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Quantguy

Litecoin Breaks Support!Litecoin has slipped from support at $51.92, which has provided support all month. We are currently testing $50.64, which is a level we have mentioned many times here in these reports, and one dedicated readers should remember. This is our expectation for a lower bound, and if this does not hold the next support level is $45.48, deep in the $40 handle. If we are able to pivot from here, we must break through $51.92 again before considering $55.84 again, the upper bound of the range.
BITSTAMP:LTCUSDShort
by quantguy
Bitcoin Awaits Inflation DataBitcoin is looking weak, but is holding strong around $19.0K exactly. We have been holding a narrow range around this level all week, with green and red triangles on the KRI around the highs and lows of range, respectively, to provide confirmation of consolidation of volatility. The entire markets are hinging on this CPI print, and crypto is no different. If CPI comes out hot, then this will confirm the Fed's hawkish stance and the markets will likely reel back yet again. A cooler print may indicate a peak in decades high persistent inflation that will give the markets the green light to rally. If so, $19.5K is the next target, but we do not anticipate much more momentum after that, with $20K a likely ceiling. If we reject current levels then $18.6K is likely to provide support with $17.6K a likely floor.
BITSTAMP:BTCUSDShort
by quantguy
1
Oil Finds SupportOil has fallen but is finding support in the high $80's. The level $87.21 seems to be providing good support, with two green triangles on the KRI serving as confirmation. The Kovach OBV confirmed a strong rally that took us back to the $90's, just shy of $94. Two attempts to break higher formed a double top which suggested an inability to make new highs and portended the correction. We subsequently fell several handles, but current levels seem strong. Anticipate ranging from here. Aother selloff could take us back to $85.55.
NYMEX:CL1!
by quantguy
Stocks Await CPI DataStocks remain subdued, with the S&P 500 maintaining a narrow range all week and hugging lows. The APAC session suggests that the markets are bracing for another extremely hot CPI figure, which some are saying could still be in the 8% range. A hot figure would confirm the Fed's hawkish stance and stymie hopes of a pivot to more dovish rhetoric. The Kovach OBV is completely flat as the markets await this print. We have a vacuum zone down to 3547, if current levels do not hold. On the other hand, we must break through 3617 and 3624, which have formed a hard uppr bound for now, if we hope to establish higher levels.
FX:SPX500Short
by quantguy
Litecoin Hugs Lower BoundsLitecoin has found support at the lower bound of the range, with $51.92 holding nicely. We should anticipate further support at $50.64 if things turn south, but these two levels have provided consistent support over the past month, so we do not LTC falling much further. If so, there is a vacuum zone to the mid $40's. The level $55.84 should hold as the upper bound of the range. We will need to break this level if we wish to ever test the $60's again, but that is a highly unlikely right now or in the near future.
BITSTAMP:LTCUSDShort
by quantguy
Ethereum Attempts Recovery, Still WeakEthereum saw meager support and the price action has trended upward slightly. Our new level at $1280 has held nicely, but the range has consolidated immensely, and there is very little momentum in the markets. If we are somehow able to catch a bid then $1341 is the next target, with $1424 an absolute ceiling for now. We feel we may need to retest $1235, if not lower, before buyers are inspired to come to the table. After that, there is a vacuum zone to $1100 which is a likely floor price for now.
BITSTAMP:ETHUSDShort
by quantguy
Bitcoin To Bottom Out Soon?Bitcoin has tested $19K, edging below it and finding support before the next level at $18.6K. We are encountering resistance again, immediately above $19K, and it is unlikely we will get the momentum to seek higher values, but if so, then $19.5K is the next target. If we are somehow able to surpass this level, then $20K is will surely provide resistance. It is likely that $18.6K will hold as a low, but if not, $17.6K should be considered a floor price.
BITSTAMP:BTCUSDShort
by quantguy
10
Weakness Prevalent in the S&P 500Stocks appear to have bottomed out at 3584, with support confirmed by green triangles on the KRI. As predicted, we made an attempt for higher levels, but two levels at 3617 and 3624 are providing tough resistance. This is exactly what we predicted yesterday. If we are able to break through the next area of resistance is likely 3676. Risk sentiment is still slighted to the risk-off side, so we don't anticipate any significant rally in stocks any time soon. If we fall further, then 3547 is the next target.
FX:SPX500Short
by quantguy
Bitcoin Finds Support at $19KBitcoin has continued to establish weakness, breaking through our level at $19.5K. We are currently finding support at $19.0K, confirmed by green triangles on the KRI. We have added this as a new technical level on the chart. The Kovach OBV shows little signs of life, and if we break down from here, then $18.6K is the next target. We feel BTC needs to bottom out again before a signfiicant rally. If we do rally, then $19.5K will provide resistance and $20K is almost certainly a barrier for now.
BITSTAMP:BTCUSDShort
by quantguy
Stocks Correct the RallyThe S&P 500 has completely retraced the small rally we saw at the beginning of October as sobering reality smacks down hopeful exhuberance. The markets are pricing in more hawkish rhetoric, and bracing for CPI on Friday. We made a valiant attempt to hit 3800, but quickly rejected the move all the way back to lows at 3584. We are seeing some support from green triangles on the KRI, but the price action is looking weak and if we break through, 3547 is the next level down. A relief rally will hit resistance at 3617 or 3624.
FX:SPX500Short
by quantguy
Gold RetracesGold has retraced significantly from the $1700's. It appeared that we were ready to solidify this handle, however we faced a massive selloff with the rest of the risk-off assets, as the markets price in sobering data and a hawish Fed. We have broken through $1700 and our first two support levels in the upper $1600's at $1692 and $1683. We are currently finding support at $1670, but appear to be hanging on by a thread. Several green triangles are confirming support at current levels for now. If we are able to rally then $1683 is the next immediate target otherwise $1658 is the next level down.
COMEX:GC1!Short
by quantguy
Litecoin Remains Bounded in the Mid $50'sLitecoin has gained traction, tending toward our upper target of $55.84. The price seems to be equilibrating just below this level, with a possible bull pennant pattern forming. It is not likely that we will see much momentum come through as risk-on markets remained inhibited by higher weekly unemployment and a hawkish Fed. But if so, $55.84 is likely to provide resistance and remains a barrier to higher levels in the $50's. If we retrace, then we should see support again at $51.92 with an absolute floor price of $50.64.
BITSTAMP:LTCUSDShort
by quantguy
1
Weakness in Ethereum?Ethereum has trekked higher, breaking through $1341. We are starting to see increased resistance above this level confirmed by multiple red triangles on the KRI. The Kovach OBV is edging up, but we don't expect much momentum to come through today on account of higher weekly unemployment and hawkish Fed-speak. Current levels are likely to hold, but if not, we could retrace back to the $1200's with $1235 a likely lower bound. It is not likely that we will see any significant buying come through but if so, $1424 is the next target.
BITSTAMP:ETHUSDShort
by quantguy
Bitcoin Struggles with $20KBitcoin is facing resistance around $20.4K, with several red triangles on the KRI to serve as confirmation around this level. This follows a higher than expected weekly unemployment figures and statements from the Fed that their rate hike outlook will remain hawkish. The Kovach OBV has wavered a bit suggesting we will need more momentum to come through to hit $20.7K. We expect the current range to hold with $19.5K as a lower bound and $18.6K to hold as a floor price. We don't expect any strong momentum to come through, but if so, we must break $20.7K to reestablish the $20K's and consider higher levels.
BITSTAMP:BTCUSDShort
by quantguy
Two Factors Weighing on StocksStocks have wavered as the markets digest higher weekly unemployment rates and new statements from the Fed. The Fed remains unconvinced at how effective the 'Inflation Reduction Act' will be and Kashkari has stated that the Fed has 'more work to do' to bring down inflation. The S&P 500 has topped out at 3810 with multiple red triangles confirming resistance. We are seeing support in the 3750's, suggesting that we may be forming a bull wedge or other consolidation pattern. If things turn south, 3714 should provide support. A breakout could test 3825.
FX:SPX500Short
by quantguy