A single high-volume candlestick was enough to trigger a sell off driving prices back to previous ranges. With that it also means, Bitcoin prices are re-testing the $6,000 even when its dominance balloon above the 55 percent mark. This is obviously negative for altcoins and in days to come, we might see a drop in Litecoin, EOS and even XLM.
Let’s have a look at these charts:
Bitcoin Price Analysis
Latest Bitcoin News
That there is a link between email address and crypto currency exchanges is true—and dangerous for crypto investors alike. According to Mark Fischer, the head of email security at Google recently told CNBC that social media users who happen to register their trading accounts with the same email account at forums and similar media platforms are low lying pickings for sophisticated hackers but only when they chest thump about their crypto holdings. With Bitcoin trading at over $5,000, a simple hack could potentially be a jack pot for these hackers and worse still for the user, the effort might have been negligible because most users tend to use the same password for exchanges and email accounts.
Bitcoin Price Prediction
Even if Bitcoin prices did find support yesterday still Sep 17 bears overshadow their effort. They are still far off the $6,800 and $7,200 resistance zone we mentioned in our last Bitcoin price forecast.
What could a real bummer for buyers in days to come is Sep 17 high volume dump that saw prices sliding from $6,500 to $6,200 within hours as sellers retest the first layer of support near the $6,000 level.
Considering these developments which did confirm the overshadowing effect of Sep 5 bear movements, we recommend patience now that our previous Bitcoin buys are now null.
To reiterate, any dip below $5,800 would open the sluices for Bitcoin sellers to drive prices towards the $4,500 and $3,000 marks.
On the flip side, any drive and close above the eight-month resistance trend line and preferably $7,200 might lead to BTC printing $8,500 or even $10,000 by the end of the year.
Litecoin Price Analysis
Latest Litecoin News
With sliding Litecoin prices, critics are having a field day. At the top of this list is MultiCoin Capital managing partner Tushar Jain who is in the front-line throwing salvo at Litecoin in general and Charlie Lee in particular. In a critiquing blog post, Jain says Litecoin is a pre-smart contract relic and at current prices it is over-valued insisting that current prices are propped by churned incentives. He concluded by saying that no one sees the value of Litecoin and its claim of complementing Bitcoin is nothing but a bait to draw demand in an otherwise dead coin that users found hard to make use of even after insiders “pushed” for CoinBase listing.
Litecoin Price Prediction
In 34 days, Litecoin prices have retested the $50 main support mark in three different occasions thereby cementing the significance of this support level.
Encouragingly, during these times of retest, bears don’t muster enough momentum to breach it and instead, prices often bounce off this level like we saw last week. However, despite bullish attempts of last week, it appears as if sellers are back in contention clipping last week’s 10 percent gain and quickly driving back prices to $50.
In any case, our previous upbeat expectations have been quashed and at the moment, we suggest taking a neutral stand until after there is a break out above $60 or below $50 triggering a wave of sellers aiming for $30 and later $10.
Though we are skewed against sellers, fitting stop losses would be at lows or highs of the break out candlestick.
Stellar Lumens Price Analysis
Of all the coins under our preview, price movements in Stellar Lumens have been modest to say the least.
In fact, coin trackers show that XLM has been successful in absorbing bear pressure and up five percent in the last day pumping their overall week over week gains to eight percent.
Regardless, our previous Stellar Lumens trading stands and until there are movements above 25 cents triggering buyers aiming for 50 cents or a break below 18 cents ushering bears aiming for 8 cents, we remain neutral going forward.
Tron Price Analysis
Latest Tron News
Bittrex, the US crypto currency exchange has listed TRX/USD pair for their diverse customer base.
Tron Price Prediction
Of all the coins, TRX is perhaps the only one at cross-roads. First, TRX prices are in consolidation mode and trading inside a 1 cent range with caps at 2 cents on the upside and 1.8 cents on the down side. The 1.8 cents marks Aug 2018 lows and double bottom which we previously highlighted.
While TRX continue to oscillate within Sep 13 high low buoying Tron bulls, Sep 17 high volume bear engulfing candlestick reversing from 20 cents could signal trend continuation despite yesterday’s bullish attempts—TRX prices are up seven percent.
Since our TRX long stops were hit on Sep 17, we recommend taking a neutral stand as we wait for a trend defining break out from this range.
Any dip below 1.8 cents and sellers should sell on pull backs with targets on Jan 24 lows while gains would effectively thrust buyers towards 3 cents or 4 cents immediate resistance level.
EOS Price Analysis
Latest EOS News
Citing speed and low cost of transaction in the fee-less EOSIO network, BancorX plans to launch another platform on the EOSIO network. The service will not only allow trading between different EOSIO tokens—just like they do in Ethereum, but will also enable trading between EOS and Ethereum tokens. The DEX will position itself as a cross chain liquidity protocol allowing for seamless, token trading between different market participants at low fee and latency.
EOS Price Prediction
The failure of EOS bulls to close above $5.5 after ranging is an indication of strong sellers. Although we don’t suggest taking shorts at current prices even if Sep 17 is a real pointer of underlying bear strength, traders should hold off their trading until after there are drops below $4 and $4.5 or a spike above $5.5. After all, yesterday was bullish and EOS is up six percent.
All in all, considering the depth of market participation and sellers who are technically in charge—more so from a top down approach, it’s likely that EOS might drop below $4 and in that case traders should short with every high with first targets at $1.5 as mentioned in our previous EOS price preview.
That’s unless of course there are strong spike above Sep 17 highs clearing $5.5 and triggering longs as a result.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.