Bitcoin has been trending down. It received a significant shakeout which took us to the exact level I called out in the last report: $34.7K. It is highly doubtful the bubble is about to burst yet. Recognize that in the long run this behavior is simply a ranging after a tremendous appreciation. As long as we remain north of $30K, BTC will still be considered bullish. Even if we break down from $30K, consider it a buying opportunity, but perhaps for the longer term. The Kovach OBV is still drifting up which seems to be a divergence from the price action right now, so this is a bullish sign.
Ethereum seems to be retracing quite a bit from all time highs. It is currently flirting with support from a trend line. On a broader scale, we could be forming the first leg of the next 5-3 Elliott Wave. It is also the case that we could be forming a sideways corrective phase. Time will tell, and how ETH behaves moving forward will be very telling. Watch for it to break highs or retrace further. It does look a bit weak, and the Kovach OBV has turned sharply. So anticipate testing lower levels or at least ranging. The levels $1211, $1105, and $1030 will be good entry opportunities.
Litecoin has retraced sharply. It seems to be caught in a bull channel pattern. Bear in mind that these tend to break down, not up. Litecoin has retraced more than ETH or BTC, and still has a long way to go before making new highs. If it breaks down further consider $141, $130, and $117 as buying opportunities.
