Bitcoin has been maintaining the $30K range for some time now. It is healthy for BTC to take a pause, since we were getting dangerously close to bubble territory. It really does not want to test the $20K's again, as any attempt at those levels gets bought back really quickly. Currently, we appear to have finished the corrective phase of the Elliott Wave wave, though we may be in for an extended sideways correction. If we see momentum come through, then we know we in wave 1 of the next 5-3 wave. The Kovach OBV has stalled so we can anticipate currently levels to hold. The levels $31.6K, $30.9K, and $30K are all buying opportunities. We will face resistance at $34.7K, $36.7K, and $37.7K.
Ethereum made new highs then swiftly retreated. It is a bit extended right now, having crossed $1035 to $1430 since Thursday. We can anticipate further resistance at highs, and perhaps for a consolidation pattern to form (such as a bull wedge or flag) before another breakout. We could see up to a 50% retracement of this month's range, which would bring us to $1172. We would see support from some levels in between at $1320, and $1233 in between. We could dip all the way down to $913 and still be considered bullish. The Kovach OBV and Chande are both really strong, so it is highly likely the pendulum will swing back and we will see a retracement. Long term we are very bullish of ETH.
Litecoin is ranging after a retracement. It's quite correlated with Bitcoin at the moment, unlike Ethereum which made new highs recently. It is healthy for LTC to retrace and hold a range for a bit. This is a 50% retracement from the channel breakdown, which is exactly what we can expect of bull channel breakdowns. We could retrace to $111 and still be considered bullish. But before that, we will have support at $124, $132, and $138. A burst of momentum will take us to the top of the channel at $166. We still have a bit to go before new highs after $186.
