Another week has passed and we seem to be pushing steadily for the resistance at $10k. To my surprise, and quite a few others, the $6k level was crossed without any hesitation. Although there was a little bit of a buildup going on in the weeks before the break.
What we can say so far is that the bottom around $3k seems to be pretty solid and that the $6k resistance should now turn into an important support level. Which will, by the way, create a large head & shoulder reversed pattern should we pull back from $10k to $6k in the inevitable wave 2. Therewith creating a minimum target of $17k when breaking through the $10k neckline.
How we're going to get to the next resistance level at $10k is a little less clear. It's possible to count wave iv as a triangle (above). Then we should be completing encircled wave iii pretty soon. Or you can count wave iv as below when we'll get an extended wave v and may be moving to $10k in an almost straight line.
Time will tell. Next to dollar cost averaging a little bit every Sunday and a little bit more every first of the month, I'm waiting for a bigger correction (hopefully towards $6k) to open a leveraged position on Bitmex in order to ride the next impulse to its end.
Altcoins are moving significantly less spectacular, as can be seen from the above total altcoin market weekly chart. The brown resistance line seems to present some problems. Usually the altcoins run faster, both up and down, but not this time. Maybe the 2017 bullrun was mainly a bubble for the copious supply of altcoins and an endless stream of ICO's. Maybe not. The volume is looking very strong.
As always, there are some exceptions like litecoin, the digital silver. Bitcoin may have almost tripled since the bottom. Litecoin went up with more than a factor 5.
Litecoin broke out about one month before bitcoin did and seems to be completing its first impulse around here.
Tezos, daily chart, also going well.
And Binance coin, of course. Mind you, this is BNB versus BTC, not the USD.
Enjin still looks strong in USD terms, but when you look at the coin versus BTC, it also loses ground rapidly.
Most other altcoins, in my extensive list, certainly when plotted against bitcoin, look a lot worse.