Cryptos Consolidating. When will they Breakout??

in #bitcoin4 years ago

Bitcoin

Bitcoin has consolidated, narrowing the range down to just over $3K. It is currently hovering between $28.5K and $31.6K. It appears to be forming a bear wedge pattern, or a triangle correction in the Elliott Wave. We should see a breakout soon either way. The Kovach OBV has completely broken down. It has retraced significantly from the bull run. If we do breakdown, the next major support level is $24.4K. There is certainly still hope for bulls as long as we are above $28.5K

btc

Ethereum

Ethereum has retreated from highs, finding support at a Fibonacci level and the lower bound of what appears to be another bull channel. The good news is that it has good support here, and looks like it may bounce from this level. The Kovach OBV is still very strong, so this supports our position that it will bounce. The bad news is that bull channels tend to break down. We already have Fibonacci levels drawn which will give us a feel for lower levels of support. We have $1233, $1172, and $1111. To the upside, new highs will provide resistance. If we are able to break those, we will see more resistance in the mid $1500's, and may retrace here, filling out the channel.

Litecoin

Litecoin has received a meager burst of momentum. It will face resistance at $132, which is not only a Fibonacci level, but the intersection of a level with a trend line. The Kovach OBV is quite bearish so it is unlikely that LTC can break through this resistance just yet. We will find support at $124 and $111. Longer term, LTC does appear to be consolidating and gearing up for a breakout. But it has many levels to contend with before making new highs.