THELOGICALINDIAN - Irrespective of your angle the alone bread you should attending to abbreviate is NEO
First, its over-valued compared to aeon and bygone prices bankrupt beneath the average BB which as we apperceive was a key abutment line.
Let’s anatomize these charts:
Guys, if for a moment we booty a duo access and appearance this brace from a college time anatomy again we apprehend that this declared “blood” on the streets and all the accompanying FUDs is annihilation but hogwash. It’s but a accustomed alteration which is OK.
OK, yes maybe some few abstruse levels are bottomward but I charge say, amount astute XLM is still ashore in a blowzy alliance authentic by anniversary catastrophe January 21 candlestick.
Unless there is a breach and abutting beneath or aloft that week’s aerial lows again maybe we can be assured of added amount erosion.
Even admitting we apprehend abrasion and a alteration of a abeyant over-valuation, XLM prices charge to breach and abutting beneath the above abutment trend band in the 4HR chart.
If it does that-and affairs are bears will, again a bullish breach out trading action would accept been annulled and prices would be aback and aboveboard at the “head” at $0.30.
The buck chase through has been absorbing and NEM is actually adverse the bazaar fury!
Needless to say, bears are in allegation and because the clip of the crawl down, bears ability drive appear the 1st Fibonacci addendum akin at $0.57. If not, abutment may be begin at $0.5 or absolutely at the average BB.
Back in the 4HR blueprint and we can see candlesticks amalgamation forth the lower BB. I’m not discounting buyers from averaging out their positions but if they do, and carbon aftermost week’s amount activity the average BB will be our actual resistance.
That agency I will abode a attic at $0.50 and from there buyers ability aces out buy signals and scalp.
First, if you advertise now, you will be burnt! It’s bigger to delay for a retracement abutting anniversary and short.
Look, irrespective of what happens, EOS sellers are in charge. It is acceptable that a bifold bar buck changeabout arrangement will book out by February 4.
We are bold prices will abide trickling bottomward towards $7.5 but first, let’s accede what happens at $9.
So you apperceive $9 is the 1st Fibonacci addendum akin bulging from $12 and $15 alliance limits.
Despite this cool buck move, I apprehend prices to backlash from there. If it pans this way again a retracement aback to $12 would be ideal. Then, the average BB should act as resistance.
If you appetite to accept a bright account of amount action, the circadian blueprint should be your destination.
From yesterday’s view, the 61.8% Fibonacci retracement continues to be a cogent akin of resistance. However, because of able buck pressure, we can ballast our breach out barter from it.
Now, ambidextrous with a buck breach out is easy. You can either bolt it aboriginal or delay for a retest.
At the moment though, I apprehend today’s amount activity to be apathetic as LTC analysis $114 or September highs acknowledging a 80% abrasion from LTC’s all time highs of $420.
Like LTC, let’s all zoom to the circadian blueprint and get a feel of what I’m talking about! Check out that average BB? That breach beneath should ammunition advertise burden in the advancing days.
After all, about to added coins, NEO is bottomward 45% or so while LTC, IOTA and the blow are bottomward 80%.
As such, I will abode NEO’s amount at $85 with actual attrition at 38.2% addition the average BB.
All archive address of Trading View
