ETH/USD - Ascending Triangle and a Double TopETH/USD is in an Ascending Triangle Pattern. We also have what could be a Double Top as well.
Ascending Triangle Pattern = Potentially Bullish
Double Top = Potentially Bearish
Here is a closer look at this 1day chart. Note the Liquidity Void being filled up at the moment.
Here is a closer look at the RSI. Momentum is downwards at the moment but note the over extension of the RSI on the attached Bollinger Bands.
There could be interesting times ahead.
Double Top
I'm going to start shorting thisThe double top broke down the uptrend line and now the pair is testing the broken support zone. It has heavy resistance above, the trendline and broken neck of the double top. Give it a wide SL, it may try to test both, I'll add at every attempt to break up. I don't think is coming back before touching the support blue line.
GBPUSD → Weak fundamental background will weaken the poundFX:GBPUSD is set for further declines as the TVC:DXY will continue its strength on the back of Friday's NFP, which will weaken the pound sterling.
On d1 we see consolidation and retests of key liquidity areas. Since the opening of the session the market has been testing local areas and the pound is forming a small correction, most likely from the nearest resistance the decline may continue. On H4, the double top is forming a false break of the channel resistance and we understand the approximate resistance area. The bears are concentrated in the range of 1.2600 - 1.2700. On a weak negative backdrop, the pound may test the zones of interest and liquidity below 1.250 in the medium term. Within the range trading inside the ascending price channel, the emerging correction may lead us to trend support.
Resistance levels: 1.257, 1.2600, 1.2615, MA-50
Support levels: 1.250, 1.245, 1.2386
I expect the end of the correction at the nearest resistance with the subsequent price drop to these areas on the background of weak fundamental background.
Regards R. Linda!
NZDCADIs NZDCAD exhausting at highs?
As the price is been on high bull run but now it seems like price is lacking bullish momentum after printing double top pattern at resistance level and bearish divergence( on lower time frame) suggesting the sell pressure is about to start.
If the bears took control , the 1st target could be 0.88600 What you guys think of it?
Profitable Moves, Stop Loss Placement, and Shorting OpportunitieReady to embark on the hunt for the next trading ventures?
AUDCAD offers an array of possibilities to satisfy that desire.
For those eyeing buying opportunities, the 4-hourly chart displays a potential Double Bottom retest around 0.8922.
Alternatively, a Bullish Shark Pattern might complete around 0.8878, presenting another entry possibility.
On the flip side, for traders seeking shorting opportunities, the 1-hourly chart indicates a potential Double Top Retest completing at 0.8963.
Alternatively, keep an eye out for a Bearish Shark Pattern completing around 0.9006.
What's your strategy for AUDCAD? Share your thoughts or trade plans in the comments below!
Let's explore these potential setups together. 💬📈
GBPUSD: Anticipating Bearish Momentum with Double Top FormationThe GBPUSD currency pair has established a distinctive double top pattern, coupled with a discernible bearish divergence, as observed on the 1-hour timeframe. This confluence of technical indicators suggests a potential forthcoming downward movement. Our strategy involves initiating a trade position when the neckline of the double top formation is breached to the downside.
$SPY $SPX The next 12 months new ATH Then CRASH?AMEX:SPY CBOE:SPX The next 12 months
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It's looking like this rally is set to pullback before one final push higher to the 480 area to create a Double Top
That's 5% higher from current levels plus whatever pullback we get now
Then a CRASH📉 of at least 35% even more for the #NASDAQ
SPY could go higher than 480 but I'm not seeing any institutional positioning above that yet and there is a whole lot stacking up below
There's a lot of talk on here about crashes📉 and melt ups📈 but the bottom line they are all just opinions including mine
Make decisions based on what price is doing and be prepared if things line up as I have laid out
What do you think the market will do in the next 12 months?
SPX and NDX may be getting into Golden Arches TerritoryDouble Top possibility here, expect it to be much more likely to occur if the US Dollar Index TVC:DXY moves back above the red box shown below:
This has been a long-time theory - if DXY moves above the 112-114 highs from a while back, we'll see double tops across many markets, crypto and stocks. Stocks may be the first to drop as they're already approaching their recent ATHs.
Should DXY move back down below 98-101, we may instead see new ATHs across markets and a sort of mega-boom before DXY eventually heads back up and leads to market crashes
AUDUSDIs AUDUSD exhausting at highs?
As the price is been on high bull run but now it seems like price is lacking bullish momentum after printing double top pattern at resistance level and bearish divergence( on lower time frame) suggesting the sell pressure is about to start.
If the bears took control , the 1st target could be 0.88600 What you guys think of it?
BITCOIN TF 1M LOOKS BEAUTIFULMy Point of View about Bitcoin still Same. I looks a Bubbles Condition at TF 1M, I saw a Double Top Pattern Which mean Price can be Drop significantly. Please use a free money for buy a bitcoin or another altcoins. I Believe Bitcoin will Hit 100K$ it just a matter of time. At this moment we must follow the news from US about Inflation. THE FED still Hawkish about USD. Stock, Crypto will be suffering again.
REMEMBER !
" NEVER INVEST MONEY THAT YOU CAN AFFORD TO LOSE "
Thats All For me Cheers :)
LINK/USDT ↘️ Short Trade Setup ↘️Hello Everyone 🙋🏽♂️
RSI +Supply zone + double TOP
🟠 EP 15.804
🔴 SL 17.263
🟢 TP1 14.226 ⚠️( Close 33% of the trade and Set the SL on EP )⚠️
🟢 TP2 12.856⚠️ ( Close 33% of the trade )⚠️
🟢 TP3 11.398 🔥 ( Final result)🔥
We are not responsible of any losses for anyone, our trades are profitable more for long terms and we take losses as everyone,
manage your lot size as well and your SL and TP and my opinion is 0.01 lot for each 500 $.
Don't forget to hit the like bottom and write a comment to support us.
Follow us for more 🙋🏻♂️
Best Regard / EMA Trading .
Disclaimer:
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It's not a financial advise, As everyone we take losses sometime but for long term trading we are profitable traders, so manage your account well with SL and TP and your lot size to keep your account safe and stay in the market
GBP🇬🇧🇺🇸USD - Start of correction from the double top Suggested decline ↓:
The currency pair is forming an ascending channel and a double top
The retest does not help the breakout.
1) Double top, buyer weakness
2) Resistance retest did not reach the high, strong zone
3) Correction after resistance retest
4) Zone of interest at the moment below 1.2603
EURNZD - Bearish Scenario 📉Hello Traders !
Previously, The EURNZD Price Formed a Bearish Double Top Pattern.
Currently, The Price Reached a Support Level
The Support Line is Broken !
So Let's Expect The Bearish Scenario:
If The Price Breaks The Support Level and Closes Below That,
I Will Sell on Retest...
TARGET: 1.72600🎯
GBP/USD - AnalysisAnalyzing the chart provided, it is evident that there was a break of the trendline earlier this month, followed by a reversal of the trend upwards. Currently, there has been a break of the supply zone and the 0.5 Fibonacci level, after which the price is undergoing a retest of the same level. The Moving Average Convergence/Divergence (MACD) divergence before the trendline adds further insight. The expectation is for the price to retest the 0.5 Fibonacci level and move upward to reach 1.3100 before the year 2024.
Reversal for BitcoinThings don't look good for Bitcoin in Daily time frame.
I am waiting for reversal in the next days.
We have multiple bearish signals.
1) Double top
2) Rising wedge
3) Bearish divergence in RSI
4) Trading Volume is dropping
Targeting price :
1st Target: 34000$ (from the rising wedge)
2nd Target : 32000$ (previous Break of structure, so now it's possible support )
3rd Target : 30000$ ( big psychological level)
AAPL Reversal. Time to SHORT Like many other stocks AAPL has been on a sharp rise up since testing its 200 day MA.
After testing the 200 day MA AAPL has broken out of a descending wedge to the upside.
My conservative price target was $196 which was $2 short of its all time high.
Momentum has started to slow and it is looking like AAPL is ready to retest its 200 day.
Negative divergence noted in the RSI as price reached previous target.
Time to close out longs and open shorts.
My next price target is $175 and I am planning on starting a short position using in the money puts.