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Descendingwedgepattern

SOLUSD hitting major resistance. Time to sell here?Guys, I sold Solana at $125. Reason? After breaking to the upside of it's descending wedge, Solana has now hit both it's target from measurement of wedge exit but also, a big level of resistance which I have mapped at $125. To me, this is a clear signal that at least some profits should be taken. I have chosen to take all my profits from entry of $79 and re-allocate those funds elsewhere. I will post another trade alert to my paid subscribers soon. Congrats to all who were in this trade with me! - Stew
COINBASE:SOLUSD
by stewdamus
10
Shorting inside the descending wedgeCOINBASE looks bullish to me because of the descending wedge forming at the D and W and I will eventually trade the breakout to the long side. I believe that we sill have some more ups and down prior of this break out if it actually happens of course. Right now, we are at a point were is crucial, it could go down before it breaks the descending wedge and that's when I am going in for the short... then eventually get in the long once it breaks the descending wedge to the upside. still waiting for confirmation..
NASDAQ:COIN
by gsotolongo
BTC key Fibonacci level, bounce or break?Recently Bitcoin broke out of a descending wedge (yellow dotted lines) to show a potential sign into a reversal uptrend. However, Bitcoin looks to be approaching some key resistance dancing around $43-45K. The current price is right around the 61.8% Fibonacci level from the drop back in May/June, but this also is the 38.2% Fibonacci level from the drop back in March 2020. There still is some promise that the price can break through the resistance here and head either upward or sideways, however, there are a few negative signs around the corner. First off, one can see a potential pattern of a bearish Head & Shoulders pattern that formed over the past few months and the current price action is nothing more than a retreat back to the neckline. Furthermore, the current price is prime to start a continuation of a downward trend into a descending channel (as shown by the dashed blue line with the bottom being the bottom of the wedge's yellow dotted line). This looks to potentially be supported by bearish hidden continuation divergence as found on both RSI and MACD (as seen by the blue dashed lines on the oscillators), however, I must note that MACD has crossed positively on the daily chart, which is an indication of a potential bullish trend forming. Either way, it looks like this is one of the key points for which direction the price may go in the next few months. If the price breaks above 45K and continues to head upward, then it might signal the next beginning of another bullish run (with potential sideways action until the bull run takes over). If however Bitcoin is rejected at the current prices, there are a few key points that I see to watch out: One is a rejection down to the top of the descending wedge to near 32-34K once again over the next week. Another key is a short term continuation into the bottom of the "newly forming descending channel" which could lead to a precipitous drop to near 27-28K (another key Fibonacci level) over the next weeks. Lastly, there is a possibility of a continuation downward, then sideways, then further down in the descending channel over the next few months to the next Fibonacci level to near 17-20K! It looks like there is no "sure deal" for which way prices may head, but at the very least at least the trend may be more solidified shortly over the next few days. And as always, this is in no way meant as financial advice and is solely my opinion, but please like or comment if you agree or see anything further/differently.
COINBASE:BTCUSD
by crypto_trends
#BETA, Enter now for a potential +61% profit?A quick look at Beta (#BETAUSDT, 1D, Binance): According to CoinMarketCap, "Beta Finance is a permissionless money market on Ethereum for borrowing, lending and shorting crypto assets." The price has been trading in a descending wedge since its launch but may have found a support at the current level. Main Points If the support level holds, price may trade within a very profitable range. However, further drops cannot be crossed out considering the upcoming 2.5% increase in token circulation expected in February, according to Beta Finance's release schedule. Strategy TP1: $0.63 TP2: $0.768 SL: n/a(*) Additional Reading If you want to read more about Beta Finance on CoinMarketCap, click here . What do you think? Any constructive feedback and positive vibes to improve my analysis are welcome. But if you enjoy my chart, please like, comment or follow me. :) Thank you and Happy trading! (*) I do not use Stop-Loss for the simply because that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash. ------------------------------------------------------ Some of my charts represent actual trades, and some are just paper trading. Check them out! Needless to say, this is not financial advice!
by BitfulMind
11
BULLISH DESCENDING WEDGE PATTERN NEAR COMPLETION?In a broadening wedge a descending megaphone pattern is characterized by five reversals, up-down-up-down-up, each swing is wider but price is constrained within the wedge pattern, without break below lower TL. The finishing move is a crushing bearish move to the lower TL. Price came down to 200 DMA. Will it hold? Wayyy Oversold! The pattern is a bullish reversal continuation, and implies further price advance by measured move equal to the extent of decline, added to the upper TL at breakout point. Went off -230, add +230 to breakout price, estimating upper TL at 4610, yields target price 4840 in December. Amazing things been happening here, remember, just over a month ago price was 4300! Heeeere we goooo agaaaain!! This is definitely not advice, invest and trade at your own risk, >DYODD< GLTA!! TEXT REFERENCE WITH DIAGRAMS: www.centralcharts.com Image for price projection: www.centralcharts.com
TVC:SPXLong
by DaddySawbucks
8
XAU/USD Descending wedgeIf upper grey trend line breaks cleanly we should see a strong jump up into at-least the mid 1800's/1900 encouraging long entries , However please pay close attention to any rejection that forms as if we reject that same grey line we may retest the lower white line meaning 1700 is very likely along with the very strong support of 1687. I myself scalp therefore it does not matter personally which direction it goes in however still helps to know which general direction the wind is blowing. For short/medium term traders this chart analysis may be a-lot more useful. As we all know, nothing is guaranteed in trading so this is just some food for thought, be sure to always do your own research! Because i trade entries on a 30m time frame it wouldn't make such sense to upload to TV as the set up would have more than likely passed however for free mentoring please don't hesitate to drop me a comment for my TG.
FX:XAUUSD
by Yushghost
5
$SPOT TALooking at $SPOT we can see a descending wedge. A bullish pattern however we are just needing to confirm a breakout of trend. With the $AAPL news may be the catalyst it needs. In my personal opinion based off of RSI and TTM squeeze, I believe we will see a cool off of buyers before jumping into another run. All of this will be determined by $SPY. I believe we will see $SPY red/chop until Tuesday(9/14/21) before reversing off of daily trend respecting the ascending wedge. If $SPY runs red and we see a daily close on $SPOT below 245.50 I will play shorts, however, if we see green on $SPY and a hold above 245.50 we see green. A break and hold of 245.50 would be an early entrance a safer entrance for longs would be a break and hold of 255.50. Would love to hear your opinion on this TA!
NYSE:SPOT
by edinferkic