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Descending Triangle

POSSIBLE DESCENDING TRIANGLE. BITCOIN MIGHT TARGET JUNE LOWWith the last accelerated dump, Bitcoin price painted a descending triangle. For the moment the Bitcoin price is struggling just below the Monthly open (19423). Failing to break above this level of resistance, will give bears a chance to play this new descending triangle and possible target the liquidity from the JUNE low area (17600) Once the top of the triangle is broken and flipped in support, this pattern could be invalidated. Trade safe.
BITSTAMP:BTCUSDShort
by BarbarianTrader
BTC: NICE REVERSAL AFTER CPI BUT IS IT ENOUGH TO PUMP BIG??Hello everyone, if you like the idea, do not forget to support it with a like and follow. Welcome to this BTC update. BTC is perfectly holding its $18k support level so far. Even the worst data of CPI is not even able to break this support but the question is whether this pump is enough to make a reversal in BTC. Let's get to the chart first. As you see BTC is forming a descending triangle pattern in the daily time frame which is generally a bearish pattern but as of now, BTC holding its lower support zone perfectly. So, what I'm expecting from here? Expecting the next few days will be green for the overall market (BTC and Alts) and we might see BTC reach $20k-$21k from here but there are high chances that it again rejected from the upper resistance of the triangle. After rejecting we see again it is testing the lower trendline and maybe breaking the support at that time. So in a short way, I'm expecting a little bit more pump up to $20k-$21k from here and after that, we again see a drop. Let's see how this goes. Hope this analysis will clear your trading plan. If you like this idea then do support it with like and follow. Also, share your views in the comment section. Thank You!
by CoreCrypto1
10
BTC.D - The Alt Season is around the corner! Don't miss it. The Alt Season is around the corner, I can see it on this chart! It's not a question of if it will happen, but when it will happen.  The lighting network is not supported by major exchanges because they don't want it and it's not in their business plan (as per the statement). This is, at this moment, very positive for altcoins.  It's really important to pick the right altcoins because we are not in 2017 when even scam coins pump.  We have been moving sideways on this chart for a long time, but nothing lasts forever. I expect a breakdown of this bearish rectangle pattern very soon!  As per my Elliott Wave analysis, this structure is very bearish and we should continue down with another impulse wave. From an EW standpoint, an ABC correction has been completed, so there is probably nothing that can stop this downtrend.  ALT SEASON usually happens when the BTC.D goes down. It's usually during bull markets. When we are in a bear market, everyone is selling their altcoins and buying bitcoin instead.  The 0.618 FIB extension from wave (1) to wave (2) is the next target, but I think we can go even lower later.  Make sure to pick the right altcoins. I expect tremendous gains for selected altcoins. You can find them in the related section down below.  For more analysis, hit "Like" and "Follow"!
CRYPTOCAP:BTC.D
by UnknownUnicorn2537518
64
One more kiss!Traders, After breaking to the upside of our long-standing, year-old bullish descending wedge, BTC is retreating exactly as I hoped it would do. Wait! Did you read that right? Was I really hoping for BTC to retreat after breaking to the topside of its wedge? Well, yes. Actually, I was. Cuz’ that retreat represents patently perfect technical price action. See, after a breakout of previous major resistance, which now becomes support, price loves to go back down to retest that resistance/support level/zone. And personally, I’d rather this retest happen sooner than later! I may be on the hunt to snag some BTC here real soon! Best of luck traders! Stew
INDEX:BTCUSDLong
by stewdamus
Descending Triangle on CAD/CHF @ H4This descending triangle pattern on the 4-hour chart of the CAD/CHF currency pair offers an opportunity for a short trade in case of a bearish breakout. The triangle's borders are marked with the yellow lines. The cyan line is where my potential entry level will be. The green line denotes my take-profit level. I will set the stop-loss level to the triangle's highest point (0.73051) marked with the red line. I will ignore bullish breakouts from this trend continuation pattern.
Short
by AndriyMoraru
Could BTC's Trendline End Not with a Bang But a Whimper?Primary Chart: Fibonacci Channel and Symmetrical Triangle Title alludes to a well-known excerpt from T.S. Elliot's poem called "The Hollow Men": This is the way the world ends This is the way the world ends This is the way the world ends Not with a bang but a whimper. Setting Aside Bias Temporarily to Allow Greater Flexibility in Analysis Many of my recent posts on cryptocurrencies have been presented with a bearish bias. A bearish view has been warranted, after all, because the technicals have left almost no room for a bullish short-term or intermediate-term view. Some of my recent posts have been neutral, however, to evaluate and explore more fully all possibilities within the context of support and resistance levels, price action and other technical factors. Unfortunately, BTC's price chart has not yet turned bullish given the price structure. And positive / bullish divergences mentioned by some long-term crypto investors cannot count until they are confirmed by a reversal in trend structure. This post attempts to set aside bias temporarily to present a variety of technical evidence as objectively as possible. The goal is to remain relatively neutral to allow a more complete examination of the price charts and technicals without the influence of a particular predetermined goal or conclusion. This might allow for greater flexibility to follow the unexpected turns that prices often take. BTC's Relative Strength in Recent Weeks In a recent bearish post, after listing several arguments for the bears, I discussed one argument for the bulls—BTC's relative strength. On October 2, 2022, my post stated: "One argument for the bulls is that BTC's sideways chop action has resulted in its relative strength becoming quite impressive. Equity indices have been plummeting sharply since mid-August 2022 with little reprieve. But BTC during this time has largely chopped sideways after losing a few key levels in late August and early September 2022." This relative strength can be examined more closely by looking at a spread chart that divides one instrument's price by the price of an index or some other price reference for comparison. The chart below shows a spread (or ratio) chart of BTC / SPX, showing BTC's relative strength compared to a leading equity index, the S&P 500 ( SP:SPX ). Supplementary Chart A: Spread Chart Showing BTC's Relative Strength vs. SPX www.tradingview.com Note how this spread chart has broken above a nearly 11-month downward trendline. Some may draw the conclusion too quickly that this suggests a trend reversal, such as from a downtrend to an uptrend. But a break above a down trendline by itself merely suggests a shift from that particular downtrend to either a less steep downtrend or a more neutral trend, which could then lead to a period of sideways chop for some time or it could lead to a trend reversal as well. But a reversal to an uptrend requires a change in trend structure, which is a process that takes time to form and has not occurred yet. Another aspect of BTC's relative strength exists. It has not broken its June 2022 lows as many equities and equity indices have done. Until that changes—it could break those lows at any time—this technical evidence is an alternative way of viewing BTC's relative strength. BTC's relative strength has improved even though BTC has largely churned and chopped sideways for the past weeks and months. This is because many asset classes have been steadily declining, some even plummeting, since mid-August 2022 peaks. Any asset or instrument will have relative strength when it moves sideways while equity indices continue to decline. The sideways consolidation will be discussed in greater detail in the next section. BTC's Recent Consolidation and Volatility Compression BTC's price has chopped steadily around a key Fibonacci level of $19,246 for the past several weeks since mid-September 2022, and even for a number of days in late August 2022 as well. This consolidation has been noteworthy given that equity indices have plummeted during this time. When an asset moves sideways while equity indices steadily decline results in relative strength (outperformance) of that asset as discussed in the previous section. Supplementary Chart B: Recent Consolidation Range Containing Price And during this lengthy consolidation, the compression in volatility has been quite significant. The next chart compares the levels of volatility by using a famous volatility indicator called the Bollinger Bands (set at 2 standard deviations from the mean) on a daily chart. Parallel channels have been drawn over various sections of the Bollinger Bands to give a visual comparison of the volatility levels and volatility compression levels over the past several months. Note how wide the Bollinger Bands expanded as a result of the high volatility associated with steep selloffs. And the periods of volatility compression (squeezes) often preceded those periods of high volatility and large directional moves downward. Supplementary Chart C: Bollinger Bands (2 Standard Devations) with Channels for Visual Aid in Comparing Volatility Levels Most importantly, note how the tightly compressed the current volatility in price has become, i.e., note how narrow, the Bollinger Bands are now. They are more narrow perhaps than at any other time during this bear market. If history is any guide, such a period of compressed volatility (a squeeze) implies that a sizeable increase in volatility associated with a large directional move will soon follow. Because the trend has been down, the odds would seem to favor a downward flush. But BTC's relative strength causes one to wonder whether a massive bear rally may be imminent. So traders should be prepared for any scenario where price could move dramatically. This is why my stance became more neutral for purposes of a thorough evaluation of price action. Because BTC is at a make-or break juncture in the short-to-intermediate term, it helps to stay open to all possibilities rather than staying rigidly fixated on the obvious bearish view. Being flexible and nimble can help traders remain more keenly aware and prepared for shifts that can occur at any time. VWAPs and Linear Regression Channel Even if the charts may be shifting in subtle ways, some of the technical evidence still firmly supports the existence of a downtrend. Shorter-term VWAPs \ show that the current price remains under the volume-weighted average price for a variety of different lookback periods. This means that the average buyer is losing money and the average seller remains in control for each of these VWAP periods. Supplementary Chart D: Various VWAPs from All-Time High, March 2022 High, June 2022 / YTD Low, and August 2022 High Further, longer-term VWAPs remain in favor of the bears as shown in a separate post from September 24, 2022 (linked as Supplementary Chart E below). The linear regression channel from the all-time high to the present, which was drawn a few days ago (also linked as Supplementary Chart E), suggests that the downtrend remains very much in effect, and that evidence should not be dismissed. Supplementary Chart E: Linear Regression Channel and Long-Term VWAPs Price at Apex of Various Consolidation Triangles The consolidation in price may be viewed from another helpful perspective—the various triangles that have formed. Triangles generally develop as a narrowing trading range (consolidation) as upper and lower trendlines converge under compressing volatility conditions. The Primary Chart shows a symmetrical triangle, which by definition does not imply a direction to the breakout. Price has reached the very apex of this triangle. Price has also reached the apex of two other right-angled triangles shown below. Right-angled triangles (also called descending or ascending triangles) do imply a directional bias via the sloping trendline that intersects with the horizontal trendline. In this case, the two alternative right-angled triangles (shown in Supplementary Chart F below) imply a downward directional breakout. But right-angled triangles, like other technical patterns and indicators, do not work perfectly to guarantee that the breakout will occur in the implied direction. Some right-angled triangle breakouts occur in a direction opposite from what is expected, which can make the breakout even more sharp because it catches market participants off guard. Supplementary Chart F: Multi-Month Right-Angled Triangle Supplementary Chart G: Second Right-Angled Triangle BTC's Price at Critical Juncture In conclusion, BTC's price now trades at a critical juncture. A breakout in price from the very apex of several different triangles could occur within a day or two. The compression in volatility has been quite substantial, implying a larger than normal directional breakout move. Combine this compression in volatility with the fact that BTC has not made a new low, has shown relative strength vs. blue-chip indices, and it would seem that traders should be prepared to react to whatever might happen. Price has also reached the 11-month downtrend line shown on the Primary Chart as the zero line of the Fibonacci Channel. Price could continue chopping sideways right through that down trendline without much ado. That would perhaps be one of the most frustrating outcomes for bulls and bears alike, which is why the title to this article was chosen. And at this point, it would appear that just about anything can happen—an eye-popping bear rally, a few major whipsaws up and down over the next several weeks, a major continuation move in the downtrend. Or price could just drift sideways through the 11-month downtrend line, ending it not with a bang, but a whimper. While predicting may feel satisfying, the better approach in this case may be to wait and allow price to tell us which way it wants to go. ________________________________________ Author's Comments: (1) Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate in the comment section. Shared charts are especially helpful to support any opposing or alternative view. (2) This technical-analysis view does not constitute a trade recommendation or trade setup. Instead, it attempts to offer technical commentary that describes and analyzes price levels, trends, price action, or the broader technical environment as of the publication date. Technical-analysis commentary does not equate to trade setups or recommendations. Within a given price environment, traders bear responsibility for their own trading strategy, risk tolerance, and time frame, and for any due diligence associated with such trades. (3) This technical-analysis viewpoint could change at a moment's notice, e.g., when price violates a key level of invalidation for a particular view. Further, proper risk-management techniques are vital to trading success. (4) To the extent countertrend price moves are discussed, consider that countertrend or mean-reversion trading, e.g., trading a rally in a bear market, remains higher risk and lower probability even for the most experienced traders and investors. DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified / licensed financial adviser or other financial or investment professional before entering any trade, investment or other transaction.
BITSTAMP:BTCUSD
by SquishTrade
9
Bitcoin - No one is talking about this! There are currently 3 options with a high probability of happening:  1) Bitcoin will crash very soon, so after that we can start an alt-season on altcoins after the crash to 13k (best option). 2) Bitcoin will go sideways for another 3 months and create a descending triangle, which will be the most boring time (you don't want it). 3) Bitcoin will go slightly up to the yellow trendline to catch all traders in a trap and then it will crash (disgusting scenario). 4) The bottom is in and Bitcoin will reach 200 000 USDT next year (no chance). Bitcoin is below all possible trendlines on the macro scale, so the bearish pressure is extremely high at this moment! Pretty much no one is talking about this parallel channel on the LOG scale. Also, no one is talking about the yellow trendline. But I would not be surprised at all if we break this parallel channel, because at this point, everyone will turn super bullish and after that, Bitcoin will drop like a rock. To complete an impulse structure from an Elliott Wave perspective, the price needs to print another impulse sub-wave to the downside. At this point, if we break 32 000 USDT, I can say that the bottom is in, which I would love to absolutely! If you haven't heard about the QNT (quant) altcoin, it's time to buy! For more analysis, hit "Like" and "Follow"!
Short
by UnknownUnicorn2537518
90
BTC Weekend Update: Chop Continues Before Next Trend MovePrimary Chart: Fibonacci Channel with Fibonacci Retracements of Entire Summer Rally BRIEF SUMMARY: Price continues to chop above and below the $19,246 retracement level identified in prior posts in recent days. Price action appears to be consolidating before the next trend move—this next downward flush may occur very soon. During this consolidation, trapping price action is occurring where breakouts above and below $19,246 are failing, trapping bulls and bears. More chop could continue until the breakout. The breakout is likely to happen in the coming two weeks —this is confirmed by the Supplementary Chart below, showing that the apex of multiple triangles is very near. But watch for a more volatile whipsaw fakeout move just before the real move in the direction of the trend occurs. A key target zone is the $14,200-$16,200 area where the yellow circle has been placed on the chart above. This yellow circle overlays the teal .23 Fibonacci Channel line. A key Fibonacci retracement level at $16,098 coincides with this target zone . Below this target zone would be $ 13,900-$14,800, a support zone that coincides with 2019 peaks—see the blue rectangle. A horizontal Fibonacci level also coincides with this support zone, with a 1.272 extension at $14,275 running through the center of this support zone. Additionally, one important Fibonacci level of interest lies at $12,000-$12,107 . BITSTAMP:BTCUSD continues to chop above and below the $ 19,246 level at the .786 retracement of the entire summer's rally. Failed breakouts above and below this level have occurred. As of early September 24, 2022, price is holding slightly below this level after a major rout in equity indices in Europe, US and Australia and other countries over the past couple weeks. This .786 Fibonacci retracement was identified on September 12 and 16, 2022, posts, as well as discussed as a level of greater importance in the September 21, 2022 and September 19-20, 2022 updates. On September 19-20, 2022 (Monday), the key levels to watch going into the FOMC presser on September 21, 2022 (Wednesday) were analyzed. Specifically, the charts discussed the "key Fibonacci retracements of the entire summer rally", noting that BTC had been holding near its .786 retracement, at $19,246, of the mid-June to mid-August 2022 rally. The September 19-20, 2022 post stated: "This level lies at $19,246, and price has made a couple attempts to break below it, each of which has failed, suggesting more sideways chop into the FOMC's meeting. In the Primary Chart above, note how price has continued to chop above and below the .786 retracement at $19,246. Each breakout ends up being a trap move. This seems to be the chop zone that will be the base from which the next breakout will lead to the next large trend move down. Price could break soon. The following support and trendline resistance areas suggest a right-angled (descending) triangle. These triangles suggest a breakout direction by the descending angle of the down trendline that composes the upper part of the triangle. Supplementary Chart A: Support Zone and Descending Triangles Further, price action seems to suggest that a break lower could occur at any moment. Before the break, be wary of more chop / whipsaw moves, especially a sharp move higher to trap bulls one last time before the next flush lower. A whipsaw move is not guaranteed, but would be unsurprising given the way BTC has chopped in volatile ways lately. Supplementary Chart B: Key Horizontal Fibonacci Levels and Support Zone Bears, on the other hand, should be prepared for a scenario where the next flush lower could be capitulatory, which may support conditions for a multi-month short-covering bear rally. While this bear rally is a more speculative concept based on the way markets behave after capitulatory lows, it's not unreasonable to consider potential possibilities if a severe flush arises the next few weeks. Traders may enjoy such a rally as well as shorting the next leg down of the bear market in coming months.
by SquishTrade
7
The big short - S&P 500! The situation for the stock market is really terrible. The fundamentals have never been worse in the last decade and it looks like we are going to drop even lower.  We have probably started a brand new major uptrend in interest rates that can reach 15% - 20% in the near future. Also, government bonds are rising, which is deadly for the stock market.  Let's be honest, it's not the best time to be in the markets if you are an investor. I believe there is an opportunity for swing traders and also day traders.  There is a possibility of a 10-year sideways bear market for the whole stock market, as happened in 2000 - 2009 or 1968 - 1980. The price is moving in a descending broadening wedge pattern and there is more than enough space to go lower from the current price.  Regarding my Elliott Wave analysis, we have completed 2 first waves (A, B) and we are currently in a C wave if we want to stay bullish. It can also be a third wave of the impulse (1, 2, 3, 4, 5) as a bearish scenario.  I expect the 2700 level to be a strong support, which is also the FIB 1.618 extension from wave A -> B. There is also a confluence with the POC level of an expanding triangle from 2018 - 2020. Look at my ideas about GOLD and Bitcoin in the related section down below. For more analysis, hit "Like" and "Follow"!
SP:SPXShort
by UnknownUnicorn2537518
53
Lyft May Have a Descending TriangleRidesharing company Lyft has tried to hold a price range since the spring. Now, after a couple of fleeting bounces, a bearish continuation pattern could be materializing. Notice the high on August 8 near $20, followed by a pullback to $13.75. LYFT then bounced but couldn’t get above $19. That high and lower high have produced a descending triangle -- a potentially bearish continuation pattern. The stock has tried to hold the bottom of the formation this week and could now be at risk of breaking below it. Next, you have the 100-day simple moving average (SMA), which has tracked neatly along the top of the triangle. Prices have also slipped back under the 50-day SMA. Finally, MACD is turning bearish. TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more. Important Information TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means. This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates. Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com .
NASDAQ:LYFT
by TradeStation
Bitcoin future price scenariosTraders, After two failed breakouts of our long-standing bullish descending wedged (since Nov. 21) , BTC is back down to our super strong support of $18,800. This support has held us up on 5 separate occasions since our June low. It has not broken down below with confirmation on the daily since Dec. 2020. Confirmation equals two daily candle closes below. However, if Bitcoin has taught us anything, it's that we should expect the unexpected. I have two potential price movements in my radar pending this all important support level. #1 = 18.8k Support Fails You can see that after failing to break out of our wedge the second time, BTC has retreated back into the red triangle. I have colored the triangle red due to it's inclination towards the bearish side. However, our 18.8k support has caught the price once again and is giving ole' BTC another rest. Should BTC break to the downside, I would expect it to test the bottom of our triangle one more time (currently 15k). Now, 15k does not have to be a precise price. We could wick down as low as 14k before the selling resides. But I would expect the body to close at or around 15-16k on the daily when it's all said and done at which point we rebound and finally break out to the upside of our long-standing descending wedge. We don't have much longer to live inside of this wedge. The tip of the wedge extends into mid-Nov and that is it! But I expect decision time to come sooner. I don't think we'll make it to November before the market is forced to decide. If we break to the upside, which is probable given the nature and character of descending wedges, this is very bullish for BTC. But, if in the unlikely scenario we break to the downside, the typical capitulation period for these long-standing wedges is fairly short in comparison. I would not estimate it to last more than a few weeks to a month at most. And then we go up. Essentially, this long-standing wedge is telling us all that the bottom is near ...for Bitcoin, at least. I cannot reiterate the same sentiment for the broader markets which I am also tracking though, I do anticipate some sort of blow off top for them. If you have been following my weekly video updates, you're already familiar with my theory here. #2 = 18.8k Support Holds So, let's say our support holds once again, the fifth time. What do I anticipate here. Well, obviously, the support holding is great news. But to anticipate price movement here, let's take a look at our RSI. You can see that I have charted what could potentially end up being a bullish inverse Head and Shoulders pattern. The neckline would be the red horizontal resistance which we are currently up against as I type. If we break above this, then I expect the market to bring enough volume and buying pressure in to finally and at last break to the upside of our descending wedge. It would be at this point I would proclaim that our bottom was in at the June low of around 17.5k. Have these things charted and you'll be in a much better position to trade successfully in the next few months. Best to you all traders! Stew
INDEX:BTCUSD
by stewdamus
BTCThis is my take on the current situation. BTC is currently on the support of the last high, this would be a perfect retest and a possible double bottom for BTC. However, BTC is also forming a bearish triangle with a measured move going way below 10k. I believe the crypto marked is trying to bottom, The last few weeks the market has felt different, some ALT coins has been popping, and a lot of bullish idea can be found on different charts. We might see one move lower and experience a max pain scenario before reversing. At this point i believe there's a lot more upside potential than downside potential. This setup provides to options: Go short if the bears break through the red support line. Go long if bulls break the green resistance line.
by thekneekeeper
Bitcoin - Uptrend before a massive crash! The trend is clearly descending and there is absolutely no sign of a trend reversal at this moment. The bears are extremely strong and I don't see any hope for a greater bullish price action. However, we can definitely experience a relief rally back to 21300 USDT and even break the trendline temporarily, where everyone can get caught like a deer in the headlight? On this daily chart, we can spot a descending triangle, and we can go sideways for another month and consolidate in this descending triangle. I would not be surprised at all if this happens. After the price breaks the triangle, I expect 12500 USDT as a potential reversal point. I think this crash will be very fast and will be followed by a huge bullish candle, so you want to set your limit orders to catch this upcoming flash crash. November and December can be very bullish months for Bitcoin, so you don't want to miss it at all cost. The good news is that the stock market and gold are already crashing while Bitcoin is relatively strong, to my surprise. On the 4h chart, Ethereum also shows a sign of a temporary relief uptrend, as does XRP and other altcoins. For more analysis, hit "Like" and "Follow"!
Short
by UnknownUnicorn2537518
58