It’s an obvious altcoins price slide and with XRP and EOS leading the loss, it seems like the floor will come after some weeks. For now, it’s likely that last week’s events would be confirmed and in that case we recommend shorting on every high in lower time frames.
EOS Technical Analysis
If anything, our EOS trade plan is well on course and with every bear candlestick that prints, bears are slowly inching towards our first target at $4. As highlighted in previous EOS trade plan, $4 doubles up as our immediate support line and 2018 lows and that’s why it is important in our analysis.
Since the third stage of the bear break out pattern set in motion by Aug 7 break below our intermittent support at $7 is active, we recommend selling on highs in today and in days to come.
All things constant, we might see a pull back towards $7 as a form of compensation—this often happen following periods of rapid gains or losses—and instead sellers could find perfect liquidation points at or around $7—our immediate resistance line with stops at $8 and targets at $4 as laid out in our the last EOS trade strategy.
Ethereum (ETH) Technical Analysis
By dropping 20 percent on a weekly basis, ETH is now trading at multi-level lows printing new 2018 lows in the process. From that chart we can see that not only did bears broke below June 2018 lows at $400 but bears did press lower breaching $350 and ETH prices is now $50 away from testing Q4 2017 lows. Either way, we are net bearish especially after last week’s events. In line with our Ethereum (ETH) trade plan, we recommend selling on every high in lower time frames with stops at $350 and first targets at $275.
XRP Technical Analysis
The XRP community wants Binance to make XRP base following that direct endorsement by Weiss Ratings. After the independent ratings agency carried out their own online survey on Twitter, Weiss came to a conclusion that XRP is cheap and fast when moving funds from one exchange to another.
Impeded by SEC failure to categorize the coin and as Ripple the company struggles with law suits, XRP prices is taking a beating. It’s one of the leading coins which registered high losses following their 30 percent drop by close of last week.
Either way, this is what was expected when sellers drove prices below the lower limit of our support at 40 cents two weeks ago. Now, as spelled out in our prior XRP trade plans, we suggest selling XRP at current spot price with stops at 35 cents and take profits at 15 cents.
In the meantime, those who sold after 40 cents should lock in some profits and retain the same bear targets.
Monero (XMR) Technical Analysis
Though we might point out the last two days candlestick and remain optimistic of a recovery, you should note that the high low of those two candlesticks are actually confined by Aug 10 bear engulfing bar.
That undoubtedly means sellers are in charge even from an effort versus result perspective. Anyhow, Aug 10 bear engulfing candlestick broke below the psychological $100 support line and at current spot prices we suggest selling on every high with first targets at $70 and stops at $100.
Bitcoin Cash Technical Analysis
As the ASIC manufacturer Bitmain prepares for an IPO, news is it held more than one million BCHs by March 31 and just 22,000 BTCs at the same period.
There are two approaches here, those who sold BCH at around $700 when sellers confirmed Aug 2 break below the main support trend line can now lock in some profits.
For those planning to enter, I suggest selling at current spot prices with stops at $600. The reason for this is pretty simple. First, notice that we have a whole bear candlestick closing below our main support line and following through on Aug 8 break out.
Secondly, not only are current prices new 2018 lows but we have a clear multi-level close below important support line at $600 and earlier at $750 when bears closed below the monthly and yearly support trend line.
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.