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Decendingtriagle

bitcoin possible support levels after upcoming crashwe broke the bearish pennant mostly visible on the 4 and 1 h time frames today. and now we are in the making of a possible descending triangle. if we break down we have relatively strong support at 47000 area(triangle target and 20weekly ma). too soon to decide what might happen after that but I'm fairly bearish right now. TD-sequential suggests at least 3 more days of down side and the 4h chart keeps making lower low and highs. have fun trading
INDEX:BTCUSDShort
by official_bugs_bunny
1
GBPUSD-Weekly Market Analysis-Jan21,Wk2Retracements are shown in post Brexit for both GBPUSD and EURUSD. On the daily chart, GBPUSD has a brief break and close above the recent high before making it way to its retracement. On the 1-hourly chart, there's an inverted descending triangle formation which could probably break and close below the bat pattern formation. If the market retest the trendline with a long shadow candle, I'll short GBPUSD and observe if the market consolidates at D point on the harmonic pattern.
Short
by RaynLim
USDJPY 14 December 2020 - Daily TimeFrameHello traders, here is the full analysis for this pair... the market is still in a downtrend and creates a triangle This is important and emphasizes that traders should not simply trade the pattern whenever the triangle appears. The figure of the triangle is essentially two inclined lines of the trend. The price is consolidated inside the figure as if squeezing into a spring. And at some point, the price should go beyond the boundaries of the technical figure. When the triangle is formed, we wait for the exit of the price out of it, which occurs as a rule according to the standard scheme: the breakdown of the face – the rollback to the pierced face – the continuation of the movement towards the breakdown. The development of such a scheme is not difficult. The trading position opens in the direction of breakdown on the price rollback after the breakdown of the triangle’s face. But it is not always so simple. Quite often there is a situation of false breakdown at the price of the triangle’s border and the return of the price inside the figure. You can find support and resistance in my chart for breakout happen. *Support this Idea with a like or Comments if you find it useful* ... Thank you ________________________________⠀ DISCLAIMER: This Information Is Not a Recommendation to Buy or Sell. It Is to Be Used for Educational Purposes Only
by saeedmp
SILVER | Strong Resistance | Fibonacci Extension Targets Todays analysis – SILVER - Consolidating within a long term descending triangle as it nears apex. Points to consider: - Strong resistance - 2.272 Fibonacci extension target - RSI above 50 - Stochastics overextended - Low volume SILVER unable to break structural resistance with multiple failed re-tests, however, price is quickly bought up as it retraces from resistance indicative of buyers being present, setting a slightly bullish bias in the market. A bullish break of this formation validates the next Fibonacci extension target of 2.272; also in confluence with structural resistance. Whereas a bearish break of this formation, price is likely to find local support at the 1 Fibonacci extension target. RSI is currently testing 50, recovering from overbought conditions. A bullish break requires the RSI to range above 50, signifying strength in the market. The stochastic RSI recovering from oversold conditions with ample space for an increase in momentum. Volume is clearly declining and remaining below average. This is usually an indication of an influx being imminent, likely to coincide with the breakout. Overall, in my opinion, a break and candle close above resistance validate next immediate target of 2.272 Fibonacci extension. The break needs to be backed with increasing volume to avoid any false breaks. What are your thoughts? Let me know in the comments below! And if you’ve read this far - thank you for following my work and development as a trader! As always, Focus on you, and the money will too!
OANDA:XAGUSD
by Kudiiee
IOTXBTC | Descending Triangle | Apex | Trade Setup Todays chart – IOTXBTC – testing resistance of the descending triangle formation as it nears the apex. Points to consider: - support and resistances converging (apex) - Trend bearish (consecutive lower highs) - Bullish Price action (testing resistance) - Support confluence - RSI above 50 - Low volume IOTX has formed a mature descending triangle (typically considered a bearish formation) however price action is showing strength with multiple breakout attempts as it nears the apex. Structural support and the 200 EMA being in confluence puts a strong emphasis on the level being a strong support zone. RSI trading above 50 showing strength in the market supporting the bullish bias. The volume is clearly declining, an indication that an influx is imminent coinciding with the probable breakout Overall, in my opinion, IOTX needs to break and retest structural resistance with volume follow through for a valid long trade to structural resistance. What are your thoughts? Let me know in the comments below! Be sure to leave a like and follow me for daily chart updates. As always, focus on you - and the money will too!
Long
by Kudiiee
USD-RUBUSD has been in a bear trend against ruble since March, it formed a topping pattern as a descending triangle and started a bear trend. since then it made another defending triangle as a bearish continuation pattern and broke down from it the target of that large triangle is around 68$. its currently completing another small descending triangle with a target around 69$. this chart is a beauty , triangle inception :D. the next technical support area on this chart is around 67.5$, also there is a gap around 68.5 which matches the target of the triangles. these technical setups together increase the chance of the price to hit those price targets so this setup can provide good risk to reward high probability trade. you can manage your risk around 71.5 and go short if we confirm a candle below the small triangle.
Short
by Trader_Shayan
2