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Ghostsquawk

Ethereum Testing Upper LevelsEthereum is drifting up toward highs as we mentioned in the last report. We said explicitly that $2965 was going to be our upper bound and if bull momentum continued, we were likely to test it. Watch for resistance here, and potentially a retracement. However, it does appear that Ethereum is likely to form a bull wedge with $2965 as the upper bound. The consolidation suggests it is gearing up to break out to higher levels. There is a vacuum zone above to $3473. From below $2400 should continue to provide support.
BITSTAMP:ETHUSDLong
by quantguy
Signs of Life for Bitcoin!!Bitcoin has finally shown some strength. It has broken the $37.7K barrier which has provided significant resistance for some time. It appears to be crossing the vacuum zone, making a run for $40K. We should see some resistance here, but it is a good sign for BTC that we are developing an upside bias and perhaps will start to range near $40K instead of the low and mid $30K's. We will see some resistance at $40.8K and $41.9K, but after that there is a vacuum zone to $45K, our next significant milestone. Watch for support from $36.7K otherwise. The Kovach OBV is still not convinced, but the Chande (measuring short term momentum) has picked up notably.
BITSTAMP:BTCUSDLong
by quantguy
1
Stocks Break Down From Cypher Pattern!!Stocks have begun to break down from our Gartley cypher pattern. We saw a rejection at 4224, but support from 4188, which we anticipated. If our pattern is to be trusted, we will have a profit target at the 50% retracement of the C-D segment of the Gartley pattern, which puts us at 4147. If you're in this trade, consider narrowing your stop loss to lock in profit. The Kovach OBV is still pretty flat, so we could anticipate some ranging here.
FX:SPX500Short
by quantguy
1
Ethereum RangingEthereum is consolidating volatility around $2651. It is showing signs of support, but this narrowing range could indicate a breakout is coming either way. From above we have a vacuum zone to $2965. If we see this pump to that level we would be forming a bull wedge pattern. There is a large vacuum zone agove that to $3473. From below we will have support from $2232, and before that at $2400, which seems to be a level ETH has respected recently. The Kovach OBV is very flat, suggesting that we need a nice spike of momentum to move this product.
BITSTAMP:ETHUSDLong
by quantguy
1
BTC Ranging, Breakout Soon??Bitcoin continues to range, forming the apex of what appears to be our pennant pattern. The longer volatility consolidates here, the more likely and the more forceful a breakout will be. The Kovach OBV is completely flat, suggesting there is not much interest in this product right now. A breakout must first contend with $40K which seems to be a hard upper bound for now. A selloff would likely take us back to $30K where we have seen support, but that is the final barrier to the $20K handle. If we break down here, that will be yet another barrier for BTC to claw back to former highs.
BITSTAMP:BTCUSDLong
by quantguy
Stocks WaveringStocks have rejected 4228, which could be the first phase of the breakdown from our Gartley cypher pattern. A typical target for these cypher patterns is half of the height of the final segment of the pattern (CD). This puts us at 4144, which is not only a Fibonacci level but a technical level making it that much more auspicious. If we are wrong, we still have one level before highs, and it is doubtful stocks have the strength right now for it. The Kovach OBV appears to be turning over, suggesting, if anything, that will at least range. The level 4188 will provide support for now, also a technical level and a Fibonacci level.
FX:SPX500Short
by quantguy
Bitcoin ConsolidatingBitcoin is maintaining an ever narrower range. It faced some headwinds this weekend, taking it back to $33K, before consolidating around $36K. We appear to have a pennant pattern forming, which suggests a breakout soon. Due to the previous bear trend, this pattern is likely to break down, rather than up, unless we get a surprise wave of buying. We will again see support from $30K, which seems to be a lower bound but the more comfortable Bitcoin gets testing $30K, the more comfortable it is to break this level and test the $20K's
BITSTAMP:BTCUSD
by quantguy
Bearish Gartley Cypher Pattern in Stocks!!Stocks are staying close to highs at 4224, bounded below by 4188. We have seen a great consolidation of volatility and largely ranging behavior for the majority of last week. The Kovach OBV has been completely flat, suggesting that there is not enough momentum to break highs or even test them. Adding inflation fears might contribute to a bearish outlook for stocks. Additionally, we have a bearish Gartley cypher pattern forming, with the completion (D segment) right around current levels. If this is the case, the S&P could easily break to 4144.
FX:SPX500Short
by quantguy
Litecoin Rejects $200Litecoin has rejected $200 pretty solidly. It has retraced back to support at $169. If this does not hold, we will see further support from $159. A cluster of levels will provide support, all the way down to $134. However, we also have a cluster of levels to provide resistance from above. The $200 handle seems the main contender for LTC at the moment. After that, $227 is the next serious level before a vacuum zone to $242. We still have an ocean between current levels and highs, and we need some serious momentum to come through before even thinking about that. The Kovach OBV appears to be inching up, but nothing near what we'll need to break $200.
BITSTAMP:LTCUSD
by quantguy
Ethereum SlumpsEthereum has fallen back to $2400. This was our lower estimate from the last report. If we don't see support here, we will break down to $2232, then $2143. If we see some momentum come through after that, we will need to break $2651, then $2965, which has provided extreme resistance to ETH lately. After that, we have a vacuum zone to the $3K's, so it should be smooth sailing, but this will take some serious momentum. The Kovach OBV is completely flat, suggesting that we are not seeing anywhere near the momentum we need just yet.
BITSTAMP:ETHUSD
by quantguy
1
Bitcoin Back to $30K??Bitcoin has met some serious resistance at $40K, and reject this level for the third time, sending us back to $36.7K. We have just now broken this level and are in the $35K handle at the time of this writing. Worst case, BTC could retrace to $30K again. It is likely to find support there, however it has tested this lower bound twice already, and the more times it tests it, the more comfortable it is to break it. If we do see some momentum come through, we will have to contend with $36.7K and $37.7K, which will now provide resistance. After that, $40K has proven an extremely tough barrier.
BITSTAMP:BTCUSD
by quantguy
1
Stocks Looking Weak...Stocks caught a lift from 4188, testing 4214, as we said they would in the last report. The S&P appears to be making a run for highs, however these rallies are very weak with respect to what is needed to break the resistance we will see as we approach highs at 4245. If we do not see this momentum, we will likely retrace back down to 4144 or 4122 unless 4188 provides support. The Kovach OBV is completely flat, so unless we can get a burst of momentum, we should see a continuation of the range at the very best.
FX:SPX500
by quantguy
1
Litecoin Continues to RangeLitecoin is struggling to break into the $200 handle. It is stuck at $200.00, right on the dot as we write this. We are seeing the price action 'round off' like we are seeing in other cryptos including Bitcoin and Ethereum. This could indicate we are losing steam and may see another correction back to lower levels, like $174 or even $158. The Kovach OBV is gradually picking up, which suggests that we may be coiling up for a breakout. If this is the case, $209, $217, and $227 are the next target levels we will be watching.
BITSTAMP:LTCUSDLong
by quantguy
Bitcoin Ranging, Still HODLin'!!Bitcoin is ranging as we anticipated it would. The $40K handle is providing notable resistance, and $37, just below is providing support. This is a very narrow range for Bitcoin and we anticipate a breakout soon. This could either take us to lower levels at $36.7, which would be the neckline of a partially-formed head and shoulders pattern we are seeing developing at the moment. If this is the case, we could easily test $30K again. The Kovach OBV is completely flat, suggesting there is not much in the way of buying or selling at the moment to push BTC either way right now. A sudden wave of buying could take us back to $45K
BITSTAMP:BTCUSDLong
by quantguy
Litecoin Facing Resistance, Building up MomentumLitecoin has recovered from lows, but is thwarted by numerous levels of resistance. The Kovach OBV has picked up, relative to other cryptos, but we are still not seeing anything close to a serious crypto moon, which will be necessary to smash through levels above including $200, $209, $217 and $227. We should see support again from $184 if we see a retracement. LTC is likely to range at current levels, while building up steam for a breakout.
BITSTAMP:LTCUSDLong
by quantguy
1
Ethereum Slowly Builds SteamEthereum is gradually picking up steam as it crosses one technical level after another. It just broke $2651, after finding support at $2400. It is currently facing resistance at $2965. It will take some momentum to punch through this and the Kovach OBV has leveled off suggesting that ETH may range a bit until it accumulates enough steam to break out. Another breakout would take us into a vacuum zone from $2965 to $3473. We do have a Fibonacci level in between at about $3200 which may provide a nice intermediary price target. We will see support from $2651, $2556, and $2400 if we are wrong.
BITSTAMP:ETHUSDLong
by quantguy
Headwinds for BitcoinBitcoin is inching back into positive territory, but it still faces massive headwinds from some strong levels that have proven to be difficult for it in the past. Thankfully, we appear to have bottomed out at $30K, but we still have a lot of ground to cover before retaining previous levels or encroaching upon highs again. We have a cluster of levels from $40K to $41.9K, with which BTC appears to be contending at the moment. The Kovach OBV has bottomed out but has also appeared to show signs of life again. However it will take more momentum than this to break upside resistance. Thus we anticipate Bitcoin to range at current levels until another buying wave.
BITSTAMP:BTCUSDLong
by quantguy
Stocks Ranging, Breakout Soon??Stocks have met resistance at 4214, another one of our levels. They have since leveled off and ranged a bit, finding support at 4188. It does look like we are forming a bull flag at the moment, but it could go either way. The Kovach OBV is still bullish, but has sloped off drastically. We will need another jump start in momentum to attempt higher levels like 4228 or 4245. A retracement could easily take us back to 4144, or even 4122, so watch for momentum at the open.
FX:SPX500Long
by quantguy