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Descending Triangle

Breakout or Breakdown?LINK is currently within a Falling Wedge (bullish) inside a massive Descending Triangle (bearish)--and both are converging on the same general point. Sellers are exhausted and supportive momentum appears to be building, but the Descending Triangle presents a lot of overhead resistance. My view is that the resistance will continue to suppress the price for 1-2 weeks before we see enough support to breakout. I'm considering averaging into a position here. -------------------------------------------------- These are my personal views and not financial advice. Please do your own research before investing. I'd love to hear your thoughts, ideas and feedback. Feel free to comment and I'll try and get back to you quickly. If you appreciated this analysis, consider Liking or Following. Thanks!
Long
by mercury_rising
SHORT on GBP/CHFMajor Descending Triangle on the Higher timeframes for this pair. I am simply trying to catch the falling momentum coming off the resistance trendline even though the best trade would be to wait until price breaks out of the triangle in whichever direction it decides to break out of. Here is the play I am taking on this trade: PAIR = GBP/CHF ORDER TYPE = SELL STOP (PENDING ORDER) LOT SIZE = Micro lot (0.01) (0.02) ENTRY PRICE = 1.21967 STOP LOSS = 1.23701 - 173 PIPS / $17.30 LOSS TAKE PROFIT = 1.17743 - 422 PIPS / $42.40 GAIN
Short
by TB305
2
BTC failed to breach 48k once againHello everyone, as mentioned in other ideas, I’m just a day trader looking to learn. Im in no ways an expert so please don’t take my ideas as financial advise. Always do your own research. As I suggested in my first post, BTC attempted to breach 48k just before new year, formed a descending triangle and with options expiryng at 00:00 (With the max pain price at 48k) I expected a sharp down turn to the 46k support, which ended up playing out. Then in my second idea, I noticed the 46k support was holding and I expected it to rise facing some resistance at 47k. I noticed it formed another descending triangle, and thought the pair would re-test de 46k but it broke to the upside and re-tested the 48k resistance. Now after re-testing the 48k resistance, BTC is down to 47k and forming a new descending triangle, with the MACD in a bearish position and the RSI turning down. I expect the price to re-test the 46k resistance and, if the 46-45k resistance is broken I expect a sharp drop to at least 42k (A great place to enter a LONG position). Personally Im waiting for the pair to reach lower prices (42k or lower) to enter a LONG position. Again, this is just my view. I would love some feedback. Cheers!
Short
by cryp70g0d
BTC facing resistance at 47kHello everyone, New Year’s update. Following my two previous ideas, BTC attempted to break the 48k resistance but formed a descending triangle. With options expiring at midnight, the maximum pain price being 48k and the formation of a descending triangle, I expected the price to drop to the 46k resistance, which ended up playing out. On my second idea, I noticed an attempt to break the 46k support, with a momentariy breakout. However support held and formed an ascending triangle, which suggested a rise to 47k, which played out. Now the pair is facing resistance at the 47k level, and its forming a new descending triangle, suggesting a continuation of the downtrend from 48k to the 44k-42k strong daily support. Personally I think this would be a good scenario, and a great oportunity to grab some fresh BTC at lower prices. I doubt we can achieve new ATH with this uncertainty and low trading volumes. Im just a day trader sharing my ideas, don’t take them as financial advice. I just want to get some feedback and learn. Cheers!
Short
by cryp70g0d
BTC facing resistance at 46.5k expecting to hit lower levelsHello everyone again, I'f fairly new at, just looking for feedback. As seen in my previous idea, BTC was forming a descending triangle after an attempt to break the 48k resistance. This with the options expiry at 00:00 I expected a breakout to the downside with very high volatility, which ended up happening and the pair quickly dropped to 46k. Now the 46k level acted as support, after a failed breakout to 45.5k that lasted a few minutes. Now the pair is hovering between the 45.5k and 46.5k levels, forming an ascending triangle this time, which can bring it up to 47k where there is more local resistance. However, trading volumes are descending, and after 00:00 (Expiry) I expect the pair to descend further. Personally I'm waiting to enter a long position at the 42k level where strong daily support can be found. Again, Im just looking for some feedback. Do your own research. Cheers!
Short
by cryp70g0d
5
$BNBUSD DESCENDING TRIANGLE, RESISTANCE LINE, ACCUMULATION ZONE$BNBUSD entry PTs 500-514 Target PTs 935-990 and higher DESCENDING TRIANGLE, RESISTANCE LINE, ACCUMULATION ZONE AT LOCAL ZONE AND TRENDLINE Currently price trades in accumulation zone range of PTs 507-515 I think today or tomorrow, price will exit from the accumulation zone and break the resistance line of the descending triangle juncture $BNBUSD will continue to show solid uptrend Target is PTs 935-990 and higher per $BNBUSD
BINANCE:BNBUSDLong
by BADQOMOCAWGOWLD
2
TSLA Descending Triangle Break Weekly Options PlayDescription This idea originates from a different idea in which I interpreted the chart as a Symmetrical Triangle. I believe this interpretation was incorrect due to the consideration I put on the beginning of the gap up into the pattern. The opening price of the first candle following the gap is a technically irrelevant fact, unlike the support found after TSLA falls from the high, in this case the ATH, where it bounced three additional times, each time producing a lower high (a Descending Triangle). The Descending Triangle is bearish in purport, displaying a lower demand zone, and a descending liquidation zone, representing a growing overhead supply vs a stationary demand zone, until the sellers become stronger than the buyers (or buyers reverse), overtaking the lower boundary. Historically speaking, it is common for the lower boundary of the preceding pattern to become a new resistance, where once-buyers will be happy to liquidate, having been "made whole". The price target implied by the pattern is between 320 and 670 or less than 670. As a take from contrarian traders, such as Brent Donnelly, there is an application of the Magazine Cover Bias today, as TSLA CEO, Elon Musk, has been chosen as "Person of the Year" in time magazine. This is very reminiscent of 99', when AMZN CEO, Jeff Bezos, was chosen as "Person of the Year", shortly before the beginning of AMZN's two-year bear market. (Related idea linked) Using long puts to maintain a positive vega ahead of FOMC this week. Long Put Levels on Chart SL > 1000 PT : 700 *Stops based off underlying stock price, not mark to market loss The Trade BUY 12/31 850P R/R & Breakevens vary on fill. The price target set with the idea is higher than the pattern implied price target due to the expiration of the position. This position is updated in the linked Related Idea, where there is a better explanation of alternate short strategies. Manage Risk Only invest what you are willing to lose
NASDAQ:TSLAShort
by BarnardR
ADA's situation and Expected MovementsHello every one Cardano / US Dollar ADA is in a Descending Triangle right now The Price can be Exactly like ETH .If In Short Term a Bullish Break out Happens, we can Expect a Great Bullish Movement From It! It Has Touched The Support (1.20$) and The Resistance line Multiple Times! So They are Reliable For Now! If It Is gonna Be bearish, We Shall See ADA under 1$ But If The Bullish Break out Happens, We can Expect it To Reach around 1.5$. Summary: -ADA is in a Descending Triangle -Support is around 1,20$ -If Bearish Break out Happens, It's Going Under 1$ -We can Expect it to Reach 1.5$ as well 🔴This is only an idea and not a financial advise ( NFA )🔴 💎Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad. Thank you for seeing idea . Have a nice day and Good luck
by CobraVanguard
30
BTCUSDT Broke Descending TriandleBTC is trying to enter inside the falling wedge pattern. If enters successfully, it will consolidate inside the falling wedge. I will keep things updated as the market move. DISCLAIMER: NOT A FINANCIAL ADVICE I am not a Financial Advisor and this is not financial advice. The Information provided, is for educational, informational, and entertainment purposes only, without any express or implied warranty of any kind. RISK STATEMENT: Trading of Bitcoins, alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice. I do not accept any liability for your profit or loss.
by leoncrypt0
ADAUSD Pushed Out of Channel Important things to note: BTC has reached oversold levels on the 1D, RSI making its way up. BTC looks to have formed a diamond bottom, this can break and just be continuation of falling wedge. BTC liquidations tomorrow. ALTS are on sale. Everything is oversold, or near oversold and in bullish patterns. Some alts have already broken out, others close, some still hit my target despite pullback (ILVUSDT). ADA has found a strong support that seems to keep the buying going. This has created a descending triangle which can be a reversal pattern. FOMC meeting is behind us with news already priced into market. There should still be end of the year harvesting going on so there still might be sell pressure. Holidays are upon us, which means very low trading volume, which means price can easily be pushed. Best case scenario BTC makes its way up to 53 before the holidays, so sentiment is bullish during low vol. Medium case scenario, we go sideways, range bound throughout the holidays. Worst case scenario, we retest 42 going into the holidays. Important dates to note: Evergrande payments (largest payment of 2.1B due March 23, 2022). Hey everybody! I have used this opportunity to rebalance my portfolio because I have been doing quite a bit of buying. I am at about 20% cash right now just in case. I have entered assets that I missed previously and doubling down on assets that I hold which at now at an extreme discount. This has been very generous to the alt market. You should be very happy about this, unless you just prefer buying tops I suppose. So BTC has reached oversold RSI levels on the 1D and is coming back from the bearish divergence which pushed it down. The BTC price has formed a falling wedge, however I can see it becoming a diamond bottom, either way that looks pretty good. Options liquidations are tomorrow so prepare for volatility. Almost all alts are on sale right now (except MATIC LOL). The RSI is frequently oversold and this has created a great buying and rebalancing opportunity for me. Almost all alts are showing bullish patterns (frequently falling wedges). ADA has found a lot of buying demand in blue area on the chart. This has pushed the price out of the channel and created a descending triangle (it may get stretched forward a bit). This may seem like a bad thing, but descending triangles can also be an indication of a reversal (which is what I believe will occur). However, this is up to BTC. The fact there was not much upward retracement leads me to believe there will be a push upwards soon. This demand zone and the bottoming of the 1D RSI is the first indication of that. This has been the case with a lot of altcoins and we have seen some bounces already (SOL, AVAX, etc). We will need to get past the main green trendline to be in "bullish nothing to worry about" territory again. This won't happen overnight. Thanks again everyone! So, tell me what you think! This is not financial advice. Do your own due diligence.
Long
by mysticalwalrus
16
Chart Patterns | Triangles & ChannelsChart Patterns | Triangles & Channels 1- Ascending Triangle :- An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows. 2- Descending Triangle :- In descending triangle chart pattern, there is a string of lower highs that forms the upper line. The lower line is a support level in which the price cannot seem to break. 3- Symmetrical Triangle :- A symmetrical triangle is a chart formation where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle. 4- Parallel Channel :- A Parallel Channel is a chart pattern formed when the price is bounded by parallel support and resistance levels. 5- Ascending Channel :- An ascending channel is a chart pattern formed from two upward trend lines drawn above and below a price representing resistance and support levels. 6- Descending Channel :- A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. Please like the idea for Support & Subscribe for More ideas like this and share your ideas and charts in Comments Section..!! Thanks for Your Love & Support..!!
BITSTAMP:BTCUSDEducation
by Faibik
4
BTC Descending TriangleBTC forming a classic Descending Triangle formation. Typically 5 touches of support/resistance (combined) would be considered confirmation of the pattern, we're currently sitting at 7/8 touches (depending on your view), for a fully formed pattern of lower lows and a support line that is holding so far. This is generally considered a continuation pattern, where we would expect that as the lower lows continue and we keep testing the support line, eventually it would break and continue lower. However, as is the nature of Bitcoin, a bullish surge is always a possibility and a bullish break of this pattern can be a catalyst for a significant move to the upside. A break above the dashed green line would represent a new high in the pattern and a bullish break, I would look to go long if we break this point with momentum. Conversely, a break below the dashed red line would be the more expected outcome, leading to a continuation of downward trend. Please like, follow and share your opinion below.
BINANCE:BTCUSD.P
by HayeTrading