Bitcoin has extended its decline, briefly testing the $20K handle, but swiftly rejecting $29K, and reclaiming $30K. Broadly, it appears that BTC has extended the corrective phase of its 5-3 Elliott Wave. If we are correct, we should see another burst of momentum soon. Watch for a blast of momentum to take us back to $36K. However, if our Elliott Wave is correct, we could still retrace to $22K and still be considered bullish. We will have support from $28K, and $24K before that.
Ethereum broke hard from the trendline but has since reclaimed most of the move. ETH caught support from 1035, which is one of our Fibonacci levels. Currently it is facing resistance at 1233. We are seeing a red triangle on the Kovach Reversals indicator suggesting we may equilibrate in 1035 to 1233 range before another breakout. If so, 1111 will provide support. The Kovach OBV is still pretty bullish despite these vagaries, so we are still bullish longer term for ETH.
Litecoin validated our analysis yesterday. We called a dip to 124 or 111, and we caught support exactly at 124. Right now, we are facing resistance at 138. It could really go either way at this point. Longer term, we are bullish of LTC, but there is a possibility that the bear momentum is not finished. If so we will find support at 111. It is doubtful LTC will push past this level unless there is another meltdown in cryptos. Both 145 and 154 will be targets if the bull momentum can sustain.
