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Many are speculating that the SEC decision may have triggered this frenzy of sales, but what we should also realize is that most of the coins hung right on the edge pending a collapse. All the altcoins sold, recording double-digit losses while EOS and IOTA drove the pack at a loss. Fortunately though, at the moment the price is not a priority. This is because as long as these projects find use and therefore value, to recover them they will – but for now, we should prepare ourselves for the impact!
Let's take a look at these graphs:
EOS Technical Analysis
EOS Daily Chart of Trading View
Technically our EOS shorts have been activated in line with our latest EOS technical analysis. The question now remains: how low can we get? For once, I suggest that EOS could test the 2018 lows for the first time for $ 4, our first goal before finding the much needed support.
Next, we expect a recovery of EOS at the highs of Q2 for $ 9 or so. Considering the fall of 21% yesterday, we suggest selling on withdrawals with a target of $ 4 and a stop at $ 7
Litecoin (LTC) Technical Analysis
From the News
Maybe it's the postponement of the decision by of the US SEC on VanEck -SolidX Bitcoin ETF which is causing jitters in the market. It may well be that whales are finding the opportunity to discharge their stocks of coins simply because delays are often not good news in the securities market. It may be that it is not and prices are finding a fair value, but in both cases Litecoin (LTC) prices are traded below the 2018 lows for the first time this year.
Technical Analysis
Litecoin Daily Chart for Trading View
A 16% decline, a volume high below $ 70 means that Litecoin (LTC) is now trading below the lows of 2018. It also means that LTC sellers are successful and have confirmed that the bear broke the model we talked about in our latest technical analysis of Litecoin (LTC).
With this, the third official phase of the bear breaking pattern, the phase of recovery of the trend is live and in line with our projection, there is optimism for buyers looking to increase Litecoin at low prices at around $ 50-Q4 2017.
Stellar Lumens (XLM) Technical Analysis
The accompanying cancellation of the Stellar Lumens purchase projection is a decrease of 18% below 22 cents, our previous grafting and support line. a neutral view on price action while we await a reaction anywhere at 18 cents and 201 cents.
Coincidentally, it's not just mini me of June, but the lows of 2018 and the area of strong support. Next, depending on the new trajectory found, which depends largely on the sentiment, then we can buy or shorten XLM with the first targets at 15 cents and later 8 cents as our latest Stellar Lumens (XLM) business plan imposes.
Tron (TRX) Technical Analysis
Tron Daily Chart for Trading View
Like XRP and Litecoin, Tron is trading well below the lows of 2018 and after losing 18 percent in the last day, there is certainly a high volume close below 2.5 cents, our first bear target now endurance.
In line with our previous technical analysis Tron (TRX), we suggest to download TRX at each level lower times with goals perhaps to the lows of January 24 – ideally! After all, on January 24th the candlestick has limited prices for the best of the year and therefore it is logical that prices will resume those lows before stabilizing and earning.
My sober recommendation for sellers who are already on the market is to lock in some profits and ride with the tendency of the bear.
IOTA (IOT) Technical Analysis
Daily IOTA Chart for Trading View [19659006] Following the break below 90 cents on August 4th, our sales triggers were activated and at our current spot rates, our first 65 cents target was hit.
However, IOTA sellers seem to increase and after plunging 20 percent on the last day, we suggest trading with the trend.
As such, selling on all higher levels in shorter times with the next 32-cents targets – The lows of the fourth quarter of 2017 are ideal
: Opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
