Last week’s stand out was the mark of green by Bitcoin which added five percent against expectations. In the meantime, all coins under review were registering week over week losses but we expect a comeback in the altcoins market as this temporary arbitrage—thanks to the overwhelming positive correlation—is corrected. On focus this week is Tron and should the community receive their TVM, we expect prices to spike to new levels.
Bitcoin (BTC) Technical Analysis
Whether Bitcoin is a store of value or not is always an open subject and a never ending debate. Fact is, the way BCH and BTC are evolving towards is the very sore point of Bitcoin and Bitcoin Cash purists who hold sharp and diverging opinion on what Satoshi long term gain of Bitcoin. Alexis Ohanian, is the recent crypto influencer to wade into the debate saying over the long run, Bitcoin shall gain more traction as the store of value and that despite its price fluctuation, the Reddit co-founder and investor has “deep” interest in cryptocurrencies. The serial investor believes Bitcoin is especially important for economies with unstable currencies and such scenarios, the intrinsic use of Bitcoin more as a store of value than medium of exchange will give the pioneer crypto “real” traction.
After an impressive five percent gain at close of last week, BTC bulls did follow through yesterday.
While we didn’t have these humongous headline grabbing candlesticks, the fact that prices did stabilize around the lower limit of our support zone at $6,800 and $7,000 reveals a lot about bulls.
In any case, our stand is bullish and as far as optimists are concerned, any break above $7,000 and $7,200 would inevitable usher in a wave of buy pressure in line with our previous Bitcoin technical analysis.
EOS Technical Analysis
Should buyers keep up and add to yesterday’s 13 percent, our EOS longs would be activated according to our last EOS trade plan.
As laid out then, our immediate long triggers were at $5.5 cents on the upper hand and $4.5 on the lower end—that’s in case sellers neutralize this recent price revival.
Now, considering price action, all we need is a thrust above that resistance line and that is likely to happen today especially if we bring into the picture recent higher highs and rejection of Aug 17 lows, a candlestick which has been defining price action in the last week or so.
Tron (TRX) Technical Analysis
- Well, many didn’t expect Porn Hub to be faithful. They now accept PumaPay after the initial TRX buzz subsided.
- Account holders at Kucoin can now buy and sell TRX against ETH or BTC beginning today.
- After launching TronWallet, developers are now adding an address book and multiple accounts capabilities where a user can split operations into multiple accounts on the wallet as demanded by the community. Besides, the wallet is available in five languages complete with over 100 bug fixes.
Even after adding eight percent yesterday, TRX is yet to break into the top 10.
Encouragingly though, there are hints that the TRX market shall recover and edge higher not only from a top down perspective but more so from the way recent bull candlesticks have lined up.
Notice that after yesterday, TRX bulls have confirmed Aug 17 bullish engulfing pattern and as it stands, we recommend taking longs with stops at 1.9 cents with first targets at 3 cents and later 4 cents.
Stellar Lumens Technical Analysis
Fintech LTD is a DEX built on the financial centric Stellar Network and with a stable coin, WSD, Stellar Lumens (XLM) owners can now convert their coins to fiat—USD, Euro and GBP, without the need of a third party.
On a neutral perspective, Stellar Lumens prices have been all over the place shortly after that Facebook rumor.
Though it was a necessary shot in the arm in the face of resilient sellers, XLM seems to be steadying and rejecting lower lows going by price action.
Even if Stellar Lumens is consolidating horizontally and our trade plans are yet to be activated, odds are the rapidly changing altcoins sentiment will help raise XLM above 26 cents triggering buys aiming for 40 cents and later 50 cents.
If not and say there is a dip below that monthly support trend line, then we might see a breach below 18 cents with bears digging for 8 cents.
Litecoin (LTC) Technical Analysis
The community is rightly concerned about the lack of inactivity by Litecoin at GitHub. As reported by GitHub charts, other high liquid coins as Bitcoin and EOS are active and posting commits on a regular basis unlike Litecoin whose last update came in April shortly after their partnership with CoinBase.
Technically, Litecoin prices are moving inside a bear break out pattern after periods of extended consolidation between June and July.
So, even if our trade conditions are met and prices surge above $65 retesting $70, we still need a high volume close above $70—our immediate resistance line to cancel out this bear projection which is solidly backed by the eight month sell streak.
Because of this and the change in sentiment, our instinctive recommendation is to initiate longs at spot with a safety net at $50 should our projection fail. First targets is $70, $90 and later $110.
Disclaimer: This is not investment advice and views represent that of the author. Do your own research before making an investment decision.