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Ghostsquawk

Stocks Find Support!!The S&P 500 has found good support at 4293. It barely broke into the 4200 handle before catching a nice burst of momentum that sent us rallying to near highs again. We were anticipating perhaps another bear wave taking us back to more auspicious levels at 4272 or 4245. This still could be the case, but as of now, it appears that a sideways correction is more likely. That is, stocks are set to range in the neighborhood of 4293 and highs at 4364, which we have identified as a new technical level. The Kovach OBV is still quite strong, stuttering only briefly with the selloff so this should be but a brief setback for stocks.
FX:SPX500Long
by quantguy
1
Wedge Breakdown in ETH!!Ethereum broke down from what we identified as a bull wedge yesterday. It was hugging the $2400 level, we which we have been telling you was to provide extreme resistance. Another factor that led us to this conclusion was the divergence in the Kovach OBV. If you aren't using this indicator in your technical trading then you are missing out on these opportunities. Currently, we are seeking support around $2100, with the next technical level at $2143. After that we have $2087. We have a way to go before $2025, but this is the last technical level before $2K. The Kovach OBV is still quite bearish, so it does not seem like ETH will pick up any time soon
BITSTAMP:ETHUSD
by quantguy
2
Litecoin Pennant Breakdown!!Litecoin has broken down from the pennant consolidation pattern we discussed yesterday. We are finding support at $130, which was a relative low at the beginning of this month, so we will identify it as a new technical level. A green triangle on the KRI confirms support. Also the Kovach Chande is picking up nicely. The Kovach OBV is strong, however it is rounding off, which may suggest Litecoin has more in the tank after coming up for air. There is a vacuum zone below to $120, so watch out the selloff continues. We will have to contend with $134 again before we can consider the high of the range at $147 if Litecoin catches a bid.
BITSTAMP:LTCUSD
by quantguy
1
Bitcoin Breaks Down!!Bitcoin has broken down from the consolidation pattern we noted yesterday. We alerted you to the fact that such a constriction in volatility was to result in a breakout or breakdown. We are currently finding some support at $32.3K, the level projected by the inverse Fibonacci extension levels we drew from our head and shoulders pattern. If this does not hold, then we have further support at $31K. It seems like Bitcoin wants to fully test the extremes of the range again, so we may see these levels in the low $30K handle soon.
BITSTAMP:BTCUSDLong
by quantguy
1
Correction in Stocks!!We are finally seeing our correction in stocks. The tiny retracement we saw on the 6th was paltry and we knew we should be seeing something more significant. The S&P fell to one of our support levels at 4298, but still could have more in the tank. We anticipate good support at 4272 or even 4245. This is a healthy correction for stocks, and we are still in 'bull mode'. The Kovach OBV is still very strong, dipping only slightly to reflect the correction. The Kovach Chande indicator is starting to round off, suggesting we may be bottoming out soon.
FX:SPX500
by quantguy
Bitcoin Still ConsolidatingBitcoin is continuing the consolidation pattern we identified yesterday. We are seeing ranging in the very narrow band between $34K and $34.9K. The Kovach OBV is very flat but if the longer trend is to make a difference, we could be gearing up for a breakout soon. The level $36.7K will provide resistance from above, and there is a steep vacuum zone below to $31K if momentum turns south. We are still safely ensconced in the $30K's and must break $37K before attempting $40K, which will be a significant barrier
BITSTAMP:BTCUSDLong
by quantguy
1
Litecoin ConsolidatingLitecoin showed signs of life this weekend, but as we mentioned, $147 was a formidable contender and LTC just did not have the momentum to break it. We found support at $134, and have just now rejected $141. Broadly, we appear to be forming a pennant pattern, and volatility is consolidating. The Kovach OBV is pretty flat, so it could go either way from here. There is a vacuum zone back down to $120 so be careful. From above, $147 is to remain a barrier until we muster sufficient momentum.
BITSTAMP:LTCUSD
by quantguy
1
Bitcoin ConsolidatesBitcoin has been ranging in the $30K handle. We have made some meager attempts at rallies over the weekend but each were thwarted quickly. We broke above $34K very briefly, but were quickly smacked down, and a second attempt was again rejected. Broadly, it looks like we are forming a pennant pattern, but it's clear volatility is consolidating, and we are due for a breakout. Bitcoin has had lackluster momentum for quite some time and we are due for a pump or another dump. From above $37K is still a barrier, and from below there is a vacuum one to $31K.
BITSTAMP:BTCUSD
by quantguy
Stocks Ranging at HighsStocks have achieved another highs and have hit our profit target of 4352 on Friday. They've ranged at that level due to the Holiday in the US for the Fourth of July weekend. We are clearly establishing value at current levels but we have a very narrow range suggesting we could break out soon. If stocks have enough momentum to continue the rally, our next target is 4380. If not, we have levels of support below at 4327 and 4306. We keep saying we are due for a healthy correction at possibly a 50% retracement of the channel at 4272 or so, but the trend is clearly bullish for now
FX:SPX500
by quantguy
BTC Seeks ValueBitcoin has continued the breakdown from its head and shoulders pattern, hovering just above our target of $32.3K, currently holding support at $32.9K. The Kovach OBV has dropped sharply with the breakdown, but is gradually drifting up suggesting that we may equilibrate around these levels. The upper bound should be $34K for now, which has served as a barrier to BTC in the past. Although we seem to have a new level at $32.3, we are otherwise in the middle of a vacuum zone between $31K and $34K, so broadly BTC should range in this area, but if we do pick up steam, we $36.7K is our next target.
BITSTAMP:BTCUSD
by quantguy
Stocks Forming Bull ChannelStocks keep edging out new highs. Our 'rounding off' behavior appears to be shifting into more of a bull channel type pattern. When these break down it is common to see a 50% retracement. But the Kovach OBV is still solidly bullish confirming the trend. The Chande, on the other hand has dipped sharply reflecting the potential rejection of our profit target of 4306. This is further confirmed by a red triangle on the KRI. The next target will be 4327. We maintain that stocks are due for a healthy retracement, potentially bringing us back to 4272.
FX:SPX500Long
by quantguy
Litecoin Clings to SupportLitecoin has sold off with the rest of the crypto market. It is currently finding support at $134, a level we have identified many times in these reports. If it breaks this, $120 will be the next support level after crossing a vacuum zone. The Kovach OBV was quite strong in Litecoin for the past few days but has turned sharply suggesting the selling pressure is back. If we can manage some bull momentum, we must first conquer $147, then $158 will be the next target.
BITSTAMP:LTCUSD
by quantguy
1
Selloff in ETH!! 😱😱The apparent strength in Ethereum has fizzled dramatically, suggesting that we are not going to see our upside target of $2400 any time soon. We have rejected $2232, after testing the vacuum zone above ever so briefly. Currently, we have broken below $2143 and could be finding support around $2100 at $2087 specifically, which might be a new technical level for us. Broadly, ETH could be forming a head and shoulders, but it is important to wait for the second shoulder to form as confirmation. The Kovach OBV has dipped dramatically, and if support does not hold, $2K will be the final barrier before the $1K handle.
BITSTAMP:ETHUSD
by quantguy
Head and Shoulders Breakdown for BitcoinBitcoin just broke down from the head and shoulders we identified several reports ago. If our technicals serve us, this puts a target at $32.3K, and a second target back at $30K or even $29K again if the bear momentum continues. This signifies that BTC is still complacent in the broader range of $30K to $40K and this is not likely to change any time soon. We are likely to test lower levels first before making another run for highs. The Kovach OBV has dipped sharply as confirmation.
BITSTAMP:BTCUSD
by quantguy
Stocks Losing Steam??Stocks have extended gains yet again, coming just shy of our target of 4306, before pulling back ever so slightly. This is nowhere near the retracement we were expecting but it does validate our assertion that stocks are 'rounding off', potentially in preparation for a further selloff. Watch for support at 4272, and 4245. The Kovach OBV is still strong however, and no one can deny the bull trend, so watch for momentum at open to determine if we have the strength to break past 4293 to our target of 4306.
FX:SPX500Long
by quantguy
Bitcoin Running into ResistanceBitcoin has rallied over the past several days, but has faced resistance at our technical level at $36.7K. Here, we saw a swift rejection back to $34.9K but appear to be finding support at current levels. There is a vacuum zone below, back to the lower $30K handle. If BTC does not find support at current levels then we are headed back to $31K. Watch for it to consolidate at current levels potentially forming a bull wedge or flag pattern before breaking out higher. The Kovach OBV is strong suggesting we may have enough momentum in the tank at least to stave off that retracement discussed earlier.
BITSTAMP:BTCUSDLong
by quantguy
Litecoin Pulls BackLitecoin has hit $147, but has met resistance here, retracing back to support at $141. This level appears to be holding but if we break further, $134 is our next level of support. After that, we have a vacuum zone to $120, but it is likely current levels will hold and LTC will range here, consolidating before the next breakout. There is a vacuum zone above $147 to $158 which is our next target. The Kovach OBV has picked up notably, but has turned over slightly reflecting the resistance at $147.
BITSTAMP:LTCUSDLong
by quantguy