Bitcoin hit a relative high at $39K. After that it retraced and may be exhibiting a corrective phase from a nested Elliott Wave impulse beginning at $32K. If that is the case we can expect a retracement to $36.2K or $35.4K, before another burst of momentum. Bitcoin appears to be consolidating between technical and Fibonacci levels between $36.7K and $37.7K. If that is the case, we would not expect a retracement, but a sideways correction leading to an eventual breakout. Either way, we are bullish of Bitcoin and will be loading up at the levels mentioned. A healthy breakout will place us back to $40K
Ethereum is consolidating into what appears to be a triangle corrective wave. In Elliott Wave theory, these typically retrace to the 786 Fibonacci level, which is exactly about where we are at if we consider the impulse wave being that of the most recent move from $1300. We can expect ETH to consolidate here, continuing the patter. Then it will likely break out to $1750. If we are wrong, $1550 will provide support. The Kovach OBV is still strong but definitely registering the retracement as a plateau
Litecoin is correcting like the other cryptos. It is maintaining the narrow range between relative highs at $159 or so, and $145, our 0.618 Fibonacci level. Volatility is consolidating so we can expect a breakout soon. The Kovach OBV is edging up, but is not very strong. This suggests that LTC is slowly building up pressure to breakout. If so, $166 is the next target. If we are wrong and it retraces more, watch $138, $132, and $124 for support.
