Bitcoin has made new highs yet again. It has hit our exact price target, which was established using our Fibonacci extension levels. It is likely that bitcoin will come up for air at some point and retrace or stabilize. This does appear to be the first leg of the next 5-3 Elliott Wave, so we may see a dip to $34.4K or $34.2K, both Fibonacci levels. The next price target is $38.6K which it will likely hit on the next sprint. The Kovach OBV (blue line) is surprisingly flat, so anticipate the momentum to dry up for a bit before the next wave of buying
Ethereum has met its relative high, and is finding resistance there. This looks like an extended fifth wave in the 5-3 Elliott Wave. Watch for it to retrace a bit then break out further. The target is still $1261, a Fibonacci Extension. We are currently just shy of that at $1163, which has proven to be another technical level. The Kovach OBV is strong but has leveled off a bit. The momentum in general is still very strong here so any dip can be considered a buying opportunity.
Litecoin is edging up with the rest of the crypto markets. It has not reacted as aggressively as Bitcoin or Ethereum, but it also does not retrace as hard as they do either. This is a very solid investment for many reasons, both fundamental and technical. We are proceeding as planned to hit our price target of $173, a Fibonacci extension. The Kovach OBV has waned, so anticipate some ranging or a small retracement first. The levels $153, $140 and $135 will provide support, but it's doubtful we will hit those lower levels any time soon.
