December 17, 2018 / by Bill Noble
Big coins have reached important tactical pivot levels.
What is a pivot level? A pivot level is used as a marker. If a coin gets above a pivot and holds that level on a retest, you could say the outlook is bullish. If a coin gets to a pivot and either pops above it and then fails, or if the coin gets flat out rejected at the pivot, you could say the read is bearish.
Looking first at Ethereum (ETH), there is a big speed resistance line at 100 (Figure 1). Given the extent of the rally today and the Fed meeting on Dec. 19, there could be quite a battle between bulls and bears near $100 in Ethereum (ETH).
In EOS, the key pivot is a Fibonacci speed line near $2.50 (Figure 2). How EOS behaves at this level will give you a clue on future direction. EOS was up over 20 percent at the time this report was written, so waiting for a confirmed break above $2.50 before getting constructive would be wise.
Litecoin (LTC) has reached major resistance at $31 (Figure 3). What happens at the $31 level will tell you a lot about future direction.
Bottom Line: With a Fed meeting coming up on Dec. 19, there is a good technical and fundamental case to wait and see on Ethereum (ETH), EOS, and Litecoin (LTC). I would watch carefully how each coin trades at the pivots we established above.