Bitcoin solidly maintains its lead this morning over Altcoins, pulling back slightly from all time highs. The altcoin index has pulled back a bit further, respectively. This is confirmed by the Crypto Spread Index, which is still in BTC's favor, but wavering. Consider diverting some profits from Bitcoin to Altcoins, or 'HODLing'.
Bitcoin is still on a rampage, crushing new highs and testing that ever so sought after $10K mark. We are solidly pressing the upper bound of the Kovach Reversals Indicator, which usually portends a reversal, but there is overwhelming momentum confirmed by both of the Kovach Momentum Indicators.
We appear to be solidly in Wave 3 of the impulse of a 5-3 Elliott Wave, confirmed already by new highs. Although $10K is easily in view today, we also have the following levels given the Fibonacci extension: $10,900 and $15,700.
Consider HODL-ing or taking some profits, but $10K BTC is upon us!
Ethereum has pulled back from highs, after testing new highs and the upper bound of the Kovach Reversals Indicators. The Kovach Momentum Indicators are still bullish, but the Chande has pulled back slightly, indicating short term momentum has dropped off. Some retracement should be expected as the bands of the Reversals Indicators are extremely wide and must consolidate at some point.
We also appear to be in Wave 3 of the impulse of a 5-3 Elliott Wave, so watch for a pullback as we eventually enter Wave 4. New highs are still in sight and we have a Fibonacci Extension level at $625, and Fibonacci Retracement levels at $387 (anchor), $305, and $242.
Watch for some consolidation into a 'dragon head' pattern before another breakout.
Although we're seeing a bit of a pullback, confirmed by a red triangle on the Kovach Reversals Indicator as we face the upper bound, Litecoin has tested highs again, which is a sign of bull momentum confirmed by the Kovach Momentum Indicators. The band width on the Reversals Indicator is wide though, and must consolidate at some point.
We appear to be in Wave 3 of the impulse of a 5-3 Elliott Wave . Watch for pullback as we enter Wave 4. Consider profit targets at $100 (psychological), $130 ( Fibonacci extension ). There are support levels from below at $86 (Fibonacci anchor) and $71 (Fibonacci Level).
Consider taking some profits, or adding on another dip.
