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Ethereum New Highs!! What's Next??Ethereum blasted up to new highs, but has since retreated a bit. We found resistance from $2556, a technical level about which we have alerted you many times here. The Kovach OBV is still strong, but it will take some serious momentum to punch through and solidify those new highs. It is more likely that Ethereum will consolidate and prepare for another breakout. We could see a dip back to $2400, as it forms a bull wedge pattern, but the maximum it is likely to retrace is $2232. Either should be considered possibilities to accumulate a position. Our next target is $2962.
BITSTAMP:ETHUSDLong
by quantguy
Still HODLing Bitcoin!!Bitcoin has caught a lift, but seems to have found significant resistance from a cluster of levels in the mid $50K's. It has reached a peak at $55.7K, and found recent support at $54.4K. The Kovach OBV is still pretty strong, so we could see another blast of momentum, but $56.8K, and $57.7K will provide resistance. If we are able to clear these levels, $60K is in sight. Another retracement could take us back to $50K. The maximum lower bound is still $48K. We are still bullish of bitcoin, but it appears the broad ranging pattern since highs is still in effect.
BITSTAMP:BTCUSDLong
by quantguy
1
Litecoin Edging Up!!Litecoin has trekked up from lows at $209, where it has appeared to have formed a double bottom. There is a vacuum zone above current levels back to $280. However, current levels will provide some resistance, and we are playing close attention to the momentum around them. The Kovach OBV does seem to be edging up which is a good sign, but if it reverts, we will find support at $227. The absolute lower bound still seems like $209, but testing this again would establish technical weakness
BITSTAMP:LTCUSDLong
by quantguy
Best Bitcoin Trading IdeasBitcoin has caught some momentum since yesterday. We are still not convinced it is back to 'bull mode', however. We are currently at around $54.3K, which is going to provide resistance, as we wrote yesterday. There are a few levels above, but $57.7K seems like a reasonable target if momentum continues. For now, $48.2K seems to be the lower bound. We have tested this level twice forming a double bottom. If we test it yet again, however, this could be a bad sign, as the longer BTC gets comfortable with this level, the likelier it is to break it.
BITSTAMP:BTCUSDLong
by quantguy
New Highs for Stocks! Can they Hold them??Stocks managed to eek out new all time highs yesterday but just barely. There was quite a lot of resistance at this level, and it will take significant momentum to puncture through and maintain the rally. Entering a long here would be the height of fomo. Waiting for a deep seems much more reasonable and we could see the S&P cross a vacuum zone below to 4144 or 4122. These would be better levels to buy for at least a mean reversion trade. Take note of the vacuum zone to 4073.
FX:SPX500Short
by quantguy
Bitcoin Relief RallyBitcoin caught a lift from lows at $48.2K back to $52.8K. It is clear we are in a bear trend right now, but this is unlikely to last much longer. BTC has rejected to $40K's suggesting it is comfortable with the $50k's for now. The bounce back to $52.8K may just be a relief rally. We don't seem to have very much sustained momentum, but the Kovach OBV is picking up, which could suggest the beginning of another uptrend. If so, $54.3K and $55.7K are our next targets.
BITSTAMP:BTCUSDLong
by quantguy
Litecoin Rejects Inverse Head and Shoulders!! 😱Litecoin has rejected our inverse head and shoulders pattern! This is a very bearish sign for LTC. It started to breakout from the neckline at $280, but this was swiftly sold back and we smashed through multiple levels from there to finally stop the bleeding at $217. We have broken the level constituting the head of the pattern at $233. This will provide resistance as we try to recover. It looks like we are seeing good support at current levels, validated by a green triangle on the Kovach Reversals Indicator. If not, $209 and $202 will provide further support.
BITSTAMP:LTCUSDLong
by quantguy
Bear Crab EthereumIt appears our assessment of the cypher pattern in Ethereum was a bit premature. What we thought was a bearish Gartley pattern evolved into a bearish crab pattern. We saw almost a full retracement of the CD segment which is perfectly reasonable for this pattern. The level $2143 has provided good support and we are likely to continue to see support here. It looks like we are catching a lift here at these levels. We've already broken through $2232 and are in the vacuum zone between that and $2400, the next level. The Kovach OBV has completely bottomed out suggesting we may get some buying here.
BITSTAMP:ETHUSDLong
by quantguy
1
Bitcoin DUMPS!!Bitcoin tumbled down to support at $48.2K. We did warn you that $50K bitcoin may be in sight, but the fact that we've broken the $50K handle is somewhat of a surprise. This appears to be the conclusion of a second wave of selling for BTC. The Elliott Wave suggests that this may be the bottom for BTC for now. However, if there is still some bear momentum in the tank, $46.2K is the next target. For the longer term hodlers, this would be a golden opportunity to load up for the long run. For a short term long position, current levels should hold and we should see a bounce, but a narrow stop loss might be a good idea in case of another dump.
BITSTAMP:BTCUSDLong
by quantguy
2
S&P Continues to RangeThe S&P is trending sideways, maintaining a fairly narrow range between 4122 and 4188. This is perfectly reasonable after such a rally last week. The Kovach OBV has been very strong but has leveled off to reflect the correction. Watch the boundaries of the range for momentum at open. Lack of momentum will suggest that the range will continue. If we break down, 4073 will provide support. We could also see support before then at 4096 from a Fibonacci level. If it breaks out, then 4214 is our next target.
FX:SPX500
by quantguy
2
Ethereum Back at Highs!!Ethereum has rejected our Gartley pattern (left on the chart for reference) and as Ethereum bulls, we are very pleased to be wrong here. In fact, it actually did break, but only a 0.618 Fibonacci retracement from the CD segment. We are very close to testing highs at $2547. This is not only a high, but a Fibonacci extension of the CD of the Gartley pattern. Interestingly, we have somewhat of a divergence in the Kovach OBV so this level is likely to provide resistance.
BITSTAMP:ETHUSDLong
by quantguy
Bitcoin Trading SidewaysBitcoin has found support just above our level at $52.8K, but is edging lower. We appear to be forming a bear flag or bear wedge. However, this could also just be a sideways consolidation pattern as bitcoin feels out the new range established by the massive selloff last weekend. Expect for it to remain within $52.8K and $57.7K. We expect some support from lower levels, so expect a lift even if it is transient. The Kovach OBV is somewhat oscillatory, so we need to wait for more conviction before we get a breakout either way.
BITSTAMP:BTCUSDLong
by quantguy
Another Breakout for Stocks??Stocks have rejected our head and shoulders pattern from yesterday. This is why you wait until the second shoulder has fully formed to trade this pattern. The neckline, 4122, was the make-or-break point, and the S&P ended up getting a lift from this level to retrace almost to highs at 4188. We are seeing some resistance from a collection of relative highs at 4174. We are likely to form a sideways consolidation pattern like a bull flag or bull wedge before breaking out higher. Strong momentum at open could give us new highs, but 4188 will take some juice to pierce through. Watch 4122 for continued support if we retrace.
FX:SPX500Long
by quantguy
Ethereum Bear Cypher Pattern!!Ethereum is feeling out the range after it dipped to $2025. We have attempted a rally, but have stopped short of our resistance level at $2402. We appear to have a bearish Gartley cypher pattern forming. Cypher patterns are extremely reliable in trading and we can expect ETH to retrace 50% of the CD range. This coincides nicely with about $2200, a technical level. This would be perfect for a short term trade and would give traders the opportunity to load up for the longer term.
BITSTAMP:ETHUSDShort
by quantguy
Bitcoin Bear Flag??Bitcoin is consolidating at lower levels. After the selloff we are feeling out the range between $52.8K and $57.7K. We may be forming a bear flag here, so be mindful of momentum either way. The Kovach OBV is a bit oscillatory at this point, so it could go either way. We are still bullish of Bitcoin and would continue to be so even if it dipped to the $50K. It was due for a proper crypto dump. If we manage to break out of the range $59.4K will provide resistance again, the final barrier before $60K.
BITSTAMP:BTCUSD
by quantguy
2
Head and Shoulders forming in Stocks??Stocks stumbled yesterday, and broke down from our level at 4144. The S&P seems to be forming a new level around 4122, which is providing support at the moment. Observe that we may have a head and shoulders pattern forming, with a right shoulder potentially bounded by 4144, if we can't break through resistance there. If we can, we should be able reach 4188. After such an extended rally stocks were due for a correction and we are likely to at least see a sideways corrective wave before more momentum comes through. Further retracement is also reasonable, especially if our head and shoulders pattern forms. If so, inverse Fibonacci levels anchored about the span of the head shoulders range suggest we could dip to 4081, which is conspicuously close to one of our technical levels at 4073.
FX:SPX500
by quantguy
1
Litecoin Dips Sharply😱Litecoin has fallen sharply, and has broken through support from the initial selloff over the weekend. LTC has been afflicted worse than the other majors, which did not break the lows of the selloff. We do appear to be gaining some traction after breaching $242, but another wave could take us back to $227. There is a cluster of levels below down to $202, and we anticipate support before then. There is a vacuum zone above to $291, but we need another pump to get us there otherwise we are likely to range, feeling out current levels.
BITSTAMP:LTCUSDLong
by quantguy