Bitcoin, EOS, Stellar Lumens, Tron, Litecoin Technical Analysis: Bitcoin Bulls Eye Balling $10,000

Bitcoin Bulls Eye Balling $10,000

There is a pump in Bitcoin prices and thanks to their direct correlation, other coins are following suit. Litecoin and Stellar are straight buys while EOS shall be once prices edge past $9. A standout in the midst of this revival is the rather fast paced gains of Lumens. It’s a top performer adding 52 percent in the last week alone.

Let’s have a look at these charts:

Bitcoin (BTC) Technical Analysis

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

Until Q3 of 2017, Bitcoin and other cryptocurrencies were a working of retail investors. Yes, we had some institutions delaying their intentions to venture into the markets but the spike in prices in Q4 sparked interests from institutional players.

Then we saw BTC Futures being listed at the CBoE and CME and in August we shall have a Bitcoin ETF, a creation of SolidX and VanEck available for institutional trading at CBoE.

At the backdrop is the recent reiteration by CoinBase VP and Binance CEO that there has been an “uptick in interest” from institutional investors on matters crypto. It’s on the same vein that most exchanges as CoinBase for example are realigning their business structures by being more complaint with applicable laws and transparent with their dealings.

Now, the combination of these factors begs the question: Considering the recent pump in prices, are these institutions readying themselves for the next wave of bull rally?

In the charts, the 10 percent pump in BTC prices thrusting it above $6,800 and $7,000 means our buys are live. Because of this, my trade suggestion for those entering the market now is to zoom in to the one or four chart and look for undervaluation-any form of retest pushing back BTC prices back to $7,000 and buy with stops at $7,000. Ideal buy targets would be at $10,000.

EOS Technical Analysis

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

After dominating the Bitcoin mining scene, Bitmain now have their eyes on EOS. At the moment, not only are they investors at Block One but they are also a Block Producer meaning they are constantly verifying transactions and racking in $10,000 a day.

Justifying their investment, Wu, the CEO of Bitmain said EOSIO is “an example of a blockchain innovation”. EOSIO scalability and high performance he added “paves the way for global adoption”. As a global company with a $12 billion valuation, it has offices all over the world and they are constantly recruiting. They plan to add 40 more programmers/analysts at their Israeli office in the coming weeks.

Despite their RAM difficulties and other internal politics, EOS is bullish gaining 11 percent in the last hour. Even though the excitement is plausible, my suggestion is to practice patience and that means executing longs ONLY after bulls breach and CLOSE above our bull trigger line at $9.

It’s tempting to go long now but being in a deep bear trend, we need assurance. That will only happen after when prices edge above that consolidation and July 2 highs at $9. An ideal long target is at $15, June highs and in that case, stops would be at June 18 lows at $8.

Litecoin (LTC) Technical Analysis

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

Now, do we have a crypto tribalism or is this pure tribal? I’m talking about Charlie Lee recent comment that was a direct endorsement of Bitcoin. Ironically, he’s the co-founder of Litecoin but sold all his LTC in February sparking sell frenzy.

He advice crypto enthusiasts to first buy at least 1 BTC before buying any other “sh*tcoin” and that “Sh*tcoin” includes LTC.

He may be right though: BTC is a limited coin with less than 6 million remaining before the ultimate 21 million is hit. Besides, there is this support from Peter Thiel, the co-founder of PayPal, saying Bitcoin is “an equivalent to digital gold” and “the one you’d bet on would be the biggest”. Those are all pro-BTC and LTC by extension.

For 19 days now, we have been shifting from neutral to bearish either waiting for prices to edge below $70 or break above $90 triggering buys. The latter has happened and after yesterday’s gains, LTC is trending above $90 meaning both aggressive and conservatives can begin ramping up longs with targets at $110. Safe stops should be at $80 or July 17 lows.

Stellar Lumens (XLM) Technical Analysis

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

More often than not, Stellar is usually scarce on news but after complying with Sharia Laws and getting listed at Kucoin, we have seen a deluge of good news. What stands out though is news of Pilot Trust backed stable coin from Stronghold built on the Stellar platform.

Their goal is simple: stabilize the often volatile crypto market by pegging their coin to the USD drawing its stability. Besides creating a stable coin and Tether’s competition, it plans to partner with IBM to see ways of making the coin a utility to different blockchain-based business networks in the field of banking and manufacturing. If anything, Stronghold is intrinsically designed to be a B2B solution and won’t be available for retail acquisition.

At current prices, XLM is 2 cents away from hitting our first buy targets after triggering buys at 22 cents as laid out in our previous trade plan. The thing is: you can still buy on pull backs anywhere between 25 cents and 30 cents.

It’s simple to see why: the market has been on a rapid growth characteristics of the first stage of a bottoming out market. Regardless of the stage of the market cycle, our ultimate target would be 50 cents.

Tron (TRX) Technical Analysis

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

Undoubtedly, Tron wants to be an independent coin and yesterday, they destroyed about 92.4 billion ERC-20 TRX tokens from their exchanges that had migrated. This is positive and is a clear intention of their plan of running independently as they prepare to launch their TVM late this month.

We have been clear about how TRX should be traded and for the first time this month, TRX prices are back above 4 cents, triggering our longs. So, in line with our previous trade plan, my recommendation is to buy at current spot prices with stops at 3.5 cents and with first targets at 5 cents.

Remember, any break above 5 cents would mean reversal of June losses and a double bar bull reversal pattern in the monthly chart meaning buyers can prepare for more gains through Q3 and probably Q4 of 2018.


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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