Bitcoin, EOS, Litecoin, Stellar Lumens, Tron Technical Analysis: July 25th


Bitcoin is up 35% in the Last two week Spring Loading Altcoins

The crypto market is in the green and with Bitcoin trading upwards of $8,000, other altcoins are reacting edging higher. So far, Bitcoin is up four percent in the last day and more than 35 percent in the last two weeks. At the same time, EOS, Tron and Litecoin are testing key resistance levels and we expect to see strong gains today.

Let’s have a look at these charts:

Bitcoin (BTC) Technical Analysis

Bitcoin (BTC) Technical Analysis
Click here to see the full size Bitcoin Daily Chart by Trading View

Thus far, it has been an awesome two weeks for BTC bull. They are up more than 35 percent and trading above $8,000 for the first time since June. Now, because of this resurgence, Wall Street institutional investors are taking note swapping their Bitcoin Futures for “physical” Bitcoin.

Facilitating this exchange for physical is E.D & F Man Capital Markets, a licensed commission merchant and ItBit, an enterprise grade crypto exchange. Even though EFP is a mainstay in traditional markets, it is the first time this exchange is happening in the crypto market. Technically this spells a new beginning for Bitcoin and crypto market in general as high net worth investors liquidate their shorts and ramp up buys as they anticipate further BTC gains.

Our Bitcoin longs were triggered at $6,800 and with recent gains, my recommendation is to shift stops and lock in some profit. According to our Bitcoin trade plan, our ultimate targets are at $10,000 though we can also aim for March highs at $12,000. Because of this, my suggestion for those who are yet to buy, is to enter longs at current spot prices with stops at yesterday’s lows at $7,700. Targets remain unchanged as laid out before.

EOS Technical Analysis

EOS Technical Analysis
Click here to see the full size EOS Daily Chart by Trading View

CyberGlass is a one of the 21 Block Producers within the EOS network. While the blockchain secures itself thanks to the wide network of distributed and decentralized full nodes, the element of governance which EOS introduces makes it hard to tame corruption and things like collusion.

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This is where Glass, an open source tool created by CyberGlass comes in handy and in accordance to Article 15 of EOS constitution. Glass allows full transparency of block producers, their server location and other details of block producer operations. Basically, Glass helps protect the EOS network from lying BP candidates and those nodes vying to be.

From the way EOS price movement is set up, it’s clear that EOS is in consolidation and bound between June lows at $7 and resistance and buy trigger at $9. Overly though, we might see EOS registering gains and perhaps break above $9 as the market recovers.

Nevertheless, before that happens, we should take a conservative and logical EOS trade approach until after we see high volumes initiating a bullish break out above $9. $9, as we can see is a previous support now resistance and initiated that bear break out of June 22 of which we are currently trading in. So, unless otherwise, any bull rejection above this resistance line constitutes a re-test and a probably bear trade resumption.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens (XLM) Technical Analysis
Click here to see the full size Stellar Lumens Daily Chart by Trading View

Recent events and announcements from CoinBase seems indicate that the $8 billion exchange is planning to take on the competition head on. Stellar Lumens and four other coins are likely to be availed for their 13 million customers spread across the globe.

If listed Lumens will have a psychological advantage since it will be the cheapest coin on offer at the exchange and we might see a pump. Besides, the propensity of CoinBase to list coin backed by industry figure heads gives XLM a head start.

So far, XLM is slowing down and yet to break and close above 30 cents. This is our immediate resistance line and marks June 2018 highs. Now, as before, we are net long and having locked profits-for those who got in early at 22 cents-buying on dips or at current spot rates as suggested before would be a good trading plan.

However, conservatives must wait for clear, high volume break and close above 30 cents before initiating longs with stops at 28 cents.

Litecoin (LTC) Technical Analysis

Litecoin (LTC) Technical Analysis
Click here to see the full size Litecoin Daily Chart by Trading View

Although Litecoin did register decent gains yesterday, we are yet to warrant Litecoin buys if technical formations is anything to go by. Our technical stand advised by candlestick patterns is clear: Litecoin bulls need to breach and close above $90 or July highs.

Before then, we shall take a neutral position with bullish expectations because of recent higher highs and rejection of prices below $70. Keep in mind that Litecoin is still trading inside a $20 range and it has been so for the last month as bears took tall and magnifying the bear break out pattern that was ignited after that strong bearish breakout on June 22.

Tron (TRX) Technical Analysis

Tron (TRX) Technical Analysis
Click here to see the full size Tron Daily Chart by Trading View

It is five days before July 31 TVM launch and four days before Tron announces their “secret project”. Well, investors expect nothing less than a high level partnership that could probably spur prices above 4 cents triggering our TRX buys.

Anyhow, after yesterday’s five percent gains we expect momentum to build up today with high odds that our longs would be triggered. As such, my recommendation is to open small size positions at current spot rates with stops at June 24 lows at 3.2 cents. From previous Tron technical analysis, first take profits would be at 5.5 cents.

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.

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