If Litecoin (LTC) holds the area close to $ 38, the technical structure could be very bullish.
This would confirm a break from a head and shoulder model with a sloping neckline towards the top. Although these patterns are not conventional, breakouts of such patterns can trigger vertical movements. The goal of the model is in the low $ 50. The area between $ 50 and $ 55 contains the horizontal resistance, the head and shoulders goal and the 200-day moving average (Figure 1).
On the other hand, if Litecoin (LTC) fails and definitely falls below $ 38, this could be very bearish.
Looking at Tron (TRX) and Bitcoin (BTC), TRXBTC filled a gap in an intraday chart and then reversed the value. Elliot's wave work, which was useful in late crypto, shows the possibility of a new high for the move (Figure 2).
That said, Tron (TRX) will encounter greater resistance on a two-day chart near $ 600 (Figure 3). If Tron (TRX) clears $ 600, longs could have an advantage. If there is an increase of $ 600 and then a fall below it, this could end the Tron rally (TRX) and give the advantage to the courts.
The Tron manifestation (TRX) seems to reflect a great theme in the cryptic community that ETH has not kept billingand there must be an alternative or a substitution of Ethereum (ETH). It can also create the Ethereum hard fork substantial risk for Ethereum (ETH).
We have seen a positive tweet about Ethereum (ETH) – the tweet that suggests Ethereum (ETH) could become the first cryptocurrency to have decrease in supply over time. This is really interesting, to say the least.
From a graphical point of view, Ethereum (ETH) holds above the horizontal support at $ 152. Ethereum (ETH) seems to trade heavily. A confirmed break below $ 152 would be negative and would create the risk that the recent rally would take place.
Conversely, a break above an arch consolidation near $ 166 could trigger a shift to a Fib extension level and a horizontal resistance zone at $ 182 or $ 212 (Figure 4).
Bottom line: If Litecoin (LTC) continues to lead upwards, it could carry Ethereum (ETH) along with it … and vice versa. The coins that people love to hate are at the key points. The next definitive tactical move in both directions could start a substantial trend.
The Crypto.IQ trading room has levels set to take advantage of the technical settings in both Litecoin (LTC) and Ethereum (ETH). Join us as we watch this game.