Bitcoin had a nice uptick back to $35K, which was a nice respite from the malaise we saw around $33K and lower. Unfortunately, there is little to suggest that it will seriously breakout any time soon. In fact, there was very little momentum to that breakout as measured by the Kovach OBV. We can expect for it to return to lower levels, until momentum returns. Watch $33.6K and $31.6K for support. It is doubtful that we will break down below that, but $30K should serve as a technical and psychological level of support, definitely a buying opportunity.
Ethereum has gotten support from the lower bound of a bull wedge pattern. It has bounced off confirming the pattern and continuing the consolidation pattern. We are stuck at highs right now, so the question is whether ETH has enough momentum to break out of this consolidation pattern that it has been holding for weeks or if it will continue to range. There is no doubt it will eventually break out, but the question is when. If it rejects 1424, it will find support at 1320. When it breaks out, 1550 is the next target.
Litecoin is continuing to maintain its range between 124 and 145. The Kovach OBV is flat, and has been for over a week. LTC is currently encroaching on the upper bound of the range, 145, which could make a good shorting opportunity. We are not short of Litcoin per se, this would be a very short mean reversion trade. There is a red triangle on the Kovach Reversals Indicator, which supports our mean reversion idea. We will need momentum for LTC to breakout either way. Keep watching 124 and 145 for signs of life.
