Positive Mood Returns: Bitcoin, Litecoin, Monero, NEO Establish HH and HL

  • Alex Morris
    📈 Price Predictions

    Higher highs and higher lows for cryptocurrencies indicate possibility of upside channels


Positive Mood Returns: Bitcoin, Litecoin, Monero, NEO Establish HH and HL

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bitcoin, Litecoin, Monero and NEO seem to change their mid term tendencies as they establish higher highs and higher lows. There are some signs of future upside channels on the charts, but it is too early to draw them for now.

BTC/USD

Bitcoin followed the third scenario as the price fluctuated along the ascending trend line. BTC/USD started a correction a couple of hours ago and reached the next support area at $8,527. The price is testing this area at the time of writing. The Ichimoku cloud is almost invisible here and there is no need to pay attention to the indicator’s signals.

The possible scenarios for BTC/USD are the following:

  1. The currency pair will bounce off the support area at $8,527 and go towards the resistance area at $8,703. There, the price may break through this level and jump above the local ascending trend line.

  2. BTC/USD will break through $8,527 area and fall further to the next support at $8,366 area.

  3. Bitcoin will fluctuate close to the current levels without significant changes.

LTC/USD

Litecoin followed Bitcoin in its fluctuations as the currency pair stayed close to the ascending trend line and the support area at $146. However, it started to decline several hours ago indicating the beginning of a correction. The currency pair has almost reached the support area at $138, but was unable to test it. The Ichimoku cloud is almost invisible here and currently there is no need to consider it during the analysis.

The possible LTC/USD scenarios for the nearest future are:

  1. Litecoin will start to grow towards the closest resistance area at $146. There, it will test the line and depending on the results, will be able to rise above the ascending short term trend line or decline again.

  2. LTC/USD will test the support area at $138 and break through it. In this case, the bears will be able to develop their progress and target new lows.

  3. Litecoin will stay close to the current levels with no significant changes.

 

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XMR/USD

The currency pair fluctuated below the local ascending trend line and above the support area at $214. However, several hours ago we have seen a Shooting Star candlestick pattern, indicating the beginning of a decline. Monero went below the support area at $214 and moved towards the next support at $204, where it is fluctuating at the time of writing.

The Ichimoku cloud is very thin here, meaning there will be no signals from this indicator for a while. The possible scenarios for XMR/USD are:

  1. Monero will bounce off the support area at $204 and start to grow towards $214 to test this area. There the price may jump over the line and develop an uptrend, or decline if testing results will be negative for bulls.

  2. XMR/USD will test the descending mid term trend line (green) and the support area at $204 and then will develop its downside progress.

  3. The currency pair will stay close to the current levels without significant changes.

NEO/USD

The currency pair declined below the mid term descending trend line (green) trying to reach the support area at $62. However, bears don’t seem to have enough power to push it lower and bulls are likely to establish a new local support area here at $65. The Ichimoku cloud is thin here and there are currently no signals from this indicator.

Possible NEO/USD scenarios are the following:

  1. NEO will start its local growth aiming to test the mid term descending trend line (green). If successful, bulls will have opportunity to develop their progress above the trend line targeting the resistance area at $68.

  2. NEO will develop its decline towards $65 support area.

  3. The currency pair will stay here without any significant changes.

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