Ethereum (ETH) has a chart with a really pleasant surprise: a confirmed double bottom. When support at $102 held, it confirmed that a double bottom is in place. Based on technical theory, ETH should travel the width of the previous range ($20) from the point of the breakout ($102). That gives you an upside price target of $120 (Figure 1).
The same thinking can be applied to the head and shoulders bottom in Litecoin (LTC). Litecoin (LTC) has broken out of a head and shoulders bottom pattern. Litecoin (LTC) should travel the distance from the neckline (pink line) to the bottom of the head from the point of the breakout. Said simply, Litecoin could go from $30 to $40 (Figure 2).
Good technical signals are even appearing in EOS. EOS held support at $2.55 and bounced. That means somebody is willing to buy the dip there (Figure 3). You don’t have to love EOS, but at least the chart has a positive look.
Looking at the Bitcoin Cash (BCH) chart, it reminds us of a classic phrase in technical analysis, “Gaps get filled.” Looking at the Bitcoin Cash (BCH) chart from Coinbase, there is a gap from the hard fork near $400. While we have no love for this coin, we would be content with a parabolic squeeze to $400 (Figure 4). Chinese miners who have big Bitcoin Cash (BCH) holdings like Bitmain may try to ram the coin higher in a thin holiday market.
Bottom Line: The big coins are now fueling the crypto rally. This a pleasant change from just a few days ago, when there was concern they might get in the way of a big Bitcoin (BTC) rally. It looks like cheap coins are going to make great holiday gifts.