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BTC Inside another Falling Wedge/Bull PennantI know I have been analyzing a bunch of other alts recently, with it being cup and hande season and all...but let's get back to the bread & butter...the btcusd chart. As you can see we have formed another falling wedge(a bullish pattern) which happens to also be a slanted bull pennant. Both are bullish patterns and considering how close they are to the upward curving eve trendline(in pink) I think breaking upward is definitely the path of least resistance. During this falling wedge consolidation we have had to make minor adjustments to the eve trendlines trajectory which has pushed back the day it meets the double bottom's neckline back to May 5th. I see no reason to think we will have any dort of major retracement or bear break in the immediate future because we have still only been forming higher lows and have yet to see a lower low. I expect more bullish action today so we will see what unfolds...of course don't take my word for it make your own educated decisions as this is not financial advice...thanks for reading all the same and best of luck!
BITFINEX:BTCUSDLong
by DrDovetail
2
Zen Cash's handle is another cup and handle. Double C&H?Every cup and handle that's materialized across the alt market the past week or so has had its own distinct nuances in its cup and handle....Zencash's handle actually appears to be another cup and handle. So it is esentially a double cup and handle. This should help it break above the rim line o it's bigger cup and handle with more authorrity than some of the other cup and handles who have poked their price actions head above their rim line and then bounced back under it. One thing I'm noticing in many of these current cup and handle patterns, is that the lowest point of their handle is approximately 1/2 the price point as their projected breakout target...meaning if you could buy in right at that point you'd have solid odds of doubling your investment on a lot of these cup and handles within a very short time. Of course this is simply a hypothetical observation and in no way shape or form meant to be taken as financial advice. You make your own choices there. So good luck and thanks for reading!
Long
by DrDovetail
BTC forms another higher low; double bottom trajectory adjustedI didn't bother shorting this recent minor correction dip because 1. We didn't form a lower low first and foremost and 2. We maintained support at the 4hr 50MA buy/sell line (in orange). I did however have to slightly widen the trajectory of the double bottom Eve trendline(in pink) to make room for that extra red 4hr candle...which has pushed the projected date for when price action should meet the neckline of the double bottom back a few days to May 3rd. So far just a minor road bump, and we are still well on course to validating it. As I said in my previous idea I'm noticing a reoccurring fractal all throughout many altcoins right now that I think may give us a clue of what to expect after we were to trigger the double bottom and hit its upward projection. I wanna make sure before I bother putting a hypothesis like that out there, that I make sure we are out of the bear woods first (which I believe we are) but I will still wait for one o my next couple of upcoming ideas I post to go into more details about my thoughts on this. For now I'm just happy to see the Eve line we've been following all month is still in tact and glad the bulls still hold the reins.
BITFINEX:BTCUSDLong
by DrDovetail
1
btc skimming the wall of the eve bottom forming bullflagBTC is once again pressed itself up against the side wall of the eve bottom with not much room to spare this time doing so by forming a bull flag right along the same price point as the breakout target from the falling wedge we broke out of yesterday. Odds are good within the next 2 candles we will break upward and the projected upward target of this flag will take us just under the projected upward target of the bear flag we also should have broken up out of as long as it was valid(which I think it was but it's just taken its time reaching the target) Right now we have a very strong double reinforced support of both the 4hr t line(in yellow on this 4 hr chart) and the 1 day charts 100MA(not shown here) . big support lines from 2 seperate timeframes converging as double reinforced support...just above that though at the 50% fib extension level (in green) we are currently holding support of the candle body and simply throwing bottomwicks underneath it. I anticipate this will most likely hold support for the current 4hr candle and expect our following 4 hr candle 2 hours from now will be a green one. One other very interesting thing I'm noticing on a fractal nature has got me making a very wild and currently unsubstantiated hypothesis about where the price action will be going after we break the neckline of the double bottom. Stay tuned as I will be getting into that theory. In my next idea and it is indeed a very exciting prospect. Thanks for reading **DISCLAIMER: Not Financial Advice**
BITFINEX:BTCUSDLong
by DrDovetail
2
Bitcoin still has still not formed a lower lowThe dip continues as the price action seems to be forming a bear flag as I had hypothesized 2 ideas ago. I have readjusted the eve trendline to rest at the bottom wick of the most recent low and see that after readjusting the trendline that it is still projected to reach the neckline around May 1st. One thing I need to mention about the pink eve trendline is that the eve trendline, much like the moving average lines, is fluid and can change its currrent trajectory slightly as we go as long as the curve can still connect to the majority of the bottoms wicks we have already passed along the way with no wicks or candlestick bodies dipping below that line. The slight readjistment I have made to fit in the current price action has not effected the projected date of May 1st as the date we reach the neckline. However there is a real possibility since we didn't have as huge of a rebound as I thought we would yet off of this eve line that the trajectory of it is potentially as low as I had projected it to be 2 ideas ago which would be right around $8136. Currently the 4hr 50MA(in orange) is holding support and just below that is the 0% fib line at $8614. If we fell below the 0% fib line and went under $8614 not only would we form a lower low but at that point us falling further to the 8136 mark would be much more likely. Our current resistance level is the 23.60% fib line(in white) at $8886.90 with a range all the way down to the 0%($8614) fib line as support. As long as we don't form a lower low from here upward is the only direction we can go. If we do form a lower low I think $8136 is extremely possible and that also the eve trendline line will have to be readjusted. Unless we get a lower low only buy the dips as long as we haven't gone under the 4hr 50ma(buy/sell line) it's hard to tell which of my last 2 ideas are the more accurate one at this point. The only thing certain in this life is uncertaint.
BITFINEX:BTCUSD
by DrDovetail
7
rising wedge reaches apex at same time dbl bttm reaches neckline P rice action is still stuck inside the 4hr charts rising wedge(in blue) and judging by how strong its top trendline's resistance is, plud the crazy coincidence of where the rising wedges trajectory crosses paths with the eve bottom trendline(in pink)'s trajectory, we have very high probability of being stuck inside this wedge all the way up the double bottom until wedges very apex. At it's apex , we can see is where it crosses paths with the Eve trendline, which coincidentally enough happens to be Eve's apex as well(the neckline of the double bottom). It would make sense that it would wait until the apex of both to finally break...reaching a boiling point with both the bears and the bulls who would both be in a complete fit of hysteria if the price made it to that crossroads before breaking out of the rising wedge. Bears would be in hystrics because a rising wedge typically breaks bearish and is therefore a bearish chart pattern, and bulls would be in hstrics because we had made it all the way up to the neckline of the Eve Double bottom and just about to trigger it. Both bears and bulls would likely be too blinded by FOMO, FUD, and their own biases at that point for the bears to consider the double bottom, or for the bulls to consider the rising wedge and you would likely see a massive bear and bull fight ensue (more intense than we have seen yet) with several bear trap and bull trap fakeouts as a giant candlestick tug of war would begin. W hether we make it to that apex crossroads or not before this rising wedge breaks down. . .one thing I think will happen sooner or later regardless is an inevitable breakdown from the wedge. I side with probability and probability favors a breakdown from big rising wedges....also, the top trendline of the wedge has already proven several times that it is an extremely strong resistance. It would be healthiest for the uptrend if when therising wedge does finally breakdown, that it does so well before the crossroads of the 2 patterns' apexes. O ne good spot I've found where a breakdown could occur is on the 26th of April. You'll notice that I have drawn two dotted breakout trendlines around this time one breaking bullishly upward from the rising wedge(in green), and the other dotted trendlinee(in red) breaking bearishly downward. The reason I think April 26th is the optimal place for a bearish breakdown is because the projected bearish breakout drop target would take the price just down far enough to halt bear momentum on the eve trendline(in pink) which could then act as strong enough support that it rebounds the price action with a bounce so big that it sends it all the way back upward finally breaking above the rising wedge....which then the upward price breakout target would reach the top of the double bottoms neckline. The symmetry with the projected breakout target line is astounding to me that a break up or a break down will send us exactly to an extremely important trendline on the double bottom. They appear to be equidistant with this rising wedge cutting right smack dab through the dead center of them during that date...and chart patterns seem to really crave symmetry at times.. S o for these reason I can see the rising wedge breaking downward by the 26th then bouncing all the way back up and then some...but if that doesn't happen then I anticipate that we may see a breakdown right at the crossroads of the do patterns' apexes which could be disasterous and complete negate the double bottom pattern potentially if it fell too deep. THis means that for the good of the bull market we would prefer the breakdown to happen around the 26th of April if one is gonna happen.
BITFINEX:BTCUSD
by DrDovetail
3
USDJPY potential Double Top ReversalHi guys, today I got entered on a outstanding order I put in on the 16.04 after the Hightest occured. A bit of negative confluence is the chopiness prior to the occurence of the hightest, however the path of least resistance on this pair is to the downside. With overall 5 Confluence factors this is another B type setup. I would've loved some bearish MACD divergence, sadly there is non present at the time of the entry. Entry was as shown on the chart, stop is protected by recent highs and the target is above the next support zone. Happy trading and best wishes
Short
by Schlabberlatz
GBPCAD Long Double Bottom & Weekly DecelerationHi guys, hope you had a nice weekend. At the start of the trading week GBPCAD presents itself with a long opportunity. Price has found a bottom at the weekly Fibonacci level and has closed as a lowtest on friday. We have bearish MACD Divergence and a potential H&S Pattern, however with 5 confluence factors and prime deceleration I will take a position. The stop is protected below recent price action, the target is below the next resistance zone in anticipation of a potential weekly lower high. Happy trading
Long
by Schlabberlatz
Bullish argument on Bitcoin potential double (or more) from 6650Hello and welcome to my chart. First off I apologize for the mess to the right but that's not what we are focused on. Looking into the history books here, you have to go back to April of 2014 we can see a similar weekly stoch RSI bounce where the 2nd bounce's low is 340 and then reach an eventual high of 680. Some would argue that history is repeating itself but if you look at the current Stoch RSI move, it appears to be stronger than 2014 and I would not at all be surprised if it takes us to ATH and beyond. At the very least though I can see an easy double from 6650 if the current major downtrend line is breached around the 8800 to 8900 range. That would put a target of around 13300, based on way more recent history I think we can bump that up to 13500-13600. Still a lot of what ifs but that is what ideas are for and I see some serious power behind this current move. Best trading everyone!
BITFINEX:BTCUSDLong
by thisismatt
Why I think BTC will get HIGH on 4/20So many reasons to be bullish right now. First and foremost, is the current bull flag we have been forming on the 1day chart. 2nd is that the projected trajectory of the eve trendline's ascending curve(in pink) continues to be validated. Third, we still haven't reached the projected breakout target of the descending triangle we broke out of(in purple) and we also haven't yet veered away from that target but are still well on the path and direction of the uptrend to reach that price target. In order to reach that target we must break upward bullishly from the current bull flag. 4th not shown here are the 4hr charts T-line and 50MA both are up inside the current bull flag and both are currently acting as support and just below them we have the eve trend support line and the bottome trendline of the bull flag so lots of support to keep it from breaking down. The one thing the bulls currently ave in their favor is the 1 day 50MA(in orange) is currently blocking the bullish exit on the bull flag. However I think by tomorrow the support lines will all converge closely enough together to create so much support that they will be able to squeeze btc above the 1day 50MA, and shoot it upwards where it's next big challenge will be the 1 day 200MA and just above that the 10,000 psychological resistance. I may take small amounts of profit if we see the 200ma or the 10,000 psych resistance swat the price back down..but if I do it will only be a fractional amount since being above the 4hr 50ma tis long has put us in a buyers market where its wiser to buy dips than try to accumulate more through shorting. If the bullish breakout allows us to close 5 consecutive 1 day candles aboe the 1 day buy/sell line(50MA) then we will be in a serious buyers market and I will likely not do too much shorting while we are above it but rather only buy dips....The last big thing to mention is that we are in a massive descending triangle pattern on the weekly chart. If we break upward from the current bullflag by 4/20 that will give us 2 days before the weekly candle closes which will likely close it above the weekly descending triangle which could send us all the way up to 18,000 eventually. I think if we see a bullish break upward from the 1 day bull flag(which probability favors) it will greatly increase the probability of a break above the weekly descending triangle..and create a bullish domino effect which could give us a bull run for the entire 2nd quarter potentially and even a chance at a new all time high. Of course these are simply my hypothesizations and not meant to be taken as financial advice. I prescribe that you make your own decisions this is simply the path I will be most likely expecting to unfold. Thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
11
13.04 GBPUSD Short [ALREADY CLOSED]Hi guys, forgot to post this setup at the time of entry because it was frickin late. It was a double top setup on GBPUSD on the 13.04. With 5 confluence factors for this trade it is categorized as a B Type setup. Sadly I was closed out the next day for a full loss of 1.00%, nevertheless it was a good setup, losses are just part of the game of trading. I see alot of people, especially on the frontpage, who would never admit to being "wrong" and instead of doing so just find new trendlines, formations or other confluence factors validating their trade idea. There is no successfull trader without a loss, these people are nothing but fakes. I trade on probability. I know that my system works, I dont cling to ideas and I let the market show its cards. I only have to execute my trading strategy as flawlessly as possible and I will (and am) in the green in the long run. Best wishes and happy trading
Short
by Schlabberlatz
Bullish breakout of ascending bear pennant as expectedAs anticxipated the 4hr ascending bull pennant we were in yesterday broke bullishly upward and we are now currently in the middle of forming a new bull flag. The flag is currently using the 1hr t line as its support zone so I'm doing this idea on the 1hr time frame chart, however it is also developing a bullflag on the 4hr currently as well. The 1 hr t line ahs been consistent support for several candles now so that's why I choose to show you support and resistance lines on this chart. If we break under the 1 hr t line and it flips from support to resistance not only are all the support lines listed here potential support but so is the t line and 50mas on the 2,3,and 4hr charts as well. We are overdue for a retracement so that could hapen at an time but the biggest tell tale signs of a retracement will be when you see the price flip the 4hr t line from support to resistance...it will have to get through the support of the 1,2,and 3 hour t lines first to be able to do that though so you should have plenty of warning. If we break upward out of the current bull flag that is forming I think we likely won't see a major retracement util 8400, 8600, or possibly 9300, or 9400. I expect that retracement will not dip below the eve trendline which is currently around 7100 and rising with every new candle that forms. I anticipate the retracement will form a higher low, and then turn around on the upside immediately after to form a higher high. If this happens I am very confident we will see this double bottom pattern validated and willbreak its neck line.. The breakout from the descending wedge on the weekly chart is imminent to and should yield some huge upside in the next week or 2. The near future is looking bright...but we will experience a retracement in the near future. Because of that impending retracement I will leave this idea neutral even though probability favors the current flag also breaking upward...I am HODLing and buying dips..no shorts for now unless I see an obvious retracement. You choose your own path of course as this is not financial advice. Good luck and thanks for reading!
BITFINEX:BTCUSD
by DrDovetail
7
GBPNZD Long, Double Bottom rejecting the 50 EMAHi guys, another day another trade. Quite alot of setups this week so far. Today I'm going to put an entry order on GBPNZD. Price pulled back and formed a double bottom, rejecting the 50 EMA aswell as the 0.618 daily fibonacci retracement level. As of the time of writing this price has'nt closed above the daily 0.5 level yet, if the day should close above it would be the icing on the cake. I will put an order shown as on the screen. My risk per trade is 1% of my account size. Happy trading
Long
by Schlabberlatz
BTC reaching the apex of falling wedge; Adam & Eve still in playA quick update we are reaching a pivotal point as we approach the apex of this falling wedge as well as continuing to follow this potential eve bottom quite precisely. You can see here on the 1 day chart we are currently up outside the falling wedge on the current 1 day candle...like the previous 1day candle, it is finding strong resistance at the t line(in yellow) However this candle has a double reinforced support of both the eve bottoms trendline, and the 23.60% fibonacci retracement line(in red at 6680). This retracement line has served as both very strong support and very strong resistance over the last week or so as the eve bottom has been slowly rounding out and making its turn back upwards, and now that we are above that fib line as well as having it double reinforced with the eve trendline, should prove to provide enough support to keep the price action up out of the falling wedge...which should result in a big bullish volume spike in the coming few days. It could by chance drop back down into the falling wedge and wait until closer to the end of it to breakout which would invalidate and eve bottom but instead likely result in a more traditional standard double bottom considering the falling wedge ends at the exact same pricepoint as february's low....either way we have good odds in favor of one of the 2 double bottoms so I will side with that probability while at the same time of course being prepared for the exact opposite outcome should it occur, where if we dip and stay below 6400 we can trigger a massive head and shoulders that could take us down as far as the 3,000s(less likely in my opinion) If we can find a way to close above the tline on this current candle I'd say we will likely see a big bullish volume spike to confirm the breakout on the follow up candle..for now we shall wait and see.
BITFINEX:BTCUSDLong
by DrDovetail
Adam and Eve Bottoms. History Repeating (long term)Stull hypothetical but with each 1 day candle that passes the eve bottom continues to fill out within the parameters. Here is a zoomed out view of what I think is a fractal repetition from the smaller one that formed back around september 15th of last year...the bullish volume spikes you'll notice from each one are very similar with the one this february being only slightly higher than the one last september...this was the biggest volume spike of the year and once the adam and eve was verified it onyl took about 12 fdays after to reach its projected target height. We can see where it led to afterward...so just imagine the same thing but now on a scale 5-10 times as big. That's the potential I still see unless price action decides to break the higher low pattern its been in and crashes under this...but for now it is sill very much in play
BITFINEX:BTCUSDLong
by DrDovetail
8
BTC breaks downward from ascending channel finds support at fib My stop loss just below the 50ma has been triggered and we have dropped down to find strong support once again at the 23.60% fib retracement line. I anticipate this line will hold and start forming a bear flag most of the day. For now I'm switching to neutral. I will go long if I see a bullish break up from the bear flag which I anticipate will be the outcome...In earlier trading ideas when I was describing what hints to look for if the Adam and Eve bottom is valid I said it would soon likely dropdown to this exact range so so far it is simply going by the parameters of the Adam and Eve double bottom. It is this coupled with all the news of big institutional investors getting into the market that makes me believe we will break upward from this developing bear flag. However if we break down from this bear flag I will most definitely be shorting...however if we continue downward under the current fib support my guess is we wont spend time forming a flag and will instead dip below fairly soon and that if we form a flag the upside is much more likely...therefore I will go short if we close below the fib line and plan on buying back in either at the previous low of 6450 or 6021. I believe currently all we are doing is creating a new higher low....which will allow us to achieve a higher high afterwards just by reaching 7200. Neutral for now though until the next break.
BITFINEX:BTCUSD
by DrDovetail