Big Coins: Big Moment?

March 22, 2019 / by Bill Noble

We admit it. Yesterday’s decline was a bit scary.

But that in itself could be a bullish sign. If an instrument is in a bull market, corrections need to be scary enough to shake out those that don’t have strong conviction about the up move.

Looking at Bitcoin Cash (BCH) on BitMEX, we see an A-B-C correction appears to have ended. Bitcoin (BCH) dropped to the 50 percent retracement of its recent move up and then bounced (Figure 1). This could be a constructive sign.

 class= Figure 1

Ethereum (ETH) may also be coiling for a move higher. The wave structures on Ethereum (ETH) have a subtle bullish structure (Figure 2). We continue to believe a strong move to $160 is a distinct possibility.

 class= Figure 2

Bottom Line: The coiling process continues.

In the Crypto.IQ Trading Room, we are seeing what coins are set up for big moves.

Join me there.