Of course, news of UpBit involvement in fraud is shocking and more so spells doom for EOS and Tron coin holders. This is because the majority of the exchange’s trading volumes come from the latter’s demand or liquidation. It’s a definite EOS, Tron and Litecoin sell signal visible for everyone here.
However, we cannot attribute this revelation to the current market slide or the $50 billion market cap loss, maybe it’s a coincidence brought in by other unseen market factors. If it is, the double digit slide we are seeing could usher in more sell pressure. In my view, short selling Litecoin, Stellar and IOTA besides the two can increase our odds of turning in a profit.
Let look at these charts:
EOSUSD (EOS)
EOS Daily Chart by Trading View
There we are back at it guys, a rating company that is trying to influence the natural, market defined trajectory of altcoins trading. While we understand that rating companies are helpful, we don’t need another auction in the market.
Weiss rating is a company that can easily skew investor inclinations if they give a favorable forecast and right now, their eyes are set on high performers, one of them is EOS. Market moving news is that a rumor of UpBit involvement in Fraud. Yes, the main story is they are accused of trading non-existent coins. Remember, EOS and Tron make up the majority of trading volumes in this South Korean exchange.
If you want to check out this double digit price EOS deterioration, then the daily chart provide a better glimpse. First, there is break below the consolidation at $15 and as such, we shall be trading a bear break out with resistances or stops at $16 or there about. Now, because of that bearish engulfing pattern and clear lower lows, it’s apparent that sellers are in charge. Advised by this, our immediate bear targets would be at $12 and $10.
LTCUSD (Litecoin)
Litecoin Daily Chart by Trading View
If you want to watch a Dallas Maverick game, then you can as well pay your ticket using Litecoin. Over time it is obvious that Litecoin adoption is spreading and more merchants are finding value in it as a service.
On the charts, Litecoin is down 10 percent in the last 24 hours and it is likely that that depreciation shall continue now that bears are in control. Evidently, from the daily chart, that break below the middle BB, a minor support line and a point of importance in our analysis no longer hold.
Because of this and the fact that stochastics are bearish, we can align our trades with the existing short term bear trend and aim for $125 and later $110. Otherwise, if there is a brief recovery today, then expect resistance at $150 or there about.
XLMUSD (Stellar Lumens)
Stellar Lumens Daily Chart by Trading View
If anything, Stellar Lumens is one of the biggest losers in the last 24 hours. Yes, bears are in charge but the depreciation on this pair has been astounding and in a matter of hours, Stellar Lumens sellers were testing 30 cents.
Regardless, we expect more erosion today especially say there is a rebound back to 35 cents as price action re-calibrate. As bear momentum is strong, ideal bear targets are at 26 cents and 20 cents. If not, and prices react strongly back above 35 cents, then we remain neutral and wait for thrusts above 40 cents.
TRXUSD (Tron)
Tron Daily Chart by Trading View
As long as Tron’s partnership with Alibaba remains a rumor, Tron prices will have some sort of support. However, considering the current across the board crypto beating, Tron hasn’t been spared from the sword. Tron is down 14 percent in the last 24 hours and likely to end weak as we conclude the week.
In line with yesterday’s forecast, selling Tron with targets at 6.5 cents can turn out to be a good trading strategy. After all, stochastics are bearish and we have those bear soldiers which by the way are trading below 8 cents and the middle BB. If there is a rebound towards 8 cents, then look for shorting opportunities or stochastic sell signals at those levels and aim for 6 cents or lower.
IOTUSD (IOTA)
IOTA Daily Chart by Trading View
Besides Project Q, you cannot mine IOTA coins meaning it is literally immune to mining bans. That’s some of the benefits of owning this coin in the long run. At the moment, speculators can benefit from the up and down movements of this coin.
Like the rest of the market, IOTA is bearish and traders are quickly unloading it. For perspective, IOTA is down 13 percent in the last 24 hours and that’s not all, bears are now trading below $2, the middle BB. Borrowing hints from yesterday’s forecast, we shall continue holding our sells as we aim for $1.5 or even $1 in the course of the month.