31 Jan Alt coin Analysis: NEO, EOS, LTC and IOTA
Our focus over the last couple of days has been on NEO and the significance of $155.
After yesterday’s ceiling and NEO bulls cold showers at $155, prices are dropping land if this bear pressure cranks up in the coming sessions, $100 round number will be our host.
Comparatively, NEO is not the only crypto contracting, LTC and IOTA are also reverting to week ending 21 candlestick path and somehow confirming this wholesale bear pressure.
Let’s dissect these charts:
IOTA Lower lows
Patience is quickly proving an asset and for scalpers, they can as well exit their long projection which is against yesterday’s projection.
What is happening now price action reversal back towards main support line at around $2 with lower limits at $1.8. In my opinion that is where we should expect prices to bounce off provided this liquidation begins to slow down.
As it is, our intermittent bullish view will be cancelled if IOTA closes below the 61.8% Fibonacci retracement in the daily chart.
Remember, such depreciation means continuation of bear pressure as price action corrects the obvious over-valuation.
I project possible support at around the weekly chart’s middle BB at around $1.85.
NEO Finds Resistance at $155
Look at the significance of $155! As before, our expectation was for NEO prices to find strong resistance at this key level. That is exactly what happened. Based on pure price action, bear resumption is likely to pick up from here.
Anyway, with these bearish soldiers relentlessly driving prices lower and in the process recouping all NEO gains, support might end up at $100.
Besides the clear bullish pressure, we should not forget that sellers actually breached the middle BB, a reliable support line over the past week. Because of this, support is likely to be found at last week’s lows.
Remember, week ending January 21 lows is also a round number-$100- and bears a lot of weight besides being sensitive to price action.
LTC Breaks below $170
Because of that bear candlestick closing below our previous double bottoms, we can realign our sell projection and aim at January 17 lows of around $140 as our first sell target.
Our previous double bottoms at around $170 will act as first resistance layer. The middle BB will be the second and main resistance layer suppose prices corrects and retest the break out line.
EOS Sellers Aim $7.2
Not only did EOS bears obliterate our immediate bear targets at $12, but as it did so, our short term support line was breached-convincingly.
While we can say the drop is beyond the average daily range, this move is actually minuscule. Previous surges have been rapid especially when we view this in the weekly chart.
Prices are peaking and this is exactly what buyers looking to buy on dips are looking for.By the way, if we paste a Fibonacci retracement between recent high lows, we can comfortably place our ultimate bear targets at $7.2. That is a potential buy zone.
This level happens to be a double bar bull reversal pattern right at the 61.8% retracement level.