Bitcoin, Litecoin, Monero Giving Out Promises, NEO Looking Shy

All the reviewed currency pairs started to grow today. BTC/USD, LTC/USD, XMR/USD crossed a couple of levels and seem to restore their local uptrends as they are higher than their local ascending trend lines. Neo is still hesitating, indicating that bulls don’t have enough power to change the situation.

BTC/USD

Bitcoin tested the support area at $8,373 during the European session and bounced off the line. The price has broken through the resistance area at $8,529 and moved above the next resistance area at $8,697. BTC/USD is above the local ascending trend line, meaning the upside tendency is likely to resume.

The currency pair is above the Ichimoku cloud as well. All those indicators signal the possibility for the bulls to take the initiative in the short term. Current scenarios for Bitcoin are the following:

1. The price goes further upside towards the resistance area at $8,890 as there are no serious obstacles on the way. There, is may bounce off the resistance area and return to the ascending trend line, or progress towards the next resistance area at $9,034.

2. Bitcoin falls below the support area at $8,697 and tests the ascending trend line. Bears will have more opportunities to push BTC/USD even lower if successful.

LTC/USD

Litecoin looks rather optimistic as the price managed to rebound off the support area at $138, crossed the Ichimoku cloud and the local ascending trend line and finally, jumped above the resistance area at $146. LTC/USD is above the local ascending trend line meaning the price returned to the uptrend in the short term.

There are two main scenarios for Litecoin at the time of writing:

1. The price will test the ascending trend line, rebound off it, cross the resistance area at $147 and go higher, towards the next resistance area at $153.

2. Litecoin will break through the ascending line, indicating that the bears are taking control over the market. The currency pair will probably fall towards the Ichimoku cloud and even further, to the support area at $138, which coincides with the lower boundary of the Ichimoku cloud.

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XMR/USD

Monero is trading below the ascending trend line, but above the descending mid term trend line, meaning the bulls have almost gained the momentum and have the opportunity to change the situation. XMR/USD is above the Ichimoku cloud and crossed two levels within several hours, indicating serious intent.

The main two scenarios for the next 8-10 hours are the following:

1. The price will break through the ascending trend line and go towards the next resistance area at $219. If this happens, buyers will finally restore their domination and bulls can expect an even greater rally.

2. XMR/USD bounces off the ascending trend line from below, crosses the support area at $214 (the price is testing it now) and declines towards the mid term descending trend line.

NEO/USD

NEO looks like a “shy guy” as compared to the other assets. The currency pair attempted to test the ascending trend line, but failed even to make a fakey and still stays below the mid term trend line. However, the good news for bulls is that NEO/USD is above the Ichimoku cloud.

There are two main scenarios for the currency pair:

1. NEO/USD crosses both mid term descending and short term ascending trend lines and the resistance area at $68. The currency pair will be able to target the next resistance area at $72 without any visible obstacles on the way.

2. NEO falls towards the Ichimoku cloud, crosses it and tests the support area at $62.

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