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Ghostsquawk

Bitcoin Gearing Up for a Breakout??Bitcoin is testing the upper bound of what we have identified as the range between $30K and $34.9K. We have currently inched above this range at $35.2K. We will see if BTC has the strength to hold this momentum or if it will let off the gas and retrace back to its comfort zone at lower levels. The Kovach OBV is gradually trending up suggesting BTC is developing an upside bias, so even we see a brief correction, we may see a bull wedge or other consolidation pattern form as we gear up for a breakout.
BITSTAMP:BTCUSDLong
by quantguy
Stocks Rounding OffStocks keep creeping up and have hit our profit target of 4293. We are seeing the price action 'round off' suggesting a retracement is to come soon. Typically these arching patterns precede selloffs. The Kovach OBV was strong but has curved over as well. There is no doubt stocks are in bull mode right now but it appears that they are ready to let off the gas for a bit. The levels 4272 or 4245 will provide support. If we are wrong and the S&P gets another burst of momentum, then 4306 is our next target.
FX:SPX500
by quantguy
Ethereum Testing Upper Levels!!Ethereum has pushed higher, spanning the range from $1700 back to $2K. The upper bound of this range at $2K is a strong psychological and technical level and it will provide significant. In fact, it appears as though we are rejecting this level right now. The Kovach OBV does appear to be picking up, so there is definitely an upside bias forming. Watch $2025 which appears to be the upper bound on the price. If we can manage to breakout, then there is a vacuum zone above to $2143 which is the next target. We will find support again at $1700 which seems to be the min lower bound of ETH for now, but likely will find support at one of the levels in between, perhaps in the low $1900's, depending on how aggressive this uptick in momentum is.
BITSTAMP:ETHUSDLong
by quantguy
1
Bull Wedge in Litecoin!!Litecoin is gettting a lift and we definitely see what appears to be a bull wedge forming with an upper bound at $134. We saw support from $120 earlier and will continue to do so if we face resistance again from $134. The Kovach OBV has flattened, after picking up when Litecoin caught support at $105. Thus it is doubtful this breakout will happen today, and will give bulls more time to accumulate a position. If we are wrong, the min lower bound of LTC seems to be $105, but it is doubtful we will break $120.
BITSTAMP:LTCUSDLong
by quantguy
Bitcoin Testing HighsBitcoin has been holding the range in the $30K's for some time now. It has just retested the high at $34.9K, but appears to be rejecting it now, as confirmed by a red triangle on the KRI. If this is the case, watch for it to span the range again, to the lower bound of $31K. The Kovach OBV does seem to be gradually picking up which definitely suggests a small upside bias is forming. Watch for BTC to consolidate into perhaps a bull wedge pattern before breaking out.
BITSTAMP:BTCUSDLong
by quantguy
Correction for Stocks??The price action for stocks is rounding off. We are seeing less and less momentum, and the Kovach OBV is still strong but tapering as well. When the S&P is rallying at a decreasing pace, it typically heralds a correction. There is no doubt the overall trend is bullish, but buying now would be FOMO. Levels from below like 4245, or 4228 would be enticing levels to buy back. If we are able to muster enough momentum to breakout then 4293 is the next target.
FX:SPX500
by quantguy
Stocks Inch Up, Retracement Soon??Stocks have inched up, achieving our profit target of 4293. There will be some resistance here, and it is doubtful that the S&P will have the momentum to break through at the moment. Some ranging or a retracement is likely first. Stocks are clearly in bull mode, but the momentum seems to be waning and the gains are increasingly more paltry. We will have support from 4272 and 4245. Our next target is a bit more conservative, at 4306 if we do see another burst of momentum. We should also see resistance at the 4300 mark, since this is a psychological level.
FX:SPX500
by quantguy
Litecoin Facing HeadwindsLitecoin has shown some meager momentum but remains bound by $134, a level which is providing prohibitive resistance. We appear to be forming an inverse head and shoulders type pattern, with this level as the neckline. The levels $141 and $147 are barriers to higher levels after this, with a vacuum zone after those to $158. If there is a correction, then $120 will again provide support. The Kovach OBV is creeping up which is a good sign for a potential breakout.
BITSTAMP:LTCUSDLong
by quantguy
Inverse Head and Shoulders for Bitcoin??Bitcoin has stabilized in the $30K's and appears to be forming an inverse head and shoulders pattern with a neckline at our newly identified level at $34.9K. This level does seem to be a max upper bound for BTC for the moment, but if we are able to break out then $36.7K or $37.7K will be the next areas of resistance before $40K. Based on Bitcoin's performance in recent weeks, we should not be too ambitious for it. However, the Kovach OBV is trending up, which is a good sign for a breakout to the levels mentioned above.
BITSTAMP:BTCUSDLong
by quantguy
Bitcoin Ranging, Seeking ValueAfter rebounding from lows after breaking $30K, Bitcoin has been ranging in the low to mid $30K handle. We are seeing $35K provide sufficient resistance to BTC and are including it now as another technical level. We will likely range between $30K and $35K. We have pretty significant support at $30K, but we have already tested the waters with the $20K handle so another wave of selling could easily take us back. Watch for BTC to consolidate more before another breakout either way. On a longer time frame, it does appear that BTC may be forming a bear wedge and the Kovach momentum is certainly weak enough to confirm it.
BITSTAMP:BTCUSD
by quantguy
Resistance for ETH at $2KEthereum has faced continued resistance at $2K, a level which once provided support. It appears to be comfortable with the sub $2K range for now, currently sitting in the high $1900's. We have a cluster of levels between $1872 and $2K which should trap the price action in a range between these two bounds for now. The Kovach OBV is still quite flat, but the broader trend is clearly bearish. We anticipate sideways trading here until we see some momentum come through, but as for now it will require sufficient momentum to break through $2K
BITSTAMP:ETHUSD
by quantguy
1
New Highs For Stocks??The S&P 500 is currently at the cusp of new highs. It has retraced the entire cypher breakdown. It is likely we will retrace here to support. First, we have had three straight days of gains. Second, although we are seeing higher highs and higher lows, the hallmark of a bull trend, these values come at a decreasing pace, ie we are seeing the S&P 500 'round off'. Therefore, if we do not see momentum at open, we are likely to retrace to support at 4245 or 4228, which would provide excellent opportunities for long positions. Watch the Kovach Momentum indicator. If you do not see a large spike at open, we are not having the follow through in momentum we need to punch through to higher highs.
FX:SPX500
by quantguy
Ethereum Rebounds!!Ethereum had dipped as far as the $1700 handle during the crypto selloff only to be driven back up to $2K. It appears that investors clamored onto ETH at sub $2K prices, finding it a steal for now. With all that ETH has going for it, it seems like even current prices are a bargain for now. We are currently sitting at resistance from $2K, and will have to break through two major levels before $2400, which seems to be the major hurdle for now. If we see another wave of momentum for ETH this should follow quickly, but it appears as though it has let up for the moment. The Kovach OBV has picked up sharply along with the Chande. The latter indicator measures shorter term moementum. Note that it has dropped off. Additionally we have a red triangle on the KRI which aligns perfectly with $2K, suggesting that we have rejected this level for now
BITSTAMP:ETHUSD
by quantguy
Stocks are Back!!Stocks have rebounded to within a few ticks of where they broke from our butterfly cypher pattern. This suggests that the markets have fully digested inflation and interest rate updates from the FOMC meeting and most likely suggests that we are back to bull mode. Nasdaq printed highs yesterday, so the S&P 500 could be soon to follow. It will take some momentum to break through 4260, and if we do not see it, anticipate a retracement to support at 4245 or 4228. The Kovach OBV has returned to highs itself, as has the Chande, which is a sign that we are overbought and due for a retracement. Watch the momentum at open. If it is paltry or there is a lack of conviction, we will retreat to support at the levels discussed above. But there is no doubt that overall momentum has returned for stocks
FX:SPX500Long
by quantguy
Litecoin Rejects Lows!!Litecoin rebounded from lows along with the other cryptos. It had retreated to within a few dollars of the $100 handle, breaking just below our target of $110. It was then swiftly bought back, suggesting that this was a bargain for LTC. A green triangle from the KRI on the bottom confirms the low. We will have resistance from $134 as we attempt to establish the mid $100's again. Watch for the price to range feeling out the new territory, unless we see another buying wave which is doubtful at this point.
BITSTAMP:LTCUSD
by quantguy
Bitcoin Bounces Back!!Bitcoin has plummeted into the $20K handle for the first time in 2021. This was swiftly bought back as investors swept in to take advantage. Additionally, weakness in the US dollar likely had an effect on this recovery too. We can hardly call this a 'recovery' As we are sitting at resistance at $34K right now, and could easily dump further. While it is a good thing that the $20K handle was rejected so quickly, it is a bad sign that we got to that point in the first place. We will see where it goes from here. It is in the middle of a fairly large vacuum zone between $30K and $37K. We are likely to continue to range between these levels until proper buying momentum returns. The Kovach OBV and Chande indicate we are overbought for now and due for a pullback
BITSTAMP:BTCUSD
by quantguy
$20K Bitcoin in Sight?? 📉Bitcoin keeps aggressively selling off, without so much as a relief rally. We are currently finding support at $31K, though it really looks like we are considering breaking down to $30K which is obviously the last barrier to the $20K handle. Watch for Bitcoin to form a bear flag and consolidate here, then to break down further if that is the case. At the moment, it will probably level off in a consolidation pattern like a wedge or flag, before making its next move. We have a lot of ground to cover on the upside if buying does come through for us. But $36K will provide significant resistance, before $40K which has been our absolute upper bound for some time. The Kovach OBV is very bearish, but has picked up ever so gently, nowhere near enough to give us hope at this point.
BITSTAMP:BTCUSD
by quantguy
1
No Love for LitecoinLitecoin has sold off to an extreme, falling to support at $120, where we told you it would find support. This is the last level we have on our chart, which shows you how long it has been since LTC tested these levels. Using inverse Fibonacci levels, we can project the next level of support below to be $111, which will be the last level before $100, a significant psychological and technical level for Litecoin. From above, we must first contend with $134, and several levels after that before we can consider $200 again which seems prohibitively far away at this point. The Kovach OBV is extremely bearish to the extent where we are oversold and due for a relief rally even if it is just a pull back into the bear trend.
BITSTAMP:LTCUSD
by quantguy
1
Ethereum Breaks Lower!! 😱😱We anticipated $1900 Ethereum would be a steal for investors (considering it was in the $4K handle but a month ago), but here we are in the $1800 handle finding support at a cluster of levels to which you were alerted in yesterday's report. Ethereum has a clearly defined bear trajectory, without even so much as a consideration of a relief rally. We have one more level in the $1800 handle at $1821 before a vacuum zone down to $1748. There is much in the way of resistance form above if ETH can get some momentum. The first significant barrier will be $1906, then $2025 then we have two more levels before $2400, which has been an auspicious level for ETH. Current levels seem like a great buy, but it looks like patience may reward us with even better prices.
BITSTAMP:ETHUSD
by quantguy
Wild Ride for Stocks!!Stocks have recovered from the dip which reached our profit target from the butterfly cypher pattern. We dipped quite a bit, down to the 0.618 level (one level past our profit target) to 4144. Almost immediately, investors swooped in to buy back the S&P at lower prices and we closed back just shy of 4245, currently finding support at 4214. The Kovach OBV is oscillatory, matching the fluctuations in price. It could go either way at this point. Another selling wave could take us to support at 4188 or 4144 again. An influx of momentum could push prices back to highs past 4245 to 4272. After such drastic volatility it is reasonable for the markets to seek value.
FX:SPX500Long
by quantguy