The stability of altcoins should be another opportunity to sell according to trend definition of Oct 11. Subsequent confirmations of Oct 29 did place the lid on buyers even though prices are leveling out. But, it could get worse if losses print today. On the reverse side a stream of boosting fundamentals could propel pairs as IOT/USD, LTC/USD and even EOS/USD above key resistance levels relieving coin holders.
Let’s have a look at these charts
EOS/USD Price Analysis
Market participants are beat out. It’s not by bears but by the indecision which is draining momentum from bulls as well as sellers.
Going forward, the lack of movement in the last 24 hours mean our last EOS/USD trade plan is valid. As such there is nothing much that we can recommend as far as trading goes.
Because of that we shall hold on to neutral position only trading if there is a convincing break and close above $4.5 on the downside. However, since the market correction has been deep, chances are we may see a correction above Sep 2018 highs and later $7 triggering both set of bull traders.
LTC/USD Price Analysis
Traders at Bokka Exchange can now trade several coins including LTC against TrustToken, TUSD. TrustToken is a stable coin and an alternative to USDT.
We are pleased to announce that you can now trade BTC, LTC and ETH against @TrustToken TUSD on Bokka – the mobile crypto exchange #crypto #cryptocurrency #altcoin #blockchain #bokka #exchange #bitcoin #btc #tusd https://t.co/wB5ncFYf47 pic.twitter.com/J3uakb7Gq1
— Bokka Exchange (@BokkaExchange) October 30, 2018
Tether Limited the company behind USDT or Tether is facing a lot of headwinds ranging from banking problems and audit of their reserves. Unresolved, traders and coin holders are skeptical if the USDT: USD peg holds as the company claims. On the other hand Bokka Exchange is a mobile crypto-to-crypto exchange that supports six coins and 13 popular ERC-20 tokens.
In the meantime, what we have in the daily chart is a clear tussle between buyers and sellers. Since we are net bearish on LTC/USD pair with safe stops at Oct 29 highs, it will take a lot of convincing before we revert back to bulls.
From our price analysis, sellers should be unpacking LTC on every high because bears are technically in charge from an effort versus result point of view.
On the contrary, gains above $55 clear this position. In fact it could kick-start a path towards 2018 price recovery in line with Fibonacci Retracement rules.
XLM/USD Price Analysis
In a shaky market, Stellar Lumens is generally stable. It’s up less than 0.5 percent in the last day and bearish in the last week. But, even as prices stall, our neutral stand will quickly shift to bullish first if there is a follow through today reversing Oct 29 losses.
Then aggressive traders can load up on dips in lower time frames with modest targets at 30 cents. Secondly, if the first trade condition goes through then momentum could lead to surges above Oct 15 high low reasserting bulls in an effort versus result point of view.
Add that to rising volumes and gains of last Sep and continuation in mid-Oct could spur a market wide reversal above a ranging market in Q4 boosting battered bulls.
ADA/USD Price Analysis
The plunge below 7 cents on Oct 29 did invite sellers trading according to Oct 11 trends. Despite news of Cardano developments and updates from development, sellers are in pole position. In fact they could turn in a profit should they short on every high in lower time frames.
The reason for this projection is that events of Oct 29 did thrust ADA/USD below minor support at 7 cents. This level double up as Oct 15 lows meaning there has been complete reversal of Oct 15 high volume bar.
However, conservative traders should be in the side line. That is until after there are break outs above the minor resistance trend line and 9.5 cents according to our last ADA trade plan.
IOT/USD Price Analysis
By adding 1.2 percent in the last day, IOTA did outperform all coins in the top 10. Most of these coins hold constant valuation in the last day as prices move horizontally. Regardless, break outs above the minor resistance trend line could feed bulls triggering short term aggressive traders to buy on dips with first targets at 55 cents.
From the way recent candlesticks are set, this is likely to print out today thanks to the yesterdays higher highs confirming the bull bar of Oct 31. Moving on, our last IOT/USD trade plan is valid and once bulls rally past 60 cents, risk-on traders can buy on pullbacks with first targets at 90 cents and higher.
On the contrary, the bulls’ failure to rally above the resistance trend line points to underlying sell momentum. In that case they should unload at spot with stops above Oct 29 highs with first targets at 40 cents and later 30 cents.
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.
The post IOT/USD Price Analysis: Altcoins Register Minor Gains, Still Bearish appeared first on NewsBTC.
Author: Dalmas Ngetich