December 19, 2018 / by Bill Noble
Charts of big coins have turned positive.
Ethereum (ETH) moved through resistance at $102. There may not be a dip until Ethereum (ETH) gets to $117 (Figure 1).
Litecoin (LTC) is also moving in a positive direction after move above $31. There could be a head and shoulders bottom in place. That could make the upside target $40 (Figure 2). At a minimum, the sheer fact that Litecoin (LTC) could take out resistance at $31 is a good sign for the “low end” end of the crypto space.
EOS is also ramping. After clearing the 23 percent retracement of the recent down move at $2.55, the next target could b $3.04 (Figure 3).
Even the lowly Bitcoin Cash SV (BSV) is waking up. A “V” bottom in place and the burst through resistance is impressive (Figure 4). If BSV can go up, any coin can go up.
Bottom Line: You don’t have to like these coins. You don’t have to buy them. The technical damage in these coins has been so massive that the retracement could be equally massive, especially in Ethereum (ETH). Crypto.IQ sources have looked at data suggesting “Nov/Dec there was massive movement of ETH out of ICO wallets. Fear that a shrinking runway was about to disappear altogether prompted the exodus.” That implies everybody who was going to sell has already done so.
These coins are no longer in a position to hold Bitcoin (BTC) back.