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Descending Triangle

ADAUSD Small Descending TriangleImportant things to note: We still have a giant ascending wedge (bearish) We have a small descending triangle (bearish) We have a doji candle yesterday on 1D chart (price reversal) Important Dates to Take Note of: BTC becomes legal tender in El Salvador Sep 7 2021 ADA Alonzo (smart contracts) go live Sep 12 2021 ADA Summit Sep 25-26 2021 So, the bad news first, obviously we have the looming ascending wedge that has been forming. However a break from the wedge could be caught by a test on the 200MA or the main trendline so you will need to set alerts for that. The good thing about that is there will be little pain, but you need to watch those 2 lines because it can always fail the test and fall further (I am looking at around 2.20 if this occurs). There is a small descending triangle forming, you will need to watch for a break below the 2.90 price mark for this. Again, this will likely be the catalyst for the test of the 200MA and Main trendline. We will see what happens. If no patterns break and ADA continues to consolidate you will see a basing pattern that will likely push the price to the 3.16-3.24 target eventually. However, that would likely mark the end of this little journey upwards and the price will likely break soon after. A pullback will be needed eventually and like I always say, it is coming. Like I have said a million times by now, the flattening slope bothers me. I will continue to keep and eye on ADA. Make sure you set your alerts! Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time. Again, I apologize for having less time to post at the moment, but that will change in a couple weeks. I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it. Tell me what you think? This is not financial advice. DYODD.
KRAKEN:ADAUSD
by mysticalwalrus
22
Cardano ADAUSD - Elliott Wave + Rounding Bottom! +1000%- Cardano is currently breaking out to new ALL TIME HIGHS! - On the chart we can spot a Symmetrical triangle - The price is creating higher lows and lower highs. - Also, the price is above the ALL TIME HIGH level from 2018, which is very bullish . - We will experience an acceleration to the upside in a few days! - Profit target is 0.618 FIB extension, which is around 30 USD - 1000%. - Cardano made a huge rounding bottom or cup and handle on the weekly time frame. - For expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio ( RRR ) - please check my signature below ↓ - Due to my Elliott wave count, we are currently at the 5th impulse elliott wave! - If you want to see more of these ideas, hit "Like" & "Follow"!
KRAKEN:ADAUSDLong
by UnknownUnicorn2537518
13
AUDIO descending channelLooks like AUDIO found a local bottom at 2.318, tested it twice and it bounced up from it. there is more room left in this big descending triangle formed some 10 days ago. The descending channel inside of it will be out of space in 2 days, so AUDIO will either break up or lose that support. MACD looks like it's time for some upside movement. If entering long, watch for confirmation like a break from this descending trendline RSI has formed and increased volume. Set alarms because this could take some time. Good luck traders.
by PhilosophersStone
Streamr DATAUSDT - Symmetrical triangle / bull flag +1000%- DATA is currently consolidating in the symmetrical triangle. - After that, explosive move will folow. - Bullish volume is higher and RSI is prepared. - Profit target is 1.618 FIB extension. - For expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio (RRR) - please check my signature below ↓ - If you want to see more of these ideas, hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
17
ADAUSD Fighting to Break Out-RejectedADA has been in a very tight consolidation pattern and refuses to fall to the 2.4 or even 2.5 levels. And now, it looks like that probably will not happen. Well, at least the 2.4 price point likely won't happen. The reason for this is the 1hr 200MA line is creeping up and is at about 2.5 right now. ADA has been pretty good at staying above or riding the 200MA line. It very rarely seeps below it, and when it does, it's not for very long. If by any chance ADA manages to retest the bottom of the descending triangle, it really won't have very much room to fall. There is a ton of volume for support at 2.5 not to mention the 200MA is at 2.5. If it doesn't test and fall, even better. The slope of the upward trend is something that everyone should also take note of. It is not very steep. What that means for day traders is they likely will not have much action pricewise. The steeper the slope the higher the gains and losses in a short amount of time. The wide base slope has far more support and is like to grow, just a bit more slowly. That tells me people are buying this as a long term investment, and not just ADA, all crypto. However, ADA is outperforming most other coins at the moment in terms of gains over time. What is also interesting is the fact that on Monday the market cap for ADA was $93,729,022,478 on Tuesday it was $87,464,149,417 and today it is $88,011,861,282. That tells me there was a large money rotation out of crypto on Tuesday. This was most like due to large asset management firms that transitioned a giant chunk of money back into the stock market after the announcement of the US infrastructure deal coming to fruition. What is interesting to note is that today ADA's market cap is still moving forward. Hence the weird patterning and almost constant consolidation. So what's the point? The bad news is ADA will likely retest the bottom of the descending triangle and the price will likely fall to find support. The good news is, it really cant fall too far. The market cap is increasing, the support volume is large, the 200MA is right below, and people are buying. Interestingly, it looks like they are holding on to it as a future investment. That is great news for ADA. Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow. Tell me what you think? This is not financial advice. DYODD.
KRAKEN:ADAUSDLong
by mysticalwalrus
4
Wait for a buy setup at 1795 with XAUUSDH1 time frame. Structure: Uptrend. The price broke out of the descending triangle pattern and continued to rise. The price broke the 1795 resistance zone, now can wait for the price to a retracement to this zone, retest, and appear the Price Action setup to buy with XAUUSD. The profit target is the old resistance at 1834. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
OANDA:XAUUSDLong
by tradafx
1
UniSwap UNIUSD - Road to 350 USD + 1000% gains!- UniSwap looks very strong on the daily timeframe. - On the chart we can spot an ABCDE triangle, that is currently breaking out! - Due to my Elliott wave count, i am expecting next Impulse wave to the upside, which will be huge! - Next profit target is 1:1 FIB trend-based fib extension. - For expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio ( RRR ) - please check my signature below ↓ - If you want to see more of these ideas, hit "Like" & "Follow"!
COINBASE:UNIUSDLong
by UnknownUnicorn2537518
12
Cardano ADAUSD - Road to 30 USD! Elliott Wave + 1000% gains!- Cardano is currently breaking out to new ALL TIME HIGHS! - On the chart we can spot a Symmetrical triangle - The price is creating higher lows and lower highs. - Also, the price is above the ALL TIME HIGH level from 2018, which is very bullish. - We will experience an acceleration to the upside in a few days! - Profit target is 0.618 FIB extension, which is around 30 USD - 1000%. - Cardano made a huge rounding bottom or cup and handle on the weekly time frame. - For expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio ( RRR ) - please check my signature below ↓ - Due to my Elliott wave count, we are currently at the 5th impulse elliott wave! - If you want to see more of these ideas, hit "Like" & "Follow"!
KRAKEN:ADAUSDLong
by UnknownUnicorn2537518
19
SelfKey KEYUSDT - Triangle formation +1000% Next Wave!- SelfKey (Rank #536) is breaking out of the triangle formation, which is very bullish. - Volume is low for now, but i am expecting bulls to step in. - Bullish volume is higher anyways. - Next profit target is 1:1 fib extension around 0.1 USD, which is 1000%. - For expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio (RRR) - please check my signature below ↓ - If you want to see more of these ideas, hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
11
NZDJPY bearish scenario:In this pair, technical analysis shows a technical figure Descending Triangle. The Descending Triangle has broken through the support line on 20/08/2021. NZDJPY forming a bearish formation on a daily chart . If the price holds below this level we will have a possible bearish price movement with a forecast for the next 42 days with a target of 73.47. If you decide to enter this position, experts say your stop-loss order should be placed at 77.94. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Short
by legacyFXofficial