Big coins underneath Bitcoin (BTC) are stalling. All of these coins are at resistance determined by Elliott Wave analysis. It seems all these coins are stalling at horizontal resistance. The horizontal resistance is drawn from the starting point of the selling climax that led to the recent bottom. The Elliot jargon is “a return to a previous fourth.”
In Ethereum (ETH), there is resistance at $97 and bigger resistance between $100 and $102 (Figure 1). It may be extremely difficult for Ethereum to break through these resistance points.
Litecoin (LTC), the story is similar. Big resistance between $30 and $31 (Figure 2). Right now, the resistance is holding. It remains an open question as to whether Litecoin (LTC) is strong enough to break this resistance.
Bitcoin Cash SV (BSV) has some room to get to its equivalent resistance level at $87 (Figure 3). A Crypto.IQ analyst wrote a good article on the Bitcoin Cash group. Technically, a good break above $87 is required to take BSV seriously as a major crypto.
EOS’s wild ride continues. EOS has reached a horizontal resistance point at $2.62 (Figure 4). This is probably the most technically unpredictable coin in the sense that drawing the correct horizontal resistance is more of a guessing game.
Bottom Line: Based on how these big coins are performing, there is cause for pause on calling a crypto bottom. Bitcoin (BTC) on Bitmex is still waiting to get through its key resistance point near $3,626. Real buyers will have to emerge in big crypto in order for these coins to break out. Join me in the Crypto.IQ trading room to continue to monitor charts of these coins and Bitcoin (BTC) for signs of a sustainable crypto breakout.