Get started

Descending Broadening Wedge

Descending Broadening Wedge ideaI believe this is what people like to call megaphones in the chat. We would need confirmation here of buying volume and breaking that upper trendline Descending Broadening Wedges tend to breakout upwards. Swing traders can trade the pattern from top to bottom and from bottom to top. After the trendlines are formed, as soon as price touches the upper trendline go short. Cover this short (exit the trade) when price reaches the lower trendline. As price touches the lower trendline go long (buy). Place your stop below the lower trendline. Trade price upwards to the upper trendline. Exit this trade here. When price breaks the upper trendline and closes above it this signals a breakout. Go long (buy) here. The target is the first (highest) high in the pattern.
BITFINEX:BTCUSDLong
by DaDude
2
MONACOIN Descending Wedge Will Lead to 300% or Higher!!More analysis to come. But this baby is growing exponentially and repeating patterns that it did before. We're coming to the end of this correction. Two pieces of evidence for a descending wedge AND a cup and HANDLE!! This is IT right here guys! Let's say we continue this linear progression for growth that we have seen for waves 1 and 3, then wave 5 could lead as high as $54. But we will leave that for another day, let's just focus on $30 for now.
MLong
by Elijah_Trading
21
Vertcoin Descending Wedge Buy Opportunity.Anytime we've seen Vertcoin sub $8.00 it's been easy money. I just noticed this descending wedge pattern forming and I think this thing is ready for takeoff. If you notice, the RSI and MACD have been consolidating for a while and are ready for a breakout. Bullish runs give me the feeling this is going up, as long as Bitcoin continues either sideways or up. So many opportunities today! Target is just the top of the wedge of the start of the wedge, however there is a chance that this goes higher, so you may want to ride it out. If the market wasn't so overbought, I would turn this into a long-term position. 5 minute charts show this to be oversold. And we are seeing support at the bottom line of the wedge. I made sure I hurried up and got in before it takes off. HOWEVER, there is always the chance that this thing goes south and double bottoms, then that we be a good re-entry. But I set my stop loss right below that. There is a good chance to gain A LOT and also LOSE a decent amount. Be conscious on this trade. Good luck!
Long
by Elijah_Trading
11
BTC/USD quick analysis and projection update Doing an update on my earlier analysis on BTC/USD consolidation pattern forming with support and possible entry at $14,075. Price channel has held through consolidation also forming a bullish pennant/descending wedge. We are also between a bull (green) fibonnacci level and bear (red) fibonnacci level. If we break above top trendline, we will either hit resistance at $17,345 and bounce back down or we will blow through it and look to hit our -0.236 fibonnacci extensoin target $21,843. If we continue further downtrend and move below our 14,000 area support, we could go lower to the -0.236 bear level extension at 12,088 and hope this holds. $12,000 is longer term support and should hold if it does get there. Buy entry levels to add to current BTC hodlings are between $12,000 -14,000. StochRSI looks to be making slightly new highs and is oversold. RSI is picking up momentum as well. I am still bullish and I think this is solid consolidation chart ready to break out higher. Let me know what you think :) Thanks!
COINBASE:BTCUSDLong
by lauren522
EOSUSD - Medium term, still bullish.After a solid rally with increased volume and interest for EOS we are now at what looks like the end of this descending wedge formation. Looking at the bounces in the RSI a solid recovery is possible. However there is weakness showing at PPO and MACD that still fully open at the 4H timeframe. If broke on the upside 2 TP are achieavable with low downside risk if confirmed by solid volume and steady increase. If a bear scenario develops a shortplay could be actioned until around support level. Bullish scenario: Entry: at the break of the upper trendline, with a CLOSE entirely above the trendline and SOLID volume uptick. TP1 : 1.262 (+20%) TP2 : 1.303 (+35%) SL : keep it tight just below previous 4hr close before the breakout. Bearish Scenario: Entry : at the break of the lower trendline TP : just above support around 0.7215 SL : just above the price of the breakout Trade safe,
BITFINEX:EOSUSDLong
by alexcrypto
2
Descending Wedge -Strong resistance still at 7100 areaI think we are going to climb up to 7500 and beyond. I think one more minor dip as there is currently about 70% shorts at the moment. Push to 7500+ and then the correction will come. There is still some money to be made before the fork. Don't get caught with your pants down! I think there will be a major correction. BTC is still going up because over the last 24 hours we have been at 51% buys. Not a clear indicator, but it's just a theory.
BITSTAMP:BTCUSD
by rywal
EURNZD breaking out of bullish descending wedgeEURNZD has broken out of its descending wedge this week... Easiest way to play this is to let price bounce off the 200/250 ema and 12/30/16 (thin green line) to then pullback to the top of the wedge where the 50/60 ema awaits. Fibs should end up being right in that same area. If this plays out we would also begin the formation of a head and shoulder pattern. Ideally we penetrate that resistance area with a higher high forming a neckline and then the retest would form the right shoulder. That's about as much confluence as one can get on a trade like this... Ideal target would be the 12/02/15 major low (thick green line).
Long
by patrick186
USD/JPY: ANALYSIS, POTENTIAL ADVANCE PATTERN, ADVANCE PATTERN,I suspect USDJPY has hit the double bottom of the previous low structure and has had a breakout to an extent, whereas we can see that this pair has been in the bear market for quite a while. The probability for the trend to create a new lower low is likely, however we can see that USDJPY is starting to consolidate with strong long positions. There has hardly been any pullback recently which is expected, I believe the pullback will not hit directly under previous structure low as the trend could be making a first higher low. My long term target point is around 113. point whereas my more of a short term target would be the start of 105. Opening point: 102.365 Target point 1: 105.115 Target point 2: 113.132 Exit point: 100.083
Long
by Exogenous
1