Bitcoin is caught between the low of that big dip and highs. It looks like it is in the fourth and final phase of the dragon head pattern (Ghostsquawk exclusive!). This is characterized by ranging after the volatility incurred with the correction. We are likely to see continued ranging until another burst of momentum which will constitute the first impulse in the next 5-3 Elliott Wave. The next targets are $41.9K then $44.9K.
Ethereum has had some wild swings that could even rival that of Bitcoin. It dropped from highs at $1347 to below $1k, and has finally stabilized between $1030 and $1105. These are two Fibonacci levels that have proved to be very good levels of support and resistance depending on where ETH is at the moment. Like Bitcoin, we anticipate some ranging before the next impulse of the 5-3 Elliott Wave begins. If it dips further, watch $954 and $862. Profit targets include $1211 and $1347.
Litecoin looks like it is consolidating further after the retracement it suffered with the rest of the crypto market. It looked like an inverse head and shoulders was forming, but this now looks to be a flag. Either way, it appears to be the fourth and final stage of the dragon head pattern, and we should see a breakout after this. The fourth stage is characterized by ranging which may last another day or so. Watch for support below at $117. After we break out, $141, $151, $167 and $186 are all profit targets.
