04 Jan DASH REVERSE FROM $1200 AS IOTA, LTC AND MONERO FOLLOW SUIT
As DASH reverse from $1200, other crypto pairs are following suit especially IOTA which is now trending lower after stalling at $4.2. Generally, USD buyers are in charge across most currency pairs besides NEM.
Apart from these, I will shift my focus on LTC and chances of losing their Q4 2017 gains is high after failing to close above $255.
Let’s have a look at other charts
NEM RALLY AS BUYERS AIM AT $2
Price action sliced through $1.1 like a hot knife through butter.
My recommendation on December 4 was proven wrong and after pasting a Fibonacci extension between last week’s highs, then it’s evident that NEM prices have already cleared two key resistance levels at $1.35 and at $.176.
Buy pressure is intact. Even though there is a stochastic sell signal in place, we shall see how bears react at $.176. That is assuming there is confirmation of bear pressure.
Of course it will not be wise to sell in a strong uptrend but in a bid for recovery, any close below $1.76 with trend towards the middle BB is ideal for buyers looking to buy on dips.
DASH REVERSE FROM $1200 AS SELLERS AIM FOR $800
After a doji candlestick on January 3, prices couldn’t get past $1200 and this reversal is a surely a confirmation of the over-valuation in the weekly chart.
We expect prices to close below $1000 in the coming sessions now that a stochastic sell signal is in place and DASH prices are turning from the 78.6% Fibonacci retracement level as per last week’s high-lows.
In light of this, sellers should aim for $800 and $650.
IOTA PATH TOWARDS EQUILIBRIUM IS ON COURSE.
Unfortunately for IOTA buyers, prices couldn’t get past $4.2 and this is important for sellers.
According to yesterday’s projection, we were short term buyers with ideal take profit target at $5.5. However, after today’s lower lows, IOTA path towards equilibrium is in progress invalidating that bull move.
Already there is a stochastic sell signal and obvious resistance at $4.2.
AFTER REVERSING FROM AROUND $400, MONERO SELLERS PUSH FOR $210
Monero price action is panning out as per yesterday’s recommendation and sellers are driving prices lower at around $400.
Besides that, there is a stochastic sell signal in place. This is in sync with the overall momentum in the weekly chart.
As usual, I will use the Fibonacci extension tool from last week’s high lows to mark out potential take profit levels.
As it is, Fibonacci projects them at $190, the 61.8% extension level. This is around the same price as our immediate support at $210. That’s where sellers should be aiming.
LTC BEARS MAY DRIVE PRICES TO $150
Sellers are definitely in charge and the bounce from $255 is impressive.
Because the over-all LTC trend is bearish, we should be looking to load shorts and aim at $150.
All charts courtesy of Trading View
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