Broadeningbottoms
ETH BACK in the Broadening BottomHow are we doing after this weekend?
What we can clearly see on the 4 hour chart is that there has been a breakout on the previously reported “Broadening Bottom” pattern… it has fully hit the price target of the breakout on the downside, and the bulls have managed to bring the price back into the pattern within a fairly short period of time. It is desirable that the price now remains within the $3900.
on the chart we see an inverted ascending scallop at the end of the price. there we projected a channel from the extreme in which we can state that if the price breaks below it, the pattern is switched off.
if the price moves to the upper side of the projected channel, then an upward momentum could be a start to seek out for the $4700.
Keep calm, do your own research! trade safe and manage your risk.
*(Disclaimer: This is not financial advice)*
[2021-08-09] BTCUSD, Broadening BottomA broadening bottom pattern usually forms in a downtrend and potentially signals as a bull market reversal. It has the appearance of a megaphone as the price expands with higher highs and lower lows.
This chart pattern looks like a potential correction before moving lower, but instead indicates a reversal in the previous trend. A broadening bottom is a form of consolidation and forms a support and a new base for the bull reversal.
BTC is bearish and bullishI'm seeing a big 'H&S' but also a 'broadening bottoms' pattern. The wedges in price action open outwards which represent increasing volatility. This could break out upwards. But not sure for how long. We can also go sideways for months and it can also drop to the next support level. Time will tell.
Potential Bearish Megaphone !Currently, I see a potential Bearish "Megaphone" pattern or potential Bearish Broadening wedge. Short-term bearish assumptions for the gold price are the potential targets 1, 2, and 3; that's the strongest support.
Technical analysis
Plan A:
If the price can break out and close below the potential target 3, I reckon XAU/USD will keep falling to retest the bottom wedge line.
Plan B:
If the price rejects the potential targets 1, 2, or 3, I reckon XAU will go up to retest the upper broadening wedge line and most likely the upper major channel line.
Invalidation:
If the price can break out and close above the broadening wedge, then this analysis fails.
Fundamental preview
Q2 started with a nice rally as Fed's dovish messages sink in. The market seems didn't care about strong US data and the US economic recovery, which statistically growing at its fastest pace since 1984.
Last week, the core retails sales went up to 8.4%, retail sales went up to 9.8%, and the unemployment claims fell deep to 576K. But, U.S consumer prices surge in March, CPI finds, pushing inflation to a 2 1/2-year high. As of now, I trust the price action.
London (CNN Business): "President Joe Biden's $1.9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind.
The US economy will surpass its pre-pandemic size as growth reaches 6.4% this year, the IMF said, up 1.3 percentage points from the group's forecast in January. The rebound will help the global economy expand 6% in 2021, an upgrade of 0.5 percentage points from the IMF's previous outlook. The estimates are broadly in line with Wall Street's expectations."
Komodo Broadening Bottom-Broadening bottom formation
-Imminent Fanchart Breakout
Aggressive Entry at the break above Yellow line
Conservative Entry at the break above Blue line
Not a financial advise
BTC/USD LONG BTC/USD is forming a broadening bottom
The performance of this pattern is not the best but the partial decline does a good job of predicting an upward breakout
TP's as mentioned in the graph
Broadening Bottom Update after Diamond Top Short Target Hit (??)Textbook Diamond Top short target played out and poses a new resistance/support. What next ??
Will we retrace like all the other waves to the fib below 5k? or further... stay active ! Good luck !
Broadening bottom out of a Diamond Top.. Let's Wait for a Break!This looks nasty, potential for huge day trades I imagine.. Let's see what happens
CADJPY follows the same broadening bottomA typical broadening bottom formation. A declining price trend, the latter developed into a brooding bottom pattern. This pattern looks more like a megaphone and respected trendlines formality. A breakout can:
* When the price closes above the formation´s high.
Let us monitor this pair and see how it responds.
