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Bounce

USDCAD - Trend Continuation - Break of Triangle - MTFAHi Traders! The market is in an overall Downtrend. Let's begin our Multiple Timeframe Analysis with the weekly Timeframe. Then we'll continue with the daily, H4 and hourly Timeframe. Here is the weekly TF: As you can see the market is in a Downtrend. In addition, it recently broke out of an important Support Level. Furhtermore, during the Breakout, the market is also in a Falling Wedge. At this moment the price is doing several things at once: - Retesting the Break of Support (Support turns Resistance) - Price at upper Trendline of falling Wedge - Price at resisting 50 Exponential Moving Average Let's continue with the daily TF: Here you can see the same situation as at the weekly Timeframe, but is is more detailed. For example, we see, that the EMA is now underneath the Price. But it also means, that in case of a bearish Breakout, the EMA will again above the price. That'll push the price lower. Moving on to the H4 TF: In this chart we can identify a descending Triangle Pattern. This pattern is a Trend Continuation and also a Trend Reversing Pattern. In this case, we are going to trade the shortterm Trend Reversal. The Support at 102.900 can be used as a conservative Profit Target. Lastly, the Entry H1-Timeframe: The Entry Trigger is the bearish Breakout of the Triangle. We're looking for putting the SLs above the recent Highs. The Risk-to-Reward is 1 to 1.8. We recommend to trade the Retest of the Breakout. Thanks and successful Trading :)!
Short
by swissmoneymakers
4
Will Bitcoin Bullish Rally Continue?Hello, dear subscribers! Let's take a look at current Bitcoin price action. We can see that the Head and Shoulders bearish scenario was cancelled becauce the neckline area was not broken. There was also the danger of dead cat bounce scenario that could means the end of bullish rally but the price was able to find support above the 61% Fibonacci level according to swing high and low. This bearish scenario was also cancelled. Now we can see that the price faced with the rejection exactly at the 78% Fib level but it is normal situation. If the price break through the 78% Fib the next rejection will be at ATH level, but now according to this analysis we can see that there is a high probability of bullish rally continuation and we can see the $44600 (R3 monthly level) during next week.
Long
by Skyrexio
4
Dead Cat Bounce ScenarioHello, dear subscribers! Today we are going to examine a very interesting chart pattern which can help you to find the hidden danger in the market. The dead cat bounce is the reverse bearish pattern, hence the market should be in the uptrend before it's formation. After the swing high point is reached the sharp price drop usually follows. When we are able to identify the swing low we shoud measure the first bounce height. For this purpose we can use the Fibonacci retracement levels from the swing high to the swing low. For the traditional markets it is typically used the 0.5 Fibonacci level, but on the cryptomarkets the 0.61 level can be used too due to high volatility. If the price was unable to close above this Fibonacci level during the first bounce, there is a high probability of dead cat bounce scenario, when the price continue to fall and the global downtrend changes the uptrend. We use the current Bitcoin price action to illustrate this pattern. There is a big danger now to execute exactly this scenario. Please, be careful! DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Education
by Skyrexio
11
WTC monster bounce incoming (326% potential profit!)WTC is currently in a very strong downtrend. At some point in the near future it is going to bounce like crazy. The problem is that it is currently trading at an all time low, making it impossible to predict where the bottom of this current violent dump will be. 700 - 800 sats is where I've put the buying range on this chart, however that is just an educated guess. It may just aswell go a bit lower, or bounce from the current level, but in any case the bounce is coming. I've personally already started accumulating here in the 1000 sats range, and will buy a whole bunch more if it goes below 800 sats. The profit taking range is from 1890 - 2990 sats, with 2990 sats giving you a ridiculous 326% return if you can enter at 700 sats! This will just be a normal bounce in the current macro downtrend, which makes it even crazier that such a huge potential profit is achievable. If you want to play it safe you can wait for it to start bouncing with some big volume before you enter and ride it to that 1890 - 2990 sats range. If you're a trader who likes to take big risks like me then you can start accumulating already. Good luck!
WLong
by jariii
1
YFI - Looking Abnormally Weak in a Bullrun Market, What's Up?My last YFI call was not an overwhelming success, to put it mildly. But we win some and we lose some, that's the game we play isn't it. So let's take another crack at it. YFI is looking really quite weak even with the rest of the market going absolutely bananas. This is I suppose to be expect, YFI being a high value coin isn't going to be bought while BTC is taking off. With that said, the RSI is surprisingly close to overbought, and we're struggling to stay on the previous up trend line as a psuedo support/resistance at this point. Clearly doesn't know whether it's coming or going. I suspect we'll see a pullback next week, people taking their gains from the market before xmas so they can enjoy their holidays. I'm looking around the yellow area for a potential bounce play. SL would be below the current support area, giving us a really good R/R as the potential upside for 2021 is ATH+, or 100%+. DeFi is gonna go nuts in 2021, and YFI is the flagship in many peoples eyes with it being the highest value (though the merit of that claim is debatable). This is not financial advice. Do you want some financial advice? You're not getting it here. Sorry. Not doing it.
Long
by cryptosince1963
Updated bullish plan after retracementHi there, Here's my updated plan after the big red candle. Seems like I slightly messed up in the smaller cycles in my previous analysis but the general bullish plan is still going strong. Light green wave 4 probably found its end at 50% of wave 3 (itself around 200% extension), which RSI 4h closing just validated as it stayed just a bit above wave 2's crease. Bought the 4 bottom and I'm now waiting for wave 5 to be done. Would be pleased to hear your thoughts and reacts. Cheers.
Long
by Khosravani
BTC to double top before 50% correctionHi, I didn't mention this cycle's bullish objectives in my last published ideas. I believe we've just had a small cycle's corrective wave at the end of a huge light blue wave 3 which top now we're now heading to. Three level cycles correlate for a top around 35k. I'd favor a double top at 34-35k according to my biggest and smallest cycles (which would be just a mere extension of intermediate green wave 5 above its 423.6% target). I expect the incoming correction after reaching that top to be strong and probably retrace back to 50% ($21,830 if double top) or 61.8% ($18,730). Trade safe.
Long
by Khosravani