29 Jan Altcoin Analysis: NEO, EOS and LTC
My view is that this week will be significant for most BTC alternatives and being under our radar, I really think we should look to buy LTC.
On our entry chart we can see that prices are trending higher and above the main resistance line. Concurrently at the daily chart, a 3-bar reversal pattern along the main support marked by the 61.8% Fibonacci retracement line has formed.
While at it, look to liquidate EOS because it is likely that prices might move lower towards support.
Let’s dissect these charts:
NEO Higher highs
NEO buyers are in charge after our trade conditions were met last week. The strategy now is to buy on bull back. Because the middle significance on our entry chart is significant, that will be our the perfect buy zone.
Even though we cannot discount chances of NEO prices ranging, our ideal propositions for going long is if prices close above $155.
A single glance at the daily chart shows that prices are actually bouncing off the middle BB which as we know is a key support line.
A double bottoms and a close above the resistance trend line of a wedge. It is likely that LTC might be gaining momentum for higher highs and even close above key resistance lines.
From my angle, the lower and upper BB are beginning to diverge. This is what we want to see good because candlesticks might actually begin banding along the upper BB as buyers step in.
It’s a pretty nice thing that we have these higher highs but as I type this LTC is actually at resistance line of a consolidation at $185. Even though I expect LTC to close higher any pull back from this level be an awesome buying opportunity.
EOS Resistance at $15.25
As it is, my forecast is for EOS to slow down and trickle back towards $12 as price action corrects that over-valuation after week ending January 21.
In this time frame, you can easily see volatility is tapering as $15.3 is being tested. If anything, this is the main resistance line. Traders can sell now as we capitalize those spinning tops on the daily chart and begin selling this token.