Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH): Hitting the Wall or the Pause that Refreshes?
Looking at big cap coins, we see resistance at Litecoin (LTC) near $60. The $60 level is resistance and $56 is support (Figure 1). At this point, resistance may hold until the marketplace gets clarity from this week’s FOMC meeting.
These are very critical levels because Litecoin (LTC) has been the leader of the recent rally. So what happens with Litecoin (LTC) may have big implications for alts and Bitcoin (BTC).
On the topic of resistance, Ethereum (ETH) ran into resistance near $148 (Figure 2). This may be a temporarily discouraging development since the recent Ethereum (ETH) rally was likely caused by a very positive speech by Joseph Lubin at the SXSW festival late last week. That said, the SXSW speech should have been enough to ignite a bigger rally.
The most important big coin to watch still seems to be Bitcoin Cash (BCH). Recently, we took a contrarian positive stance on Bitcoin Cash (BCH). Our bullish view seemed to be confirmed by a recent news article showing Bitcoin Cash (BCH) may be updating its technology features.
As with Ethereum (ETH) and Litecoin (LTC), Bitcoin Cash (BCH) has to clear resistance before any further upside can get going. The resistance zone is between $157 and $167 (Figure 3).
Bottom Line: In big coins, technical confirmation is required to have strong conviction about a continued up move. Until proven wrong, hope is tactic in crypto.
Whether a breakout occurs or not, the Cyrpto.IQ Trading Desk will likely have a winning strategy. Their guidance at critical junctures like this will be mission critical to the analytical team and our clients who follow the desk’s ideas.
Join me there as we plot the next move.