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Descending Triangle

Kucoin $MANUSDT descending triangle ideaThis is basically a reminder-to-self for tracking my trade setups. Matrix AI Network's coin $MAN against USDT pair is currently sitting on a long-term descending triangle pattern. According to Bulkowski over a third of these patterns break upward. The pattern is clearly visible on higher timeframes, like the daily and 3D charts. The pattern follows a 4x markup and shows descending volume, which confirms the patterns consistency. Even so, it will be important to watch this move play out and upon breakout, retest the upper trendline. On the 4H chart, price action broke up above the Kumo cloud, with Chikou Lagging Span far and up. Parabolic SAR beneath price action, Kumo flipping green and volume increase are all bullish nuances. We can add bullish MACD to all these. On the daily chart price action has closed above the Tenkan yesterday, which is a bullish nuance with MACD flipping to bullish indication too. Price action and volume will need to flip the Kumo to confirm a mid-term bullish trend. www.dropbox.com On the 3D chart, price action is coming near to descending triangle apex in about a week from today, but price action could break out earlier. www.dropbox.com My mid-term target lies around 0.16 but I will secure profit along the way.
Long
by AponSOKS1978
Bitcoin: $ 6,000 this end of the year for a new ATH in 2020One of my last publications was a bearish continuation Descending Triangle, shown in red, whose $ 6,000 target has still not been reached. Target at $ 6000 which is confirmed in my opinion by the appearance in the meantime of a Falling Wedge shown in blue on my graph. But the main information is that the year 2020 seems to me to be the year of a new bullrun for Bitcoin, which would start with the bullish breakout of the current Falling Wedge with target its height: $ 14,000! Then eventually the confirmation of a Cup & Handle, drawn gold color, by fetching again the $ 20K ATH followed by the target of this cup: $ 20k + ($ 20k - $ 3k) = $ 37k by July 2020! All this is of course only a view of the mind that could be summarized as: pessimistic (or neutral = range) for the end of 2019 and very optimistic for 2020! DISCLAIMER: This is not an investment advice. Invest only what you can afford to lose.
COINBASE:BTCUSD
by MaxHodler
1
Quick BTC 1d chart updateBTC has broken out upwards from its Descending Triangle and made a successful re-test as support. BTC is above its Bollinger Bands Upper Band and note that the Upper and Lower Bands are expanding away from each other indicating increased volatility. Note that the Bollinger Bands Middle Band Basis 20 Period SMA is also pointing upwards. Using the Ichimoku Cloud 20,60,120,30 settings: The Ichinoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid-point of the short-term momentum is upwards. The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is upwards. The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum at the moment is upwards. Note that the Ichimoku Cloud Leading Span A (Senkou Span A) is pointing upwards. Also note that upwards momentum has been strong enough to make the Ichimoku Cloud Leading Span B (Senkou Span B) point upwards. This is a VERY GOOD THING as its raises future support levels for this 1d timeframe. Note that BTC is way above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 4 daily candle that i have selected. Note that Volume has increased and note that todays Volume Bar is above its Volume 20 Period Moving Average. The On Balance Volume (OBV) is looking really great with strong upwards momentum and note that the OBV line is above its 9 Period EMA. Note how using a 9 Period EMA on the OBV indicator is very useful. The Moving Average Convergence Divergence (MACD) is looking really good with 6 increasing Green Histograms, note that the MACD Line and the Signal Line are both back above the 0.0 Base Line and back in the Positive Zone. A couple of scenarios to ponder now that BTC is way above its Bollinger Band Upper Band on this 1d chart: 1: BTC may continue walking upwards on the outside of the Upper BB for a few more days before an inevitable retrace back under the Upper BB, consolidate for a bit, and then continue upwards. 2: BTC retraces back to the previous Descending Triangle Trend-line, BTC test it as Support and then continues upwards. 3: BTC Drops to either its Ichimoku Cloud Conversion Line (Tenkan Sen), Ichimoku Cloud Base Line (Kijun Sen) or to the Bollinger Bands Middle Band Basis as its lowest support. At the moment of typing this, BTC is showing no real sign of stopping yet, but In any case, if there is a retrace, it shouldn’t come as a surprise. I hope this is helpful with your trading and hodl-ing.
BITSTAMP:BTCUSD
by TradingThroughTheLens
2
Squeeze Play Developing Descending triangle pattern developed. This will be a good one to keep on your watchlist. Breakout of either trendline resistance or support, price should head that way. Always watch for fakeouts and look for retests. In the meantime, I'll keep scalping in-between the lines. Good Luck traders. *This is not financial advice, please conduct your own analysis of the pair. I am not a signal service nor provide any such service. Adhere to your own risk tolerance before entering a trade.
by DubbsyFX
$MARPS Descending TriangleMarine Petroleum Trust, together with its subsidiary, Marine Petroleum Corporation, operates as a royalty trust in the United States. As of June 30, 2021, the company had an overriding royalty interest in 55 oil and natural gas leases covering approximately 199,868 gross acres located in the Central and Western areas of the Gulf of Mexico off the coasts of Louisiana and Texas. Marine Petroleum Trust was incorporated in 1956 and is based in Dallas, Texas.
NASDAQ:MARPSLong
by BADQOMOCAWGOWLD
MANA/USDT TRADE UPDATE!Hello everyone, Welcome to this altcoin trade setup. If you didn't follow me yet then hit the follow button now for more latest updates and profitable altcoins setups. Let's get to the chart. MANA currently trading at around $0.8 and it is facing some resistance here. So we may see some retracement from here. It is currently trading inside a descending triangle. When it breaks this triangle then we surely see a new ATH of MANA. Best entry range:- $0.66-$0.76 Target:- 80-120% SL:- $0.55 If you like this idea then hit the like button and also share your views in the comments section. This isn't financial advice. DYOR before investing. Thank you!
Long
by CoreCrypto1
DYDX looks bullishDYDX in descending triangle, 200sma almost hit, we need it above 20sma, could bounce back down from 20sma (blue line) and hit again 200sma (red line) until going up... doesn't have to, but I have seen it too many times... Looks bullish on 1 and 2 hrs. On 4hrs doesn't look bad, can turn bullish soon. Also, this support zone is at 0,382 fib. I would really like to see this RSI trendline broken also... All cards are in for a possible nice move-up... Good luck traders
by PhilosophersStone
Is Bitcoin trading in a Giant Descending Triangle?On the RSI there appears to be a noticeable divergence, there's a series of higher lows forming an ascending triangle. The price is displaying a series of lower highs forming a descending triangle. A bullish divergence or bearish divergence? A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend. Bearish divergences signify potential downtrends when prices rally to a new high while the oscillator refuses to reach a new peak. In this situation, bulls are losing their grip on the market, prices are rising only as a result of inertia, and the bears are ready to take control again. On the KST there has been a bearish cross on a 1-year chart. In this 5-year chart, it appears as though a bearish cross is on the verge of occurring near term on the Williams alligator. It's always possible this pattern plays out as a Giant Bullish Flag, expect to see a re-test of the baseline of support & possibly a fake-out to the downside before breaching the horizontal resistance and re-testing ATH's.
COINBASE:BTCUSD
by ScotianBot
2