Fundamental and Technical Strength In Bitcoin

Bitcoin has been on a rampage this weekend, crushing new highs and careening toward the psychological and technical level of $10K. There are strong technical and fundamental reasons why we should expect this strength to continue. First, we have BTC futures to be released on the CME which in the short term is a good thing (more on my long term outlook to follow in a future post), but also because lay-investors are finally getting the memo on cryptocurrencies, and are flocking in droves. In fact, the popular platform Coinbase has more users now than Charles Schwab

Technically, we are solidly in wave 3 of the impulse of a 5-3 Elliott Wave, so anticipate a slight retracement. But both Kovach Momentum Indicators are solidly bullish, and we keep pushing the upper boundary of the Kovach Reversals Indicator, all showing that bull momentum is unwavering.

If you're interested in the Kovach Indicators or my [b]crypto specific[/b] indicators, check them out!