Though altcoins are finding reprieve following rapid depreciation mid this week, the fact that most are trading at new 2018 lows as IOTA, Litecoin while some as EOS and Stellar Lumens are retesting important support line means the market might add to their losses in coming days/weeks. However, there are potential upsides especially if the SEC comes up with favorable decision on VanEck SolidX Bitcoin ETF–the reason behind recent market fracture.
EOS Technical Analysis
Two days of high volume, high trade range trading days saw EOS prices plummet below our intermittent support and sell trigger line on Aug 7 and 8.
On a weekly basis, that was a 22 percent decline in prices and as expected, confirmation of such events are not usually accompanied by high volumes or trading ranges.
In fact prices tend to retract and slip back into a consolidation with confinement of price within break out high lows. That was nearly the case yesterday as we could see a slowdown. In any case, our EOS trade plan is intact and we recommend selling EOS on pull backs with ideal upper limit of stops at $7.
First targets are 2018 lows at $4 and any depreciation below that could see $3 being tested.
Litecoin (LTC) Technical Analysis
Coin related news are scarce and as traders digest the last two day losses, Litecoin bears are now trading below $70, our main support line.
So, in line with our last Litecoin (LTC) technical analysis, the best approach here is to sell on any pull back retesting $70 with targets as mentioned in our earlier trade plan.
Remember, should LTC find any support, appreciate above $70 and into our previous trade range triggering our stops in the process, we shall revert back to neutral.
As before, the upper limit at $90 is important for our analysis since should bulls thrust above it then the current bear break out pattern guiding sellers would