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Ascending Triangle

Basic pattern charting shows clear path to $1M bitcoin Time and time again I have been told to master the basics and when it comes to trading nothing is more basic than charting triangles. Likewise, few things are more basic than cloning a trendline used to measure the height or depth of a move and dragging it over to the breakout point of whatever structure you are looking at. Just a tiny bit more advanced for targeting is using Fibonacci extensions to help with targeting with flagpoles. As the chart shows merely cloning the height of the flagpole from the C19 low to the flagpole high to an approximate break out point, which since we are looking at an ascending triangle remains the height of the flagpole itself, we get a target just over $1M. If the flagpole should be taken from the low of the ascending triangle that target would be the 1 line at about $485,000. I would not be surprised to see a major pull back at the 1 line and an even larger stall at the flagpole target. A zoom in of the triangles shows plenty of internal structure for all trading types. Break out traders could look to long the breakout of the triangle, support and resistance traders can likewise long and short as they see fit. Basic bullish trades could include Longing the support of the symmetrical triangle and taking profit at either the symmetrical triangle resistance or ascending triangle resistance Longing the breakout of either the symmetrical triangle or the ascending triangle Waiting for price action to retest either previous triangle resistances as support And of course there are bearish versions of these trade set ups if I am 180 degrees and 100% wrong. If I see either of my triangle supports get broken and then appear to be re-tested as resistance I will be eating a lot of humble pie as I flip my positions Likewise I see a massive ascending triangle on Total2. This is also very easy to trade technically with stops and fibs. Below is a draw with target setting on the height of the ascending triangle alone. Fundamentally over the next couple of years I seen a equity bear market with funds rotation into crypto. In other words I think the correlation between equities and crypto can finally break on account of the bullish structure in crypto and the bearish structures equities. this idea doesn't take any effort to look at indicators and divergences and the like. When you add those to the mix the argument gets even stronger. Please see a linked idea below for an indicator post looking at much the same structures.
COINBASE:BTCUSDLong
by This_Guhy
6
Non-BTC/ETH Alts approach "bounce or break" moment!!Over the past year, alt coins in the crypto space have been taking quite a hit from the back-and-forth motions of BTC and ETH. Alt-coins are once again at their own recent lows when BTC was between $32-33K back in January despite the price of bitcoin dancing around a significantly higher $37-38K price today. I typically believe that ETH determines the general direction of the crypto space instead of BTC (albeit BTC can determine the trend for ETH). However, there are quite a few occasions whereby cryptocurrencies can deviate from both BTC and ETH as indicated in these charts. The first chart is the percentages of all cryptos BUT bitcoin and ethereum . As you can very well see, the percentages have been forming an ascending triangle pattern (bullish pennant?) over the past year, and once again the percentages are nearing the bottom of this triangle. The second chart is the total market cap of all crypto EXCEPT bitcoin and ethereum , and it appears that an ascending channel has been forming since early 2021 for which the market cap is once again near the bottom of this trend line (for details on how I calculated the total market cap of everything BUT bitcoin and ethereum, see my previous post on how you too can calculate this value and more ). The key question is: will these resistances hold or will they break over the next few days? Either way, these look to be interesting charts to keep an eye on for the trend of crypto beyond just BTC and ETH over the next few days/weeks. But as always, this is solely my opinion and should not be taken as financial advice. But please like or comment if you agree or see anything further!
CRYPTOCAP:TOTAL2Long
by crypto_trends
2
Bitcoin - Welcome to the bear market!Keep it plain, simple and minimize the noise! Here we see a gigantic ascending triangle, with the bottom acting as a strong support since 2020. Vice-versa with the top of the triangle acting as a strong resistance. We have now officially broken the support. The top of the triangle is now acting as support with the bottom now resistance. If we stay in the range we are currently in - it will be a very slow, boring and bloody 2022. If we lose this support, the volatility will be wild - expect flash dumps and blood! I personally think we will correct to about $25,000USD - however I am hoping for the best to pick up buy orders at $20,000USD Wish me luck! At the moment - the market is sideways, choppy and RISKY. I have various different set-ups I'm watching and always waiting for confirmations of each one BEFORE entering a trade. Bearish 2022? What do you think? Comment your ideas below : )
Short
by tradermoth
BITCOIN - The bears have taken over!Keep it plain, simple and minimize the noise! Here we have a bear flag, or what some people where viewing as an "Ascending Triangle". It doesn't matter which pattern it really was, as all patterns have the probability to go both ways. We broke out to the downside, now I am waiting for a bearish retest to confirm lower prices. The reason I am waiting for a retest confirmation as this could be a bear trap and simply liquidate the shorts.. At the moment - the market is sideways, choppy and RISKY. I have various different set-ups I'm watching and always waiting for confirmations of each one BEFORE entering a trade. I have also linked an idea to this, that I think is good to keep an eye on. Comment your ideas down below :)
BITSTAMP:BTCUSDShort
by tradermoth
NZDJPY an ascending triangle 🦐NZDJPY on the 4h chart is trading between an ascending trendline and a static resistance. The price after a few tests of the 2 areas is now trading below the resistance structure. How can i approach this scenario? Being the triangle. a continuation pattern i will wait for a possible break of the upper structure and in that case, i will be ready to set a nice long order according to the Plancton's strategy rules. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
BTC/USDTFirst went long at $39.600, then bought some more at $41.180 (kinda nailed the retracement). Current average price is §40.390, so were in small profit at this point, around 3.3%. As long as we can stay above the diagonal support trendline oft he ascending triangle I am bullish on BTC. It looks to me as if we have gained supprt at the trendline together with the fibonacci golden pocket. As long as we can stay above the trendline I will continue to DCA into bitcoin and possibly some Altcoins. If we brake the triangle to the upside I expect price targets at around $52.000 up to $56.000, that is also the prince range where I would start to sell my positions. This would also be de 0.618 retracement of the 1D downtrend from $69.000 to $32.000 and the 0.782 fibonacci speed fan. Remember though, I am a beginning analyst and I am never a 100% sure, but the way I understood the concept of Speed Fans according to John J. Murphy, the break of the second Speed Line ( 0,618 - 0,666 in my case ) would be a massive bullish sign since it indicates a confirmation of a trend reversal. I wil keep this one updated since it it leading to me. I will use the data of this chart to determine whether it is a good time to buy some altcoins. Feel free to give feedback! Feel free to shill the next 100x to me! PS: I still have room for 1 or 2 altcoins during booming season, so feel free to share some good projects. I will share 10% profit with you if it plays out.
Long
by AnitaDollar
2