Bitcoin (BTC) and Litecoin (LTC) vs. Raven (RVN) and Ethereum (ETH): A Study in Contrast

April 1, 2019 / by Bill Noble

Looking at Bitcoin (BTC) on BitMEX, there is major resistance at $4150 (Figure 1). Obviously, that resistance needs to be overcome to expect more upside in Bitcoin (BTC). Tactical players will likely try and be short at this level. As of now, we expect HODLers to not sell here. So, shorts are going to need bigger speculators to sell at resistance. If that does not happen, we expect shorts to be squeezed out.

 class= Figure 1

Litecoin (LTC) has a similar setup. Litecoin (LTC) has been pressing against resistance at $64 (Figure 2). Litecoin (LTC) rallied in advance of altseason, so how it performs at $64 could be important.  

 class= Figure 2

Unlike the focus on resistance in Bitcoin (BTC) and Litecoin (LTC), the focus in Ethereum (ETH) and Raven (RVN) is on support.

In Ethereum (ETH), a rising trendline at $140 may be the support point to focus on (Figure 3). Ethereum (ETH) needs to hold that line. A sharp rally off that line would be very positive for crypto as a whole. Conversely, a sharp drop below $140 could start a selloff.

 class= Figure 3

Raven (RVN) is also perched near support. The support comes from a steep uptrend line (Figure 4). Since Raven (RVN) has been a clear leader during altseason, how Raven acts on support could be a key indicator of future market direction.

 class= Figure 4

Bottom Line: If Bitcoin (BTC) and Litecoin (LTC) can break out, the stage is set for Ethereum (ETH) to join the rally. We continue to believe that the bid propelling alts has to spill over into the bigger coins. Otherwise, the recent alt season may be nothing more than a period of emotional speculation.

The Crypto.IQ Trading Desk is ready to profit from the next big move.

Join me there.