestion is that sellers can continue selling on pull backs as highlighted in our last Litecoin technical analysis. First targets in case there is a break out is $50 with stops at $80 or $90-depends on what you’re willing to risk.

Tron (TRX) Technical Analysis

News Highlights

  • Project Atlas is the “secret” project Justin Sun and the Tron Foundation kept marketing. The project was hyped and with disappointed investors, the reception has been poor.
  • Tron Virtual Machine beta version was launched on July 30. The TVM they said will be compatible with EVM but stable, fast and affordable. The community has been invited to test and find bugs on the TVM.

Technical Analysis

Tron (TRX) Technical Analysis
Click here to see the full Tron Daily Chart by Trading View

The erosion is on course and just like in our Tron (TRX) trade plans, the only way bulls can convince traders that they are in charge is if they break out above 4 cents.

If they don’t, sellers can find fitting opportunities to liquidate on every high. At current prices, my suggestion is that traders can sell with stops at 3.6 cents with first targets at 2.5 cents as reiterated in our previous TRX technical analysis.


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.

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