Bitcoin continues its spectacular bull run, crushing the sought after psychological level of 10K, and then some. Both Kovach Momentum Indicators are bullish and even accelerating, and we are consistently pressing the upper bound of the Kovach Reversals Indicator which has widened substantially.
It faced a bit of resistance around 10.8K before briefly retracing back to 10K, and has since rebounded yet again. We anticipate some resistance 10.9K, a Fibonacci Extension level. 11K is the next psychological level and the next target after that is 15.7K, the next Fibonacci Extension.
We are clearly in Wave 3 of the impulse of a 5-3 Elliott Wave, the longest and strongest. Eventually, we must see a retracement as we enter Wave 4, in which case, we’ll see a pullback and likely a consolidation into a dragon head pattern.
CONCLUSION – The prolific bull momentum has continued and although it seems a pullback may never come, anticipate resistance at 10.9K. Consider taking profits, or holding.
If you like the Kovach Indicators, consider taking them for a test drive!
It faced a bit of resistance around 10.8K before briefly retracing back to 10K, and has since rebounded yet again. We anticipate some resistance 10.9K, a Fibonacci Extension level. 11K is the next psychological level and the next target after that is 15.7K, the next Fibonacci Extension.
We are clearly in Wave 3 of the impulse of a 5-3 Elliott Wave, the longest and strongest. Eventually, we must see a retracement as we enter Wave 4, in which case, we’ll see a pullback and likely a consolidation into a dragon head pattern.
CONCLUSION – The prolific bull momentum has continued and although it seems a pullback may never come, anticipate resistance at 10.9K. Consider taking profits, or holding.
If you like the Kovach Indicators, consider taking them for a test drive!
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