Cryptos Breaking Out

in #bitcoin4 years ago

Bitcoin

Bitcoin has been ranging but is forming a bull wedge pattern. The upper bound of the bull wedge pattern is $37.7K. Ideally, we would have a solid uptrend to give us confidence in a breakout but the Kovach OBV is very strong here suggesting a bottling up of momentum ready to break out. There is a vacuum zone to highs, with a brief stop at $40K which is now a psychological and technical level. If we are wrong, and it breaks down, watch for support at $33K.

BTC

Ethereum

Ethereum has broken out higher after ranging for several days. It has finally achieved all time highs, barely breaking its 2017 high of 1424. At this point it looks like it's going to keep ripping and our next target is a nested Fibonacci level at 1577. This appears to be the beginning of the next impulse wave in another 5-3 Elliott Wave. We are soon to have some resistance, but fear not, this is just the second wave in the impulse. It would be unwise to fomo into a trade at this point. Wait for a retracement

ETH

Litecoin

Litecoin has broken out from its ranging, but not to the extent of Ethereum. It still has quite a way to go before new highs, or before it even matches relative highs. Currently, it is facing resistance from a Fibonacci level at 167. We are likely to have some troubles with this level and may retrace back down to find support at the next level at 151. After that, if LTC returns to bull mode, it should be able to secure relative highs again, just keep in mind that this coin does not move with the volatility of the others

LTC

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