Bitcoin is showing some weakness. We have mentioned before that BTC appears to be in the final phase of the corrective wave. This means we should see some action either way. Additionally, we appear to have a bull wedge pattern forming with a base at the technical level $30.2K. The Kovach OBV has fallen substantially, which suggests that we will see another breakdown. The next level of support is $28.5K. If we manage to break out, watch $31.6K and $33.6K.
Ethereum has retreated several levels from highs. Currently, it is finding support just above $1233, after slicing through $1320. Both of these are Fibonacci levels. The Kovach OBV is still pretty strong, so it may be able to muster the strength to return to those upper levels. Mid term, it is likely to form a consolidation pattern, testing and rejecting highs a few more times before breaking out in the long term. This however, assumes that weakness from BTC does not spill in to ETH taking it down to lower levels like $1172, $1111 or even $1035. The lower level $913 seems like a long shot, but that would be the final level and first major support level south of $1000.
Litecoin appears to have caught Bitcoin's malaise. It is currently forming what looks to be a bear wedge. It is reminiscent of a head and shoulders pattern with a neckline at $124, however a head and shoulders always follows an uptrend, whereas our current situation follows a swift retreat from highs. Nevertheless, the spirit of the head and shoulders pattern, failure to make new highs, is definitely present with LTC. It is currently sitting at support at $124, but it appears to be ready to break down and test lower levels at $111. If not, a breakout will take it past $132, $138, and even up to $145.
