Despite the overall bear signals in the weekly chart, there are pocket of bull pressure.
As such, we expect a short term Monero buys going forward. The only thing we should be watching for now is how price reacts at $400.
At the same time, the same set up is panning out in IOTA. Even though there is over-valuation in the higher time frame chart, our immediate resistance lies at $4.2 and $5 respectively.
Let’s have a look at other charts
$1.1 IS NEM’S SHORT TERM RESISTANCE
XEMUSD 4HR Chart for January 2, 2018
NEM sellers are pushing prices lower after testing the upper limit as marked by the minor resistance trend line.
Even though we are in a perfect uptrend, the fact that we have that over-extension after last week close put in some “bear” element to this buy pressure.
In light of this, we expect the minor support trend line and $0.84 price tag to be our minor support going forward and if sell pressure clear through these two then the odds of this week closing in as a bearish is high.
DASH FINDS SUPPORT AT $1000
DASHUSD 4HR Chart for January 2, 2018
From the chart, the minor resistance trend line and major support line at $1000 remain as it was yesterday.
In fact, price action is oscillating within a very tight range. Now that we have a 3-bar bear reversal pattern in the weekly chart, it is safe for DASH sellers to wait for a stochastic sell signal to print from the overbought territory before initiating sells.
Even though there is a little bit of consolidation and support at $100, that DASH bull candlestick pushing above the 20 period MA is defining and may even invite bull pressure.
BEFORE $5, IOTA’S IMMEDIATE RESISTANCE IS AT DECEMBER 27 HIGHS OF $4.2
IOTUSD 4HR Chart for January 2, 2018
Notice how the 20 period MA is acting as a support? This is encouraging for buyers and already with a break and close above the minor resistance-now support trend line, IOTA buyers may pump prices to $5.
Before then, let’s expect immediate prices to react at December 27 highs of $4.2 that is assuming this buy momentum continues.
SHORT TERM MONERO BUYS WITH RESISTANCE AT $400
XMRUSD 4HR Chart for January 2, 2018
It’s obvious that Monero is in accumulation and despite the stochastic buy signal, the minor resistance trend line which by the way is our short term buy trigger remains intact.
Overly, there is a stochastic sell signal in the weekly chart. As such, we are only taking short positions as long as there is a stochastic sell signal.
We can continue buying but this is will be in the short term. Then it will also depend on if there is a break above the minor resistance trend line.
So, if your intention is to buy, wait for that break above. However, I recommend patience until a sell signal prints. Why fade a sell trend?
LTC PRICE ACTION IS SLOW AS DIP CONTINUES
LTCUSD 4HR Chart for January 2, 2018
Despite hints of LTC buy pressure, price action is slow. There is a stochastic buy signal yes but that’s the end of the narrative.
All we need in this chart is a signature close above the middle BB and a follow through of that bullish divergence pattern in the secondary chart.
Otherwise, if it remains this way then sellers won’t be entering at “favorable” prices. Patience is an asset now and entry is conditional only if a stochastic sell signal prints from the overbought territory.
All charts courtesy of Trading View
Coin Image via Pixabay
Published at Tue, 02 Jan 2018 11:21:07 -0500