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Descending Triangle

USD/CAD: a potential build-up for a 100-pip dropLooking at the 2D timeframe chart of USD/CAD, we may observe that a descending triangle pattern has been formed and that the price has successfully broken the upper boundary (the descending trendline) of it. Using the Fibonacci retracement tool, we might identify that the 38.2% key Fibonacci level nicely lines up with a crucial area of previous resistance that now acts as support that is identified on the graph. We are expecting for the price to continue its short-term bearish movements and reach the price level highlighted on the graphic. From there, due to the fact that our bias remains bullish, we will possibly look into executing long positions and riding the next up-trending wave.
Short
by Investroy
21
Following the trend In short, with the knowledge of the bias that follows a descending triangle pattern which requires one to short the market when such a pattern is seen in the chart In both high and lower time frames, I was able to confirm that the pattern is formed in conjunction with the ATR and MA indicator used as confluence to verify my bias. Basically, I couldn't obtain such a result without knowing the trend in the market. In addition, waiting for a retest has always been paramount for me, so if you can notice in the chart there was a retest to the support level marked out which happened to be my entry point
by isyfrankud
SOL PERSONAL ANALYSIS IN THE LONG TERM (UPDATED) HELLFIRE!What is up guys? I have been off for a decent while since I have been very busy with life however I am back. Please be reminded that a high probable trade is among us with SOLANA and other assets which will begin to go down this day up to a maximum of 19.6$ with an expected pullback up to 22.2$. As you can see in the chart, the Relative Strength Index has clearly given an image of consistent long-term (daily chart btw) losses of buyer interest which could only mean one thing -- an impending doom of a massive sell. How does the Relative Strength Index help confirm the foreseen downtrend? It is mainly a tool that shows the strength of a particular movement whether if it may be bearish or bullish. In this scenario, the RSI shows that each pump is considerably weaker in momentum than the previous one and the price action demonstrates no further upside action and is now entering a slow-downtrend or a consolidation period. Buyers are uncertain if they can keep up with the positive sentiment and bears are now preparing their moneybags. If you have any more questions, please feel free to chat, comment, react and share! ---------------------------------
Short
by Wamses
BTCUSDT - Descending Triangle After loosing a key Weekly on a move to the downside, next question is where to next right? Spent the morning trying to second guess the market and in essence try predict the price. Garbage. Trade the moment and whats in front of you. Knowledge is power. Well respected in my opinion backed by some decent fibs is a descending triangle. Fibs drawn from highs to lows, where 0.618 resistance levels within the triangle seem to be well respected. The 3rd of which is an estimate. Breakouts, I suspect are outside the triangle, with each of the previous Fibs at 0.618 acting again as resistance. Target low should the price break down, be the fib extensions 1:1, in red. 1 particular of interest is the nPoc at 22,500. Note: 4 consecutive days where the price hasnt broken higher then the day (or previous day close). Ill consider bullish momentum should we break above yesterdays close price, especially a closing a day.
by hmaroudas
1
FTMUSDT is testing the new breakout Currently, the price of FTMUSDT is attempting to break out of a descending channel after a clear retest of the 0.5 Fibonacci level. A descending channel is a technical pattern in which the price of an asset moves downwards between two parallel trend lines. The upper trend line acts as a resistance level, while the lower trend line acts as a support level. The descending channel is a bearish pattern that indicates that the price of the asset is in a downtrend. In the case of FTMUSDT, the descending channel is a long-term pattern that has been in place for several weeks. The upper trend line has acted as a strong resistance level, with the price repeatedly being rejected at this level. The lower trend line has acted as a support level, with the price bouncing off this level multiple times. After a clear retest of the 0.5 Fibonacci level, which is a key support level, the price of FTMUSDT is now attempting to break out of the descending channel. A breakout is a technical pattern in which the price of an asset moves above a resistance level, indicating that the bullish momentum has taken over the bearish momentum. If the price of FTMUSDT is able to break out of the descending channel and create a higher high, this would be a signal to apply Plancton's rules and consider taking a new long position. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
Tron TRX is breaking out! Explosive pump is likely. As you can see, TRX is currently breaking out of the descending triangle on the daily/weekly timeframe, and an explosive pump is now likely! The take-profit is at the top of the triangle, which is 0.18 USDT. I think it's possible to go higher, but we don't want to risk anything, because we could be in wave 5 from the Elliott Wave perspective. Triangles are typically formed as a 4th corrective wave. This bull market that started in January is absolutely amazing, and I hope it will continue as long as it possibly can! We want to take as much profit as possible from this bull run. Sending USDT via the TRX network (TRC20) is very popular among crypto people. Furthermore, Tron's value held up very well during the 2022 bear market. It's definitely a positive sign. Now is the best time to buy TRX if you don't want to miss out on the upcoming pump! It will be huge! This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately. If we take a look at the previous price action from 2020 to 2021, there are no gaps that need to be filled. In other words, it's possible that we will never go back to these levels. I'm not sure how you feel about it, but I'm already long in the futures market. 171% is a good profit, so be greedy! Thank you, and for more ideas, hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
67
MKRUSD - Consolidation or Downward Move?After around 6 months of hugely profitable trading with MKR we've received a Short signal from Crypto Tipster v2 - looking at the chart there's 2 possibilities from here. Either we're actually looking at a period of consolidation whereby the price isn'y going to do all that much within the current range until it reaches the end of this wedge in a couple of weeks; or we're going to experience a drop into the trading area below this wedge. Given how profitable Crypto Tipster v2 has been with MKR recently we're inclined to go for it, 10% on the Short should be acheivable, 20% is also not unlikely! If you enjoyed or agree with this idea - drop us a comment, like & follow! :)
KRAKEN:MKRUSD
by theCrypster
2