Bitcoin suffered a huge retracement from highs, bringing us down to the high $29K's from the $40K handle. This was quite a drop and it squeezed out a lot of weak hands, some of which had never experienced such a squeeze in crypto. This is normal for all cryptocurrencies especially Bitcoin and this is the type of thing you should always be prepared for. Consider dips like these a buying opportunity. It would be nice if Bitcoin would range a bit at lower levels, giving us time to accumulate a position, but we aren't the only ones thinking this and the price was immediately bought back up to $35K, where it sits now. It could go either way at this point. If the corrective phase of our Elliott Wave is done, we could be seeing the beginning of another 5-3 Elliott Wave and therefore another run for highs. If we are wrong, and the corrective impulse is not done yet, it could take us further to $28.5K or even $24.4K.
Ethereum took a dive too, and like Bitcoin, it got immediately bought back up. It bounced from support at $954, and is currently in the $1100's. It is finding support right now at $1105, a Fibonacci level. If it catches another burst of momentum, the next target is $1211. But if it breaks lows again it could hit $862.
Litecoin has extended our the corrective phase of our Elliott Wave corrective impulse. It has extended past wave 2 at $124 to find support at a Fibonacci level below at $117. This has invalidated the wave rendition and is usually a bearish sign. However, we appear to be finding support at current levels, and even appear to be forming an inverse head and shoulders pattern with a neckline somewhere around $150. If we are able to catch some momentum then $151 and $167 are targets before highs at $186.
