Bitcoin has rallied substantially, crossing through a few Fibonacci levels from this last report. It looks like we were really making a run for $39K, but retraced to find support between $36.7K and $37.7K. The Kovach OBV is picking up, but we are not seeing the drastic spike we usually see when BTC moons. We will most likely face some resistance here, and range for a bit. We've been pretty clear that Bitcoin is broadly in a ranging phase, a sideways corrective wave. It is not likely to break out any time soon. Watch it form a bullish consolidation pattern, testing highs a few times, before breaking out again. We can expect new highs next week or the week after, assuming we still have momentum. If not, lower levels at $35.2K, $33.6K, and $31.6K will provide support. We are still solidly bullish (long term) even if we hit $28.5K.
Do we ever tire of winning? No we do not. We have called out the breakouts and targets in Ethereum and made lots of profit in doing so. We even called out the level at which ETH would have some resistance, by using Fibonacci extension levels anchored at the most recent relative highs and lows of the bull wedge pattern. Ethereum does look like it is coming up for air which is perfectly reasonable after such a move. It is going to find support at $1550, which was our price target for the breakout. Worst case it should have support at $1424, which is the upper bound of the bull wedge pattern from which it broke out. If we are able to breakout again, $1750 is the next target which is another Fibonacci Extension as well as a nice psychological level.
Litecoin has dipped, more so than the rest of the cryptos. It has support at $145, which is a Fibonacci level we have long called out. If it breaks down further, $138, $132, and then $124 will provide support. It could dip as low as $111 and still be considered bullish. The Kovach OBV is gradually creeping up which may suggest that LTC may be gearing up for a breakout soon. If so, it has to blast through $154, and $166, before it can consider testing highs at $186.
