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Litecoin Breaks Elliott Wave, What's Next?Litecoin has extended our the corrective phase of our Elliott Wave corrective impulse. It has extended past wave 2 at $124 to find support at a Fibonacci level below at $117. This has invalidated the wave rendition and is usually a bearish sign. However, we appear to be finding support at current levels, and even appear to be forming an inverse head and shoulders pattern with a neckline somewhere around $150. If we are able to catch some momentum then $151 and $167 are targets before highs at $186.
BITSTAMP:LTCUSDLong
by quantguy
Bitcoin Dips!! Where to buy back??Bitcoin saw quite a correction over the weekend. This is typical for cryptos who tend to see a lot of action on Saturday or Sunday nights. We definitely appear to be in the corrective phase of a 5-3 Elliott Wave. It is likely that we will see another burst of momentum sometime soon. If not, we could retrace further to $31.6K or even $28.5K and still be considered bullish. The $30K level is important technically and psychologically. Current levels are a good area to buy. We could always add to the position as it dips further. When it picks up, watch for it to retrace the entire dip back to $41.9K
BITSTAMP:BTCUSDLong
by quantguy
Litecoin Corrects! Where to buy back??Litecoin has corrected quite hard, harder than most of the other cryptos. This should be considered a buying opportunity. This does appear to be the corrective segment of a 5-3 Elliott Wave. If support at $130 does not hold, we should have support at $124. If it dips any further, this will invalidate the pattern entirely. Once we get a burst of momentum, this may constitute the beginning of the next Elliott Wave (wave 1) and we should make it back to highs, or levels nearby, shortly.
BITSTAMP:LTCUSDLong
by quantguy
Ethereum Smashes Targets!! What's Next??Bitcoin is not the only crypto mooning. Ethereum is smashing through levels as well, gradually sniping our profit targets one by one. The next level is $1325. we will have support at $1216, close to current levels. But we could retrace as low as $1038, so be careful. The Kovach OBV is been extremely strong but has accounted for the volatility here. The Kovach Chande suggests that another wave of buying has started and perhaps by tomorrow's report we will have hit $1325.
BITSTAMP:ETHUSDLong
by quantguy
Bitcoin Smashes Profit Targets!! What's Next?Bitcoin has already hit our next profit target at $41.9K. This is a Fibonacci extension level, and BTC just keeps sniping them one by one. The next target is $44.9K. We saw some volatility which is anticipated after so many days of aggressive growth. There has not been a single significant retracement for weeks. If you do fomo into a trade, consider that it could dip down to $34.7K easily, so you may end up holding the trade underwater for a bit, but there is nothing to suggest the bull run is over or anywhere near over.
BITSTAMP:BTCUSDLong
by quantguy
2
Stocks Make New Highs, What's Next?Stocks broke past new highs, hitting our profit target. The S&P is facing resistance at 3825, and it is reasonable for it to retrace. There is not a lot of momentum to this rally as measured by the Kovach OBV. New highs should take some momentum to punch through. If we do retrace, we could find support at 3792 and 3784, which are nearby technical and Fibonacci levels, respectively. A sharper retracement could take us to 3759, which is a Fibonacci and technical level. Once we break out, the Fibonacci extension 3856 is the next target.
FX:SPX500Long
by quantguy
2
Profit Target Hit: BitcoinBitcoin has made new highs yet again. It came just shy of our projected profit target of $38.6K. This appears to be the first leg of the next Elliott Wave impulse. Watch for a small retracement soon. If so, $34.4K will provide support. The Kovach OBV is still very bullish, so there is no reason to anticipate a reversal any time soon. However, the longer it continues to moon without any significant retracement or ranging, makes it look more and more like 2017.
BITSTAMP:BTCUSDLong
by quantguy
1
Profit Target Hit: EthereumEthereum has made new highs again, reaching exactly our profit target that we have been proffering in these briefings. This target was $1216 and we've been pretty vocal about it. Our target time frame was two weeks, and it reached the target in 3 days. This is a bit concerning, as we'd like to see some ranging as the product should find footing in its new territory. Observe that we have some significant vacuum zones below, so if there is a selloff it will hit hard. A significant selloff could take us back to $1K easily. Again, this should be thought of as a buying opportunity, just don't be scared if you see your balance at -20% if you fomo in at highs.
BITSTAMP:ETHUSDLong
by quantguy
Profit Target Hit: LitecoinLitecoin has been a bit more modest in its ascent. It has reached our profit target of $173. We are likely to face some resistance here, and there are lots of support levels below. A significant dip could take us to $153 or even $140, and this would still be considered bullish. There seems to be a divergence between the Kovach OBV and the price, which is a bit concerning, but there is hardly anything fundamental or technical which should cast doubt on this product.
BITSTAMP:LTCUSDLong
by quantguy
1
What the US Revolution Means for StocksStocks did not seem to care about the revolution in DC at all. They have retreated from the massive correction on the 4th to highs again, finding support one level below all time highs at 3758. Interestingly there is a divergence between the Kovach OBV and the price which suggests we should see lower levels again before breaking out further. The levels 3737 and 3714 should provide support again, unless there is another meltdown like Monday's. When the S&P does finally break out it will find resistance at 3792, a nested Fibonacci level. There is another Fibonacci extension level quite a ways away at 3871, which should be considered a long term target.
FX:SPX500Long
by quantguy
4
Best Ethereum Trading IdeasEthereum has met its relative high, and is finding resistance there. This looks like an extended fifth wave in the 5-3 Elliott Wave. Watch for it to retrace a bit then break out further. The target is still $1261, a Fibonacci Extension. We are currently just shy of that at $1163, which has proven to be another technical level. The Kovach OBV is strong but has leveled off a bit. The momentum in general is still very strong here so any dip can be considered a buying opportunity.
BITSTAMP:ETHUSDLong
by quantguy
1
BTC New Highs! What's Next?Bitcoin has made new highs yet again. It has hit our exact price target, which was established using our Fibonacci extension levels. It is likely that bitcoin will come up for air at some point and retrace or stabilize. This does appear to be the first leg of the next 5-3 Elliott Wave, so we may see a dip to $34.4K or $34.2K, both Fibonacci levels. The next price target is $38.6K which it will likely hit on the next sprint. The Kovach OBV (blue line) is surprisingly flat, so anticipate the momentum to dry up for a bit before the next wave of buying
BITSTAMP:BTCUSDLong
by quantguy
What's Next for Stocks?Stocks are extremely volatile lately. It does not seem like they've gotten the risk on memo that caused bonds to collapse last night. After that dip, it still seems like the S&P is feeling out current levels, between 3676 and 3737. The Kovach OBV has tanked but is currently flat lining, a testament to the ambivalence. Keep in mind, that even if it were to correct further into the low 3600 handle, it would still be in bull mode. So it would be wise to be patient for further dips and use them as buying opportunities. if we do get some momentum, 3758, and 3774 will provide resistance before new all time highs.
FX:SPX500
by quantguy
Best Bitcoin TechnicalsBitcoin gave us a wild ride yesterday, which can be very scary for new comers, or even experienced traders alike who where caught off guard. This is typical behavior for bitcoin after a large rally and characteristic of the third phase of the dragon head pattern (a ghostsquawk exclusive technical pattern). What's next is that we will see some consolidation. In fact, we are seeing this now. This is the final stage before a breakout, in either direction. We have no reason not to believe this will be a bullish breakout. Watch $32.2K, $34.4K, and $35.8K. The latter will be a new high, and is one of our Fibonacci levels.
BITSTAMP:BTCUSDLong
by quantguy
1
Next Price Target for LitecoinLitecoin appears to be in the final stages of a dragon head pattern as well. It has grown a lot more modestly than Bitcoin or Ethereum which have absolutely exploded. This makes it slightly less risky, since there are not these oceans of vacuum zones below to serve as targets when volatility picks up. This is a great long term hold, and it is still affordable to own a whole Litecoin. it is currently sitting at $153, which is perfectly in line with our Fibonacci extension. The next level will be $173, and is our next price target.
BITSTAMP:LTCUSDLong
by quantguy
4
What is to Come after Stocks Stumble in the New YearWe warned you stocks would face resistance at highs and a retracement was likely. But we admit that we didn't anticipate the extent of the fallout here. The S&P blasted through the levels we have identified, at 3737 and 3714, and then a few more before finally finding support at 3665, a Fibonacci level. The Kovach OBV has registered this dip and verifies how serious the momentum was here. It is difficult to say whether we will continue to dump today or if stocks will retrace. We do seem to have bounced back already, but 3714 is now providing resistance. Watch for momentum at current levels toward the open for a hint of where the market is going. Ghostsquawk AI is risk on, but more toward the neutral side, so it could go either way. NOTE: on the daily chart there is a bearish butterfly cypher pattern. These tend to be pretty reliable so we could be in for another sell off and potentially a bear market soon.
FX:SPX500Short
by quantguy
1
Best Ethereum Trading Ideas for 2021Ethereum blasted past $1000, which is a very substantial technical and psychological level. At that point, it then ascended further to $1160 or so (right before our Fibonacci extension level) before finally petering out and retracing hard. These types of retracements are very common in crypto especially when cryptos are in bull mode. It did seem to find support at $860 and has since stabilized. This is a healthy price for Ethereum and a good buying opportunity. We may be in the corrective phase of a 5-3 Elliott Wave, so anticipate another bull push soon.
BITSTAMP:ETHUSDLong
by quantguy
Best Bitcoin Trading Ideas for the New YearBitcoin had more than a 10% correction this morning, from ATH's at $34.45K down to $28.4K. There was support here at a Fibonacci level, which is actually the upper anchor of one of our nested Fibonacci's. The bubble has not burst yet, this is just a healthy correction from such a prolific rally. We are likely at the end of the corrective phase of the 5-3 Elliott Wave so anticipate some momentum soon. Seasoned crypto traders will realize this is a typical pullback for Bitcoin, n00bs may be rearing from buying at highs. Consider this a lesson to wait for dips if you fomo'd in at ATH's. Fear not, because we are bound to have corrections like this, and it is very reminiscent of 2017. Our conservative price target for Bitcoin in 2021 is $50K by Q2. After that, we will revisit fundamentals such as institutional interest, updates on regulation, geopolitical developments, dollar strength and more, as well as technical analysis.
BITSTAMP:BTCUSDLong
by quantguy