Get started

Bearish Flag

Possibility of a doubletop in play; if triggered 6k target. a large price dump that was instigated by a 3hr chart deathcross has us now potentially about to break down from what looks like a double top on the 1 day chart...price action is currently below the neckline and is right now trying to retest that neckline...if the retest is rejected then odds are good we will break down from the double top and retest the 1 day 200ma down at 6k. However I wouldn't be sure of a rejection until at least 1-2 1day confirmation candles + bearish volume surge to go with it...we are also currently testing the breakdown of a 1hr bear flag pattern which could dip to 8.6k. If we go to 8.6k odds are very good we will be filling the 8.5k gap from the CME futures chart....whether or not we'd reach the full dip target of the double top of 6k is uncertain considering there is also the famous "golden pocket" on the fib retracement right at 7.2 which we also had a small gap on on the cme futures charts....so dipping to the 7.2k zone would fill the final gap below us and reach that always magical bounce level of 61.8%. We can see the 8.5 level also hits a very significant fib line as well as it has confluence with the 50% retracement line. So we may see bounces at both of these zones or support for candle closes. However 6k is also a possibility because of the double top which also has confluence being double reinforced support with the 1 day charts 200ma which should provide solid support. My move is going to be to wait for price action to retest the yellow neckline of the double bottom and if the daily candles confirm solidified resistance I'm then going to short and ladder out portions at a time at a couple pips above 8.6, 8.5, 7.2, and 6.1k respectively...until I get the confirmation of resistance/rejection at the neckline however I remain neutral for now...with slight bias temporarily to the downside. During this downtrend we may see some altcoins make gains against btc such as xrp. I also believe that when this correction is over the next leg up bitcoin will be taking alt coins with it and they may even lead the 2nd leg up. I think the next temporary leg down on btc will coincide with a 4day deathcross and the next significant longterm leg up will coincide with a 3 day golden cross.
COINBASE:BTCUSD
by DrDovetail
2
eur/nzd short term set up.Euro has its ECB meeting couple days ago and the market was looking very bearish news came out. Weekly timeframe shows no indication of momentum however, if we delve into the daily we can see a bearish flag pattern. Inside that pattern, we see 2 bear flags on the 4hr and 1hr as well which shows the continued momentum the sellers have. Remember guys impulse and correction moves are all we need to figure out where the market is going. Entry, stop loss and take profits are all listed on this.
Short
by chiefcapitalfx
CHFJPY Sell IdeaD1 - Price is moving inside a bearish flag and is holding below the downtrend line, potential bearish hidden divergence. H4- We have two critical zones that has formed based on the fibo levels of the cycles, the top of the daily bearish flag pattern and the daily downtrend line. Price has currently reached the first critical zone, bearish divergence. Until this critical zone holds may expect bearish moves. Alternatively if the price moves higher then the next area to look for bearish setups with bearish evidences would be the second critical zone. Invalidation: If the price moves higher and breaks above the daily downtrend line then this sell idea would be invalidated.
Short
by VladimirRibakov
BTCUSD - Bear Meat to fuel the next Bull RallyThere is a Bear Flag forming on the short side of things. This should help pull down the RSI, MACD, Stoks, etc. etc. So long as we don't break the multi-year trend line from my other charts and the 20/40 week moving average remains crossed (which it did last night) All these Bears are going to get skinned and their meat used to fuel the next Bull Rally. Not only will the Bulls be buying hand over fist but the shorts will be right there with them doing the same. The next couple of weeks should be exciting ! Good luck! (My weekly update below)
BITFINEX:BTCUSDSHORTSLong
by BitcoinBearSlayer
3
Bitcoins Upwards Trend Line in Danger or Just a RetestHere we can see how ETH followed the 'rules' quite well, with staying below that resistance. For bitcoin it was more difficult to determine that level. Rather had seen it stay below the 8700ish. But it was weekend and they pushed it up with very low volume all the way up from the 8300/8400. Now we can see why they did it, because volume was that low, they created a stop loss zone for shorts and pushed it up from the 8600 to eventually 8850 even. Why i think this theory is likely, because we moved up with very low volume, but even more, selling volume was much bigger at those 2 drops. Even looks like that final push up from 8750 to 8850 was just to close longs or fill up shorts. These are theories that can be a bit subjective, so now to the facts. On the left we can see a clear up trend line, which we are testing once again. So normally if it breaks with good volume we should see at least a retest of the green support on the left. At this point it's very likely to happen, unless we see that bear flag range (in the middle chart) fail. So we should stay below the 8550ish from now on. The longer we hang around that red trend line, the bigger the odds it will break. Previous analysis i talked about an ABC correction, where we possibly even completed it with that big drop few days ago (similar to 2 weeks ago, yellow circles). But with this drop and the reasons described above, good chance that it might become a normal bigger ABC this time. The target of C wave, is IMO always a subjective thing. Usually it's a similar size as wave A (so around 1000/1200) so a drop to like 7900/7900. But it could hold above 8000 as well but also drop much more even. A lot will depend on the volume. That volume shows the market intentions a bit. On the daily we can see that volume is still showing that bull trend is in favor. No matter what my thoughts on lower time frames are, i don't become really bearish until i see a big sell volume candle, reaching those yellow circles. So even if i would be bearish now, i don't assume the trend for the coming weeks/months will be down again up until we see that big sell volume. Also means, if sell volume doesn't start to To give an impression of this, chart below shows a few of the previous highs in 2018. During the 5K movement a month ago, i kept mentioning this fact, that as long as we don't see this, we should not assume that the high is set already. I saw many people already thinking that the high is set already because of numerous reasons. Those reasons were legit, normal TA, but you simply can not ignore the King of all indicators, which is volume. Volume are buyers and sellers and the buyers and sellers determine all the TA patterns and all the indicators out there. Anyway, for now i think we should keep it simple, bears are a bit in favor here at this point. As long as the bulls don't break this bear flag in the middle on the upside, chances of a break of that red trend line remains likely. But we should also not forget, as long as it doesn't break, it's simply still is a upwards trend line. For it's just always a sign, that when we see a drop at nr 1 and then a second test, without being able to make a higher high first (so break the break the 9000ish first), it can be a sign of top formation. Or at least that it needs more consolidation before moving up again. If this last case is what we are seeing now, it could be we are going to see like an upwards triangle from 27-05 at the 8000. As i have drawn on the left. Of course anything is possible, but seeing a second triangle immediately after the one we had at 6800/8400 a few weeks ago, is not likely. So my short term view is down, as long as we stay below the 8550ish and for ETH around 265/7. Before i forget, in the beginning where i talk about volume increase if we do drop and break the bear flag, we should see it increase from around that yellow circle at 8350/8400. Please don't forget to like if you appreciate this :) Previous analysis
BITSTAMP:BTCUSD
by botje11
26
GBP/CAD 4-HOUR TIMEFRAME SHORTGBP/CAD recently broke out of the daily corrective structure that started out in early September 2018. This was in the form of an 800 pip move. We are expecting this drop to continue, as price is currently making a smaller corrective structure, and therefore we can expect a continuation to the downside after this bear flag is complete. It will also be interesting to note how the sterling will react to the resignation of the second woman-prime minister of the UK, Theresa May, thirteen days from now on the 7th of June. I hope there will be more selling. In bears we sell!!!
Short
by munyaelliott
USDCHF false break out and bear flag, Part 2Okay so far the counter move of the wedge/triangle fake breakout, is going perfectly. Broke that bear flag and accelerated down. So keeping the speed of the drop as it should be in the big bearish wedge view. Because if we continue like this coming week, and break that green support around 0.99, we could possibly even see it continue to drop (in waves) to 0.96 and maybe even the 0.93/2 zone. The markets can sometimes open with a gap after the weekend, but when ignoring that we can see what looks to be a basic bullish wedge. Ideally we see it go up and getting rejected below that red resistance zone on the right. This would keep the speed of the drop even better than perfect. If we see it break and get rejected at the red in the middle, it would still be good speed. Think 1.01 should be the real max. Breaking this will kill the speed and we could see a completely different outcome then. So for now, wait and see how this plays out at opening. Previous analysis:
by botje11
1