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Descending Triangle

BTC descending triangle on 15minLooking into the formations and movement at the top of the range for BTC there is a definite horizontal bottom formed and a descending trend line moving lower. Still within the trading range set by the last move up so although this is beginning to compress there's no clear direction yet. Descending triangle patterns tend to break down though and the low volume currently would indicate weakness in the market. But hey its a Sunday so maybe everyone is out.
Short
by redfez
Bitcoin Technical Analysis When Bitcoin price was getting closer to the major resistance area (39500 - 41K) we already warned you 3 times that sell-off pressure could spike which can cause further price dump. Soon after our warning, BTC started to dump and fall in price, it has first broken out from the Bearish Flag pattern it created on the daily timeframe and moved downward toward the first local support area (37500), we already warned you that BTC created another Bearish Pattern (namely Bearish Rising Wedge on lower time frame) and will eventually dump even further. Soon after our second warning, BTC started to break downward from that Bearish Rising Wedge after creating a fake breakout pattern which we knew already that would most probably that will be a fakeout as we plotted on the chart), and then BTC price broken and fell below 37500 (the local support line) and moved toward the next support (36800). At this point BTC faced some buying pressure and demand. It also created a descending triangle pattern (although some might see it as a symmetrical triangle, but as you can see the buying pressure were decreasing with time until it created a descending triangle as we plotted on the chart). Since this descending triangle has a 50% chance to push the price even further down, as you can notice, we placed a question mark on the Fake Breakout text label, as we are not sure which side (bulls or bears, buyer or sellers) can win the battle and also plotted the volume profile on the triangle to indicate the buying or selling volume will determine the next Bitcoin price movement from hereon. And, we need to watch and monitor the bold green line (indicating the local support line at around 36800) to see whether bulls can defend that support line to protect BTC from further damp down the line. We hope this technical analysis can help you see the picture and understand the current situation better. Kind Regards Dr. Bestoon Jaff Chief Technical Officer (CTO) Blockchain Center Sulaimaniah city
by jaffcoins
BINANCE COIN EASY + PROFITABLE SETUP.So, what you all actually see is a Descending Triangle Pattern formed in Binance Coin. A descending triangle is a part of the 3 famous triangle patterns, namely:- Ascending, Descending, Symmetrical. All these patterns are some way or another part of Price Action Trading. In this case the upper trend line indicates lower highs and the bottom line indicates equal lows(~). And eventually, price breaks the pattern and a Bearish Breakdown occurs.(Keeping in mind that the break may vary in the other two patterns). After the price took a little support, it went back up and retested the previous support which is generally when most of the traders prefer to enter and make a position, as it's the safest entry possible in the given circumstances. With that being said... Happy Trading !!!
BINANCE:BNBUSDShort
by Fobstar
Dogecoin Long (Daily Chart Pattern)Daily Chart Descending Triangle Pattern: -First Breakout was on Jan 10th -Retest of support line was successful -> (Jan 22nd- Jan 25th) Multiple levels of resistance must be broken, First Major Area of Resistance: - Between $0.198 and $0.275 Next Major Area of Resistance: - Between $0.35 and $0.43 Strong Support Area (as of Jan 26): - Between $0.095 and $0.16 Price Target #1: around $0.55 Price Target #2: Between $0.69 and $0.80 Previous All Time High: $0.74
Long
by NicoDaCheeko
Albemarle (ALB) Is Currently At 205; Wait For Retracement At 215Last week I suggested shorting Albemarle (ALB) if it pushed through the many levels of support and closed below 215 in price. Technical analysis in the form of chart patterns like descending triangles, double tops, multiple downward spikes, an increase in volume on the uptrend, and the Fibonacci retracement along with a close below a long-term upward trendline suggested that it was poised to fall. We couldn’t for sure confirm that it was in a downtrend because it had not yet been established with the 1-2-3 method. There was also a large head and shoulders pattern that was not confirmed. However, closing at 211 (price) on the 24th of January confirmed this pattern. Your profits would have been massive if you had jumped in short 215 as I suggested and placed a tight stop just above one of my resistance levels (between 216 and 219). A bailout when the price reached its floor of 196, anything between 4.5 and a 9 to 1. Take into consideration that all the confluence pointed to a massive drop, and in these situations, I like to keep my stop-loss tight to maximize profit-taking. It is risky, and there is a chance you may get stopped out, but that occurs with every trade. I was spot on in this scenario, and a 9 to 1 win is a pretty sweet deal. Now, if you missed the trade and are kicking yourself (and you should be), don’t worry because the retracement is in progress. Using the Fibonacci retracement again, we can see that the 38% level is at 215, exactly right up against all those resistance (former support levels) levels. It is highly unlikely that Albemarle (ALB) is going to recover from this price drop in the next couple of days. We can now be on the lookout for a symmetrical triangle (created by the new low at 196) and a possible channel establishing the downtrend further. If you are brave enough, you can put in a limit at 215 and place your stop-loss at 216. If prices drops to 196, your profits will be 19 to 1. Remember that besides having all the resistance at 215, 215 is a round number where many traders are possibly holding their position. This means that price will most likely find it difficult to move higher. This also means that the price may not hit 215 because of the number of traders who have shorted there, so it's better to get in at 214. A healthier (and smarter) trade would be to put your limit in at the Fibonacci retracement level of 38% (price 215) and put your stop-loss above the 50% Fibonacci level (price 221). This will give you ample stoppage room and space for the trade to breathe when it attempts to retrace to its highs. This will prove difficult because of all the resistance in its way, though. Take into consideration that price may push to the Fibonacci 50% or 62% levels because of the channel forming before the drop continues.
CAPITALCOM:ALBShort
by DevlonJarrodHorne
Cardano ADAUSDT - Entered bearish territory + Head and Shoulders- Cardano is not looking good at this moment. - We have the lowest new weekly candle with low at 0.917, which is the lowest value since 22 February 2021. - Head and Shoulders pattern just broke down with strong momentum! - Also the impulse Elliott Wave finished with 5 waves successfuly. - The price is below the main trendline established in March 2020. - Next support is 0.39 USD, which is another drop about 63%.
Short
by UnknownUnicorn2537518
4
Massive Move Incoming for Altcoins!Hello traders, The Bitcoin Dominance has been on a large downtrend for years and is looking like it will continue. It is currently in a descending pattern (Lower highs and equal lows.) The current dominance comfortably sits at 39.83%, while the target out of this downtrend is 29-30%. This may look bearish for Bitcoin but this may be a sign that Altcoins may surge! 9% loss in Bitcoin Dominance is $180B USD. More currently we have received a weekly close below the important support level, unfortunately, this reveals BTC may go lower possibly dragging down other coins. One last thing, the MACD of the Weekly BTC.D is foreshadowing a divergence to the bearish side. Safe trading, -Pulkanator
CRYPTOCAP:BTC.DShort
by Pulkanatir
Double Sided Play on NIOOn the Daily Chart of NYSE:NIO , we can see that it has been creating lower highs (starting from 11th January 2021 @66.99) and consistent lows in the 31-32.5 region. This is a macro descending triangle formation which indicates a potential bearish trend. However, on the RSI Indicator, we can see that NIO is currently at 30.03, which indicates that it is underbought . Also if we take a look at Nasdaq's Daily Chart NASDAQ:IXIC , we can notice it has been trending upwards in a parallel range and is currently at the bottom support line which indicates upwards movement for the next few weeks. If NYSE:NIO follows the trend of the entire Nasdaq NASDAQ:IXIC market then it can move upwards significantly but on the other hand there is a chance it behaves in accordance to the descending triangle pattern and plummets. If watches carefully NYSE:NIO can be played on both sides profitably, I am currently long on NYSE:NIO on a swing trade with a stop loss at 28 and a take profit of 38+ which might change based on price action.
NYSE:NIO
by Rudraksh99
doge is ready to fly !!!Hello dear friends,in the weekly time frame, a large descending triangle can be seen in the dogecoin chart and i published this chart 25 days ago .Big descending triangle for dogecoin is broken upwards.If the weekly candle above the EMA 21,price growth will accelerate.We have seen bear traps in the last two weeks. Due to the high mobility of whales and increase in trading volume, as well as the acceptance of doge for the sale of Tesla products,the probability of price increase is high.
Long
by payamsalamir