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Sub $2K Ethereum?? 😲📉Ethereum is sub $2K!! This is an incredible blow to Ethereum, and a bit of a surprise as $2400 seemed to be holding strong. Now $2400 will be providing resistance, but we will first need to contend with $2143 and $2232 first. There does appear to be a cluster of levels around $1900 which seems to be providing support for now. There are large vacuum zones above back to the levels discussed above. We can only hope that those levels of support in the $1900 handle will hold. We are currently seeing a green triangle form at $1958 on the KRI, which suggests we may be seeing the bleeding stop for now.
BITSTAMP:ETHUSD
by quantguy
More FUD for Bitcoin!! 😱😱Bitcoin has faced another wave of FUD over the weekend, pushing prices back to the lower $30K handle. We are currently hanging on by a thread to $32K. A green triangle on the KRI may suggest that we are finding support there. If not, $30K will surely be a cushion for now. As we have mentioned before, the more BTC tests the lows of the $30K handle, the more inclined it will be to break lower. Attempts of $40K have been swiftly thwarted. The Kovach OBV has been steadily and consistently declining. At this point, we anticipate a bit of a relief rally to the selloff, but the overall trend is clearly bearish.
BITSTAMP:BTCUSD
by quantguy
Cypher Pattern Profit Target Reached in Stocks!! 😎Stocks have broken down from our butterfly cypher pattern. This has been a long time in the making, and our analysis with harmonic patterns has foretold this correction weeks prior. We have actually broken down a bit past the target, to the 0.618 Fibonacci retracement level at 4144, which is also a technical level. If anything is going to slow the bleeding for stocks, it would be a level like this. That appears to be the case, as we have seen a bounce back to 4193. The Kovach OBV has definitely taken on a negative trajectory, but could be rounding off perhaps suggesting more momentum may come through. Momentum at the open will likely foretell where the price action is going today.
FX:SPX500
by quantguy
Stocks Find Meager SupportStocks have picked up to 4228, after finding support at 4193. We have alerted you that stocks would likely find support here, since it is the 0.382 Fibonacci level, coinciding with a strong technical level of support. Technically, the profit target for a cypher pattern such as our butterfly is a 50% retracement of the CD segment (last leg of the pattern), but stocks are showing some unusual resistance in the face of such a hawkish FOMC statement. It is still not out of reason for the S&P to dump further. But the Kovach OBV has leveled off suggesting we might range at current levels first, before making a move. From above we have 4245, and from below we have 4188. These are reasonable targets to the upside and downside, respectively, for the next move after current levels.
FX:SPX500
by quantguy
Weakness in LitecoinLitecoin has felt the impact of the crypto selloff breaking down from $169 and seeking support at $158 currently. We have a big vacuum zone down to $147. We may be seeing a bear wedge forming, so watch for lower levels. If we do find some momentum we must break $169 which will now provide resistance, then $174. We have a few more levels before considering $200 again, which was our previous barrier since Bitcoin crashed from $65K to $30K. The Kovach OBV is showing signs of weakness so we clearly are nowhere near out of the woods yet.
BITSTAMP:LTCUSD
by quantguy
More Malaise for ETHEthereum has broken support at $2400. We really thought this level would hold but what was once a pennant pattern in the making now might be looking like a bear wedge. Our next level of support is $2232, and we are more confident this will hold. If not, $2143 is our next level of support before $2025, and that is the final level of support in the $2K handle. If ETH builds momentum, it must first break $2400 which will now provide resistance, then it has two levels before it can test relative highs at $2800 again. The Kovach OBV has taken a dive notably, so it appears the malaise is still thick for ETH
BITSTAMP:ETHUSD
by quantguy
Bitcoin Finds SupportBitcoin has further retreated from $40K, which seems a hard upper bound at this point. We anticipated support from a cluster of levels around $37K and that is exactly what we are seeing thus far. From here it could go either way, we could test resistance above at $40K again, or retrace further to support at $30K. Both have proved to be consistent boundaries for BTC for now, so we anticipate this to remain the case unless some momentum comes through either way. The Kovach OBV is in the doldrums so we can't ascertain much from these technicals.
BITSTAMP:BTCUSD
by quantguy
Ethereum Breakout Soon??Ethereum is continuing to see support at $2400, which appears to be the apex of a pennant type pattern. This is a consolidation pattern which suggests that volatility is narrowing and we could potentially see a breakout soon. We will see support from $2232 or $2143 from below if it breaks down. On the upside, $2556 and $2651 will provide resistance if we break out. These levels have proven themselves difficult for ETH in the past, and we still have $2800 to consider after this. These are the challenges ETH must overcome before considering $3K again.
BITSTAMP:ETHUSDLong
by quantguy
Bitcoin Resistance at $40K!!Bitcoin had a nice dip at $40K as we anticipated it would. First, we had the dollar strength off inflation and interest rate expectations from the FOMC meeting yesterday. But additionally, $40K is a formidable barrier that BTC has rejected many times since its descent to the $30K's. It seems that bigger players are waiting for another dump in BTC before adding to their positions. We are seeing good support at $37.7K which is a good sign and we alerted you to this yesterday. If current levels do not hold note the vacuum zone back to $30K. We are likely to range between $37.7K and $40K until BTC figures out its next move
BITSTAMP:BTCUSD
by quantguy
1
Stocks Finally Break Down!!The S&P 500 has finally broken down on account of yesterday's FOMC results. Stocks did not digest the inflation and interest rate outlook well. Additionally, we finally got our breakdown from the bearish butterfly cypher pattern. Based on this pattern our target for the S&P was 4169, or 4188, effectively a 50% retracement of the CD segment forming the last vertex of the pattern. We are currently finding support at the 0.382 level for the moment. Stocks look like they are finding good support at a cluster of levels here, so taking at least some profits would be a good idea. The Kovach OBV has dipped to reflect the selloff, but appears to be bottoming out, perhaps indicating that we may see support or at least some ranging at current levels to feel out the price territory before its next move.
FX:SPX500
by quantguy
3
Litecoin LaggingLitecoin has rejected relative highs, missing the mark just before $184. We have fallen to support between $169 and $174 and are currently ranging here. Unless there is momentum either way we anticipate this range to hold. We will see further support from $158 if not. From above, we still need to conquer $184, then $195 will be our next target. These two levels stand in the way of current prices and the $200 handle, which we are not expecting LTC to see any time soon. The Kovach OBV appeared promising but has since slumped along with the price
BITSTAMP:LTCUSD
by quantguy
Ethereum SlumpsEthereum is facing some resistance at $2651. We were really hoping for a breakout to $2800 yesterday, but our expectations fell short and ETH slumped to support at $2556 before falling further to roughly the midpoint of the vavuum zone between this level and $2400. From here it could go either way, but we anticipate to be rangebound between these two levels. It will likely stay that way until the fire starts again. If and when it does we must contend with $2651 again, but after that it should be a clear shot to $2800. This is one of two final barriers before the $3K handle. The Kovach OBV is still pretty weak, so we are in desperate need of some momentum here
BITSTAMP:ETHUSD
by quantguy
Bitcoin Maintaining Highs of the RangeBitcoin is maintaining a narrow range, hugging highs at $40K. We have support from below from $40K which is a good thing, but if this does not hold we are back to the $30K's again. The level $37.7K should provide support, but we have $36.7K just below it as well. Again, $30K seems like a hard lower bound for now. If and when we muster enough momentum to break out of this range, $45K will be the next target. The Kovach OBV has picked up from lows but has slumped reflecting the ranging
BITSTAMP:BTCUSDLong
by quantguy
Stocks Eyeing FOMCStocks broke down from our bearish butterfly harmonic pattern however they are clinging to support at 4248, where they've been hovering for the past week after the NFP results (roughly speaking). A proper breakdown from the butterfly pattern should take us to a 50% Fibonacci retracement of CD, or the length of the last segment. We clearly have a way to go here, and we will need confirmation from the FOMC. Virtually all assets are holding off for this data point this afternoon. Hawkish rhetoric could send us on our way to this 50% retracement which would put us somewhere around 4178 or 4169. If the Fed is still accommodating, we may see new highs, staving off the sorely needed correction
FX:SPX500
by quantguy
Litecoin Gets a LiftLitecoin has picked up, after finding support at around $158. We are currently testing $184, which seems to be a bit of a hurdle for LTC recently. Note the vacuum zone, however to $195, which takes us ever close to the $200 handle. It does not appear that LTC is quite ready for this level yet, but it certainly seems it is gaining the strength to conquer the mid $100 handle. The Kovach OBV is a bit oscillatory still, but is coming off of lows and appears to be picking up. If not, $158 or $169 should provide good support.
BITSTAMP:LTCUSDLong
by quantguy
Eth Gaining Steam??Ethereum is testing a level of resistance above at $2651. This is a level as to which we have been alerting you for several reports now. We are seeing resistance here at this level and a retracement is likely. In fact we are seeing one now. We are seeing good support at $2556, confirmed by a green triangle on the KRI. If ETH has enough momentum in its favor, then this is the most we can expect for a retracement. If not, $2400 will provide support. It does seem that ETH is due for a nice rally however, and there is a vacuum zone above $2651 to $2800, which appears to be a significant upper bound and barrier to the $3K handle. The Kovach OBV is still a bit weak but definitely appears to be picking up.
BITSTAMP:ETHUSDLong
by quantguy
Bitcoin Testing Upper Levels!!Bitcoin has gotten a spark of momentum, making a run for $40K. This is a significant attempt for BTC as we were stuck in the doldrums in the $30K's for what felt like ages. Beware of the cluster of levels around $40K, which will serve as a barrier between current prices and the vacuum zone above to $45K. If we can solidly break these levels then $45K is our next target. If not, watch for support again at $37.7K. The Kovach OBV is pretty strong right now, but watch for momentum to recede a bit as BTC establishes footing or otherwise takes a breather before another push higher.
BITSTAMP:BTCUSDLong
by quantguy
Stocks Squeeze Out HighsStocks keep trekking upwards and we have readjusted our cypher pattern to reflect more of a bearish butterfly. Our conviction is still that stocks are in need of a retracement, despite the fact that they keep squeezing out highs. Observe that there is a lack of clearly defined momentum, and lack of open drive patterns. This suggests a healthy retracement is in store before larger money can justify the price of a long position. The level 4272 is the next contender for resistance. Watch this for a rejection. Good targets for the retracement would include 4214, 4188, or 4144.
FX:SPX500Short
by quantguy
Ethereum Signs of Life?Ethereum has recovered from lows, benefiting from momentum in the crypto space. We are seeing resistance from $2556, which is a level we have identified quite a while ago. We will continue to see resistance from $2651, the next major level, but then we have a vacuum zone back to $2965. However, ETH as of late has been finding levels in the $2800's to be an upper bound to a potential bull wedge pattern on the longer term. If ETH can't muster the strength to test these upper levels just yet, it will find support from $2400 or at most, $2232, but that would take quite a selloff. The Kovach OBV is still in the doldrums, but could potentially be showing signs of life.
BITSTAMP:ETHUSDLong
by quantguy
$40K Barrier for BTC BullsBitcoin has rallied almost 30% since it touched lows at $31K. All it took was another tweet from Elon Musk, changing his stance on accepting Bitcoin payments yet again. We are currently back up to just under $40K, which we have pointed out in these reports to be a significant barrier for BTC. We are likely to continue to meet resistance here and potentially retrace back to $37.7K. There is a cluster of levels above $40K which are bound to provide more resistance before the next vacuum zone to $45K. The Kovach OBV has picked up notably so this is a good sign for BTC bulls.
BITSTAMP:BTCUSDLong
by quantguy
Will Stocks Maintain Highs??Stocks have inched out highs on Friday. Asia's opening has seen little movement from those levels. In order to maintain current levels we need some momentum desperately. Otherwise, we will likely see a retracement. As we have noted multiple times in this report, 4188 or 4144 would be nice targets for a selloff. Buying at these levels would be FOMO and would carry significant downside risks, so keep a narrow stop loss if you are long. The Kovach OBV is very gradually tapering up but is broadly speaking quite flat.
FX:SPX500Short
by quantguy
2