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Ghostsquawk

Stocks Slump Amid Virus WoesStocks are struggling, and it appears virus woes may be putting a damper on them. The S&P made a run for 3963, but fell just short of this and retraced back down to 3933 or so, which is a Fibonacci and technical level. We should see support here, but if not, 3890 would definitely provide support. We will find further support at 3860 or so. The Kovach OBV is rounding off suggesting that we may be in for more bearish momentum, or at least some sideways trading before momentum comes through to attempt highs at 3987.
FX:SPX500
by quantguy
1
Stocks Pull Back on Geopolitcal TensionsStocks retraced in the Asia-Pacific session due to geopolitical tensions in Myanmar and Turkey, to the 0.618 Fibonacci level, anchored at the relative high at 3987, and the low of our head and shoulders from which we saw the breakout at 3733. We are getting good support from this level but further fallout could take us to 3860, which would be a 0.500 Fib retracement. The Kovach OBV is receding a bit, but not to extremes. Thus it is likely we will find support at one of these Fib levels. We will face resistance from 3933 first, then highs at 3987.
FX:SPX500Long
by quantguy
What's Next for Ethereum??Ethereum continues to range, but appears to be forming a head and shoulders. There are three equally likely outcomes. We could see a burst of momentum taking us to the level constituting the head of our H&S pattern at $1906, we could see continued ranging extending the right shoulder, or it could breakdown from the neckline at $1750, which could take us back to $1654. The Kovach OBV has leveled off, but the longer we maintain this range the more likely a breakout becomes
BITSTAMP:ETHUSD
by quantguy
4
Sideways Trading for BitcoinBitcoin has continued the breakout from our corrective wave earlier, however the momentum has waned. We may need to wait for the weekend for anything significant to happen. The lack of momentum suggests a continued sideways correction rather than a new impulse wave. Broadly, we can expect BTC to maintain the range between highs at $61.5K and $52.8K. The Kovach OBV is bullish, but has flatlined which confirms our outlook. From here it could go either way as its roughly in the middle of the range.
BITSTAMP:BTCUSD
by quantguy
Litecoin Continues Head and Shoulder PatternLitecoin has refused to breakdown from our head and shoulders pattern. The neckline at $195 has continued to provide support. However, this may simply be an extension of the second shoulder, which seems to be bounded by $209. It will take some momentum to breakthrough this and we wont be fully out of the woods until $227. If we do breakdown, $184 or $174 would provide support. The Kovach OBV is broadly strong, but has leveled off for a while, so we could continue to range at current levels between $195 and $209.
BITSTAMP:LTCUSD
by quantguy
1
Ethereum Ranging 🥱Ethereum continues to range between $1748 and $1906. It did not get much of a lift from the Bitcoin rally. It is currently in the middle of this range, so it could go either way. We will obviously have support at the upper and lower bounds of this range, but if we breakdown, we could see support at $1694 or $1654. There is a signicant vacuum zone above back to highs at $2025 or so. The Kovach OBV is pretty strong but may be rounding off, suggesting momentum may weaken.
BITSTAMP:ETHUSD
by quantguy
3
Head and Shoulders in Litecoin CompleteLitecoin has formed a head and shoulders pattern, finally completing the right shoulder. This is not a good sign for LTC. We are finding support at the neckline for now, at $195. Watch this level carefully. The Kovach OBV is still strong but is starting to turn over, which could support a bearish outlook. A breakdown could take us to $184 or $174. If we are wrong, watch $202 and $209 for resistance. We have a way to go before achieving relative highs at $227.
BITSTAMP:LTCUSDShort
by quantguy
2
Lack of Momentum in BitcoinWe were anticipating some momentum in Bitcoin, after it appeared to have completed the corrective phase of a 5-3 Elliott Wave. However momentum was short-lived and we have seen another retracement. Luckily, $54.4K seems to be providing good support. If the fallout continues, watch $52.8K or $50.8K. Even if we hit $50K, we're still bullish of BTC. There is simply too much institutional interest, and more and more companies will follow Tesla and pile into BTC, especially considering the US dollar's decline and paltry performance in other assets. Consider this a buying opportunity because once we catch another wave of momentum, we should solidify the $60K handle easily.
BITSTAMP:BTCUSDLong
by quantguy
Ethereum RangingEthereum is holding the range after rejecting the $1900's. It appears to be confined to $1750 and $1900 for now. Be careful because we have a head and shoulders type pattern forming, so if we re unable to make higher highs at some point soon, its a bearish sign. The neckline for this pattern appears to be the lows of the range at $1750. If we break down, we will see support from the neckline of the previous inverse head and shoulders at $1654. The Kovach OBV has been oscillatory lately, confirming the ambivalence.
BITSTAMP:ETHUSD
by quantguy
Correction over for Bitcoin??Bitcoin appears to have completed a 5-3 Elliott Wave, with the corrective impulse taking us to the 0.500 Fibonacci level at $53.9K. We could have a further retracement to the 0.382 level at $52.1K and still be considered bullish. We could see this level easily if the corrective wave has not completed yet. Even further, $50K should provide good resistance. If we do see a lift, $55.7K or $58.3K are good intermediary targets. BTC should extend the overall sideways correction before making another run for highs.
BITSTAMP:BTCUSDLong
by quantguy
1
Retracement Near for Stocks?Stocks are bullish, but their trajectory is waning. The Kovach OBV is still strong but has been leveling off. This is usually an indication that we will get a retracement soon. The level 3738 seems to be providing some resistance and we won't be able to break through without some significant momentum. If we can, the 4000's are in sight and 4009 is the next target. A retracement here could be swift and take us to 3887 or even 3867. The neckline of our inverse head and shoulders should provide further support at 3848.
FX:SPX500Short
by quantguy
Litecoin RetracesAfter crossing the vacuum zone to 227, LTC has given it all back, retracing to support at 202. This seems to be a pretty significant level and Litecoin has respected it in the past. The Kovach OBV is still pretty bullish but does appear to be rounding off. Further fallout could take us back to 195 or even 184. If we catch a bid, we could see 227 again pretty easily. We anticipate LTC to range around current levels as it consolidates gearing up for another breakout, which would take us back to 227. After that, 254 is the next target.
BITSTAMP:LTCUSDLong
by quantguy
2
ETH Maintains the RangeAfter reaching our profit target from the inverse head and shoulders breakout, Ethereum has been ranging. It is testing the range between 1748 and relative highs at 1936. Most recently, ETH has felt the shock of the selloff in BTC which is taking us back to relative lows at 1748. A further selloff could take us back to support at the neckline of the inverse H&S pattern at 1654. The Kovach OBV is pretty bearish right now, but the Chande is as well. When both indicators are so bearish it signifies that we may be oversold and ready for a bounce.
BITSTAMP:ETHUSDLong
by quantguy
2