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Double Top

BTC 1W Double TopBitcoin has formed a double top formation on a 1W time frame, potentially breaking 200D SMA and falling through the gap on VPVR on the right to the first serious support in orders history. The price target is 17450, which means a retest of a 17500 round price resistance. Waves have shown a local top, and the aggression of selling is now below zero. Of course, there is still time for a week to close without a sell signal, but considering how fast the price and BTC dominance are dropping, I felt the need to share a thought. Also, there is a double top on the weekly RSI that is not shown on this chart that you might consider. And keep in mind that 200D SMA is a serious support. If broken, this market-manipulated bull run is over.
Short
by RockinHood
EURJPY, Double Top Bearish Price actionEURJPY has been shaping up for a big sell opportunity as we can see price was rising within an ascending channel which impulsively broke downward forming a bearish correction. Double tops have been confirmed indicating more downside is possible. As we see many different target levels that price could test, it may take weeks for this sell to make its way all down. Take your profits as the market gives you, ensure proper risk management and exit criteria is implemented. Thanks Trade Safe
Short
by ktlfx
1
EURJPY Approaching Support for ReboundThe EURJPY currency pair has reached the end of its upward trend, as shown in the chart. It has faced resistance at several levels and has been unable to create new highs. Momentum indicators also show signs of divergence. However, the price is now approaching an important support area where the upward trend line meets the 50-period moving average on the hourly timeframe and the 61.8% Fibonacci level. I expect the price to respond to these levels and go up to 145 before falling again to break the previous support line and target 143. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
Short
by Candlestick_OB
QQQ Looking super double toppy ish right now - almost text bookSo im looking at a textbook look at a double top pattern and this set up looks to be almost identical - There's going to be a drift higher before the fade really comes in. That may be in the form of a slight green day Thursday into Friday but I would wager that Friday is gonna start a blood bath. Worst case scenario Monday its going to drop off for a nice money maker move. you can play a few options here that give decent time and are reasonably priced and will most likely allow for even better entry before the drop off. Casino Style: exp 2/24 $295 PUT Risky but cheap and might payoff big: exp 2/28 $290 and $295 Reasonable across the board in terms of time and cost -- exp 3/17: $280, $285, $290 3/31: $280 - should provide little worry and good % back on money ALL THAT being said - as soon as the PT of $285/$284 is hit its time to bounce - that's what ill be doing - obviously with some of the longer exp you could hold longer... forextraininggroup.com I tried to put the image on here of the textbook pattern but couldnt figure out how so heres the link
NASDAQ:QQQShort
by arich1282
2
Double-tops Across Markets if DXY eventually turns back upAs other major markets presently indicate similar targets, Nasdaq index also shows a pattern with measured targets pointing towards a same or slightly lower high double-top. I'm seeing this as a possibility across stock and crypto markets in correlation with a long-term bullish US Dollar Currency Index (DXY) that recently experienced a strong correction and may be preparing for another leg up. Pre-requisites This and the other double-top ideas shown below all hinge on DXY not continuing to drop, and also not immediately spiking back up. It would probably need to at least spend 2-3 (or up to 6-9 months) consolidating in the area where it is now (99-105 or so), and then move up. DXY and how it relates First some general thoughts on DXY and how it correlates with stock/crypto markets: Other Potential Double Top Patterns in US Stock and International Crypto Markets SP500 Measured Move towards same or slightly lower or higher high double-top: Dow Jones Index Measured Move towards slightly higher high double-top, likely a new but weak ATH: Bitcoin Measured Move towards same or slightly lower high double-top: DXY Correlation of Peaks vs Troughs in Crypto and Stock Markets DXY Peaks/Troughs Correlation to Total2 Troughs/Peaks: DXY Peaks/Troughs Correlation with SP500 Troughs/Peaks - this chart is older and has since made a new peak/trough for DXY/SPX and is likely headed from current trough to new peak for SP500 (first a double-top prior to suggested recession):
NASDAQ:NDX
by dudebruhwhoa
1
NZD/CHF Double Top Pattern AUDNZD currently has a score of -3, or a Sell rating after adding up all categories. First, let's look at what institutional traders are buying/selling. We can see that theAUD has a long percentage of 31.99%, and we see that the NZD has a long percentage of 55.98%. This category receives a -1, as institutional traders favor the NZD. Taking a look at AUDNZD, we see that retail traders are 70% long, and 30% short. We consider this information most useful when a market is at an extreme reading from retail traders. If the retail crowd is 60% or more positioned to one side, we get a +1 or -1. Currently, theAUDNZD gets a reading of -1 in this category. Remember, if the retail crowd is very long, we will look to short, and vice versa. Taking a look at seasonality, we get a score of +1. What this tells us is that based on historical data, this market tends to rise during this month. Trend reading is based on the daily chart, using the 5, 8, and 21 Exponential Moving Average. The more 'aligned' they are, the stronger the trend up or down. In this case, we have a score of +2. Finally, let's look at fundamentals. GDP growth favors the NZD, inflation favors the NZD, unemployment favors the NZD and interest rates favor the NZD
Short
by Elite_Forex
Double top continued BTC has confirmed the double top pattern since I last posted about it 2 days ago. The ascending triangle structure and H1 200EMA failed to hold. After a nearly 7% drawdown price rebounded off the bullish order block shown before regaining the 200EMA and the weekly 0.75 range quarter. With BTC struggling to top that all important local higher I could see a rangebound environment taking us into next week with no real momentum for either the bulls, nor the bears. For now playing the range would be the highest probability until proven otherwise.
by ProR35