Tron (TRX), Ethereum (ETH) Litecoin (LTC): Support and Resistance – Crypto.IQ

January 15, 2019 / by Bill Noble

Looking at a three-day chart of Tron (TRX), we see strong technical resistance in TRXBTC at 700 satoshis. That is the level of the top Bollinger Band and an interesting horizontal level that dates back to April and June. 757 satoshis is a resistance level above that (Figure 1).

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Tron (TRX) is going to need a major catalyst to get through 757 satoshis, especially if there is an overall crypto decline post-Ethereum hard fork.

Speaking of Ethereum (ETH), the key pivot level may be the 21-period moving average on a two-day chart. That level is $126. If $126 acts as support, that could mean Ethereum (ETH) could be stable or even go up. However, if Ethereum (ETH) falls below $126, that could start another major decline. In the past, false breakouts above this moving average have triggered sharp declines once Ethereum (ETH) fell back below the 21-period average (Figure 2).

 class= Figure 2

The same can be said for Litecoin (LTC). The 21-period average on the two-day chart is at $33.86. This seems to be a key pivot level. If Litecoin (LTC) can hold above this point, that could be very positive. As with Ethereum (ETH), if Litecoin (LTC) falls back below that level, the technical setup could be the same as September. In that case, Litecoin (LTC) spent about 10 days above the 21-period average before falling below it and then crumbling.

 class= Figure 3

Bottom Line: $126 in Ethereum and $33.86 in Litecoin (LTC) are two levels to watch to see whether the bulls or bears have control of the market. Support is support until it isn’t.

The Crypto.IQ Trading Desk has had the call on Ethereum (ETH) for several weeks. I will continue to rely on their guidance as to whether or not the hard fork wll be a major technical event or a non-event.

Join me there.

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