$OSTK bounce off cloud support, bullish Senkou span cross.To understand the recent low volume selloff take a look at a Bitcoin chart. The price has seen a corrective move back to support. While OSTK is highly volatile this price level will likely hold before the next leg up to $24.80 - $25.00.
Today appears to be critical but the uptrend still holds even below these levels, if the cloud support does not hold the next level of support is $16.38, this price will also coincide with secondary cloud support in a few days.
The Tenkan and Kijun cross, the could flip as well as the demonstrated cloud support are all bullish indications.
Healthy traffic levels on overstock.com over the last quarter are likely to have a positive impact on the upcoming earnings report along with progress made by several of the Medici Ventures brands in their markets of tokenized securities, land titles and voting on the blockchain. Short interest is maxed out.
The possibility of an announcement this month or next having to do with the sale of the retail operation coupled with the possibility of a venture capital investment in their blockchain startups gives OSTK a lot of upside potential and the market is taking notice.
Tankan
USDJPY awaiting Tankan newsThe pair found support at the 0.5 and 0.382 Fib. level, signaling the next move up,
Lower then expected USD Consumer Confidence (SEP) at 86.0 was not enough to break this level and therefore I believe this pair is going to go higher on the JPY Tenkan news.
Watch out for:
JPY Tankan Large All Industry Capex (3Q)
JPY Tankan Large Manufacturers Index (3Q)
JPY Tankan Large Manufacturers Outlook (3Q)
All the news reports are likely to be negative, In that case the next move up will try for the R1 level.
I suggest to stay long or enter at 0.5 or 0.382 levels.
My previous Bearisch crab pattern is still vallid and developing (see link)
any comments on this idea are welcome
Trade well, good luck and keep it simple ;)