Get started

Chart patterns

What is cooking for BTCUSDBased on my understanding of INDEX:BTCUSD macro direction, this chart shows the three significant parts of the market cycle: - Forms a low after capitulation ( due to news, potential regulations, deleveraging on exchanges etc. ) - Creates a fast and parabolic run for several months ( diminishing returns each time ) - Market falls hard after creating a significant ATH multiple times greater than the previous one - After finding a bottom Bitcoin spends majority of the time in an accumulation stage until it reaches prior ATH. Cycle repeats; So far we can see only 4 cycles, if we include the current one. In the scenario the current cycle would follow the same overall market structure as seen previously, my bias would be towards the bull side of the market. Bull case: Currently the opinion of market participants is that we should see another leg up, with some projecting 100K, others 300K targets. DXY may continue to lose strength towards the end of the year, allowing for BTC to gain momentum potentially. Prices of -50% should be tempting to some bigger investors and institutions. Bear case: Opinion of the masses is often the wrong one - hence we could have already seen the cycle peak ; Adding confidence to the contrarian viewpoint - the current market ATH is well aligned with the previous market peaks ( s3.tradingview.com ) From a pure technical standpoint, the current ATH had formed an area of trapped long-biased traders, suggesting that it would not come to revisit the 55K+ prices any time soon; on top of that, on the 1W chart I've noticed some time ago that there is not 1 but two extremely strong reversal patterns - Head and shoulders, together with a Double Top (within the head of the H&S). Generally on such long timeframe one pattern is a confirmation strong enough, especially of that relevance - in this case we have two, which have already been validated as well. Here are my analysis prior to the drop, I wasn't really sure it was going to play out like that but.. I guess it was time to happen anyway. ( 1/ s3.tradingview.com ; 2/ s3.tradingview.com ) Generally, those patterns hold for around 100 candles - in this case around 100 weeks before the market bottoms? Additional confluence - Wall Street cheat sheet - the emotional blueprint seems to be playing out so far - if this is so, we are currently to see "back to normal" where 43K-45K might be the LH before the second leg down.
INDEX:BTCUSD
by rafblz
4
Buy Setup on GBPUSDUpdate on GbpUsd, even though we didn't get an initial bullish rejection from the level I outlined yesterday this doesn't mean the buy setup is completely canceled. On the lower timeframes, it looks as if price dipped below the level to gain support at a non-horizontal support level. Once price rejected off of this level, it bounced above the support level that was of focus yesterday. If price could retrace back to this level, I'll be looking to see how price reacts before thinking of longs.
Long
by CapitalHillFX
The Talented Mr Ripple, Chart Scalper.- Please follow& like for more updates. - Next time someone says “the market is about to breakout – just look at this wedge/flag/triangle!”, you have to think “Of course it will break, where else is it going to go?” The market cannot exactly disappear behind the chart, can it? Nevertheless, these styles of patterns can be interesting and show the mindset of a market. You could probably call this one a symmetrical triangle, not a wedge so much, but semantics… It’s not the type of pattern from which you would build a system, because they tend to have a few false breaks here and there. However, like a lot of old school chart patterns, the more obvious they look, the more people see it so it becomes important – and tradable. A lot of the time these patterns are accompanied with falling volume. You can see that in the 30-day average of volume below the chart. Then when the market breaks, higher volume is generally a good signal of a strong move. It means those that were on the sidelines are now getting in. There are many old rules on how to trade triangle breakouts. Refer Murphy for one, Edwards and Magee for another. But there’s more to the pattern than just waiting for a breakout. A good scalper will play around the levels, pre-empting the break and scratching trades where need be. Imagine for a minute that price edges towards the upper line. Getting long ahead of the break can be a trade with good Risk:Reward. Think about it: If it is followed by a big breakout, great! If it’s just a false break, then you have had time to pull your stop up to a scratch or small stop profit. If the move fizzles and does not even break the level, then chances are it is still range trading, so your downside is ‘generally’ not significant. That adds up to good R&R. How’s this for another strategy? Be long (or short) before the move through resistance (or support) AND have your exits in the queue – at about where the breakout traders will be getting in. Or do that with a half clip. That way you bank something even if the move is a falsey. The point is there is more than one way to trade one pattern and the pre-emptive scalp can be a good one. The ‘throwback’ is another. This is like a more aggressive version of the false break. It happens when there is a decent break followed by a retracement back to the previous support/resistance lines. I’ve heard that kind of retracement called “the last chance to get long(short). Just another way to trade it.
BITFINEX:XRPUSD
by TheTradarien
USD/CHF - ShortThe possibility we could see price bounce off the support, to resistance and 0.382 Fibonacci level before the downtrend continues. the entry point would be after: Confirmed rejection at resistance and the 0.382 fib level (0.9050) Bearish confluence among indicators (MACD, RVI) Always in line with 4H EMA and the overall trend of currency (bearish) Ensuring that any economic news surrounding USD is predicted in our favour or avoid the trade if the data forecast is agaisnt us.
Short
by francesgurton
BTC - Ranging since Feb. Oct 20 Trendline Still in Tact. Buy!Our October of 2020 trendline is still intact. We hit that and bounced hard. On this 4 hour chart, you can see we're currently resting on our trendline from Feb. of this year. I think between these two trendlines providing enormous support and the fact that we have been ranging between 50k and 60k since Feb., BTC has never looked more bullish to me. For several years I have been calling 80k this year. And actually, this chart, along with recent daily price action, has been enough to convince me that I am wrong again. We're not going to 80k this year. We are going to 100-120k. I can think of nothing more bullish than what I am seeing on these charts. Happy trading all!
COINBASE:BTCUSDLong
by stewdamus
1
NZDUSD > Small Bull Flag Might Be Ready for Entry!!I hope you are feeling generous and loving today to give me a like and leave a comment it will really support the creation of new free ideas for you. Analysis on #NZDUSD Hello friends. A possible bull flag might be in for a small target Safe trading everyone Check today analysis below⠀ >> “Time is your friend; impulse is your enemy.” _____________________________________________________________________________⠀ -Disclaimer: This information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀ -Please note this is just a PREDICTION and I have no reason to act on it and neither should you
Long
by TheTradersAvenue
7
AUDUSD > Simple HS Pattern for A Day Trade!!I hope you are feeling generous and loving today to give me a like and leave a comment it will really support the creation of new free ideas for you. Analysis on #AUDUSD Hello friends. A possible small head and shoulders pattern could be good for a small day trade after the neckline break if it provides a valid entry that my rules for entry Safe trading everyone Check today analysis below⠀ >> “Time is your friend; impulse is your enemy.” _____________________________________________________________________________⠀ -Disclaimer: This information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀ -Please note this is just a PREDICTION and I have no reason to act on it and neither should you
Long
by TheTradersAvenue
6
BTC > Apocalypse Or Just a Correction Is 40K in Play?I hope you are feeling generous and loving today to give me a like and leave a comment it will really support the creation of new free ideas for you. Analysis on #BTC Hello friends. Bitcoin is at a support level and sadly it is not able to stay above 50000 after losing Mr. Elon's endorsement, to be honest guys we were not able to keep going up for sometimes and what happened could have happened without Elon's last tweet. Looking at the chart, I see the market wants to test 40000 which is the previous high, also it is harmonic ABCD completion, which will be a 35% correction. If the market falls below 40000 we might see 30000 and that my friend will be a 50% correction from the top, that would be huge money left out the market, we might be talking about 350 billion from BTC and approximately double that amount from so we are talking about 1000 Billion to leave this market. So here what I think: I think this market came to a level where its size supports it, what I mean is, it is not easy for 1000 billion to leave the market, think of who owns this thousand billion or one trillion worth of coins. I like to think that the market is mature enough to not crash like 2018, and we can expect that 20-35% percent correction is normal, and we will not see an 80% bear market or so. Crypto now is a big part of the financial market and has proven itself to be a technological edge not when the market was 100B, we are now even after a recent dip setting at 2250B. i am watching BTC and other major coins setting at support levels to see if we spark a rally from here, otherwise, we might visit the numbers mention above. Safe trading everyone Check today analysis below⠀ >> “Time is your friend; impulse is your enemy.” _____________________________________________________________________________⠀ -Disclaimer: This information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀ -Please note this is just a PREDICTION and I have no reason to act on it and neither should you
COINBASE:BTCUSDLong
by TheTradersAvenue
10
$NZDUSD - Inverted head shoulders confirmed only above $0.73Hi guys! 👋🏻 🔔 Inverted head and shoulders and a double bottom patterns could play out well for a long trade, though only above 0.73 resistance which is very strong. 🔔 Tuesday’s monthly New Zealand electronic card retail sales demonstrated growth in purchases, sales in April were up 4%, which is significantly higher than February’s 0.8%. Despite the positive news, NZD was not able to show significant growth against USD and lost in value against the Japanese Yen. So need to be very cautious, especially during the US CPI data release. 🔔 There also is a great support from Moving averages on 4H chart and on a daily chart Daily 🔔 However RSI and MACD indicators are slightly bearish at the moment and a drop to 0.7200 and 0.71400 is also possible before another surge attempt. 🔔 One of the backers of the uptrend could be strong CPI data, which will be announced later today. There still are concerns among the strong US Dollar among investors, if CPI data is strong and positive, investor's might look forward to selling the USD in fear of rate hikes. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
Long
by azizelliott