Cryptocurrencies Facing Ambivalence, but Bull Run Likely

Bitcoin has faced incredible volatility at relative highs, marked by very long wicks and doji candles. The Altcoin Index has pulled back and consolidated, forming the dragon head pattern that is characteristic of cryptocurrencies before another breakout. Several of the most significant Altcoins are exhibiting the dragon head pattern, indicating that, although we might see some more consolidation or even pullback, another breakout is in store. Many of the major Altcoins, such as Ethereum and Litecoin, have entered Wave 4 of the impulse of a 5-3 Elliott Wave.

The Kovach Crypto Spread Indicator has leveled off indicating that returns in both are commensurate, for now.

If you're interested in these exclusive indicators, sign up for a free trial!