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Double Top

Bitcoin Bottom vs Bitcoin TopOn the left you can see the current bitcoin chart on the 12h timeframe, further confirming a bottom with an adam-and-eve chart pattern forming. It occurs after a sharp downtrend. The initial step creates a “V” shape, the Adam part. Then the price surges upwards to a neckline and then makes a round “U” shape which is the eve part. Together it’s an Adam and Eve bottom pattern. As you can see on the right, the bitcoin top created over a weekly time frame, the inverse, an Eve-and-Adam topping pattern. This is a Double Top pattern with the first top stretched by many round candlesticks that look like the letter n. The second top is pointed like an A. I hope you enjoyed my analysis, please like, comment, follow, and share to show your support and encourage me to post my thoughts.
INDEX:BTCUSDLong
by TheTraderAndy
1
WOW RIGHT ONCE AGAINWe have been seeing crazy trading success lately! SPY and the general etf and index market alone have been showing some struggle all day long. Today just market a huge double top on every time frame under the daily. This is crazy! This is confirmed by an ascending wedge pattern that looks beautiful on the hourly and 30-minute chart. If this isn't a double top, then this is a cup and handle. Half the base to the handle is 8.25 up from the peak putting our estimates at 381.87 a previous support. GOOD LUCK BYE BYE MARKET>
AMEX:SPYShort
by haydencrann
7/7/2022 In Review; Mistakes Made, Double Tops, and Bear TrapsJust reviewing today. I'll post a better analysis tomorrow morning when I see what the market does overnight. That being said, I mention how I slightly deviated from my risk management plan and stuck out a trade late in the day today (short 3893) past what I normally would. It appears I'll be able to remedy the mistake or at least correct it for a small loss instead of a larger one, but I can absolutely say that was uncharacteristic of me and I feel like I traded today in some fashion like I did when I started trading years ago. However, it is always a good reminder when you get frustrated or start trading off of "feelings" and not your trading strategy, that you should walk away. I then explain how the consistent fluctuation of the longer timeframe trends is abnormal, and that I reviewed when the last time I'd had the 4-Hour and 6-Hour trends reverse this often. The answer is a VERY classic double top that occurred during the first half of February. Of the 16 6-Hour Trend signals I've gotten all year, 3 of them have been in the past few days. Likewise, there has only been 22 4-Hour Trend Indicators in the entire year, and 3 of those have also been in the last few days. Lastly I show have you can use indicators, such as RSI or MFI, to spot Bear Traps by seeing Bearish Divergence, if you're interested. It shows how you can get faked out by an uptrend that might actually be a bear trap that will send you lower. Extremely low volume, classic bearish market patterns, price rally with overall bad economic news... My sentiment, you guessed it, continues to be bearish.
CME_MINI:ES1!Short
by SemperTrader
Basic Attention BATUSDT - ABC completed! + Falling wedge!- On the daily chart, we can spot a falling wedge and the price is currently above the wedge. - Due to my Elliott Wave analysis, the ABC correction should be completed and we are ready for a new bull market! - You can buy a breakout above the black tripple top resistance line. - If we look at the volume indicator - we can see a huge bullish volume spike, which is definitely a great sign. - Profit target: 0.618 FIB + Previous triangle POC. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more content, please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
1
Lets Go Short – Double Top On The UK100Hi Traders, Today we are on the UK100 In the 4-hour time frame, we see a nice double top. My entry was the deepest point of the neckline. I waited for the price to retrace to the deepest point at the top of the resistance of the neckline. My short position opened then. I had confluence from the divergence across the MACD as well as the large bearish volume that occurred during the impulsive break of the neckline. My target is previous support which gives me a Risk/Reward of 1/2 Have a good Tuesday! The Vortex Trader
CAPITALCOM:UK100Short
by TheVortexTrader
Keep3rV1 KP3RUSDT - Huge breakout! Falling wedge + Elliott Wave- On the daily chart we can see a nice falling wedge / descending triangle, which is very close to a bullish breakout! - We have a local double top above the wedge and we can definitely buy a breakout above this level for a confirmation trade. - 0.618 FIB + End of the Wave 1 + End of the Wave 4 is the next resistance, so you can setup your profit target here. - If we take a look at the volume indicator - there is a strong bullish volume and that is always good to see. - As per my Elliott wave analysis - Impulse Elliott Wave has been completed succesfully and now I am expecting at least an ABC correction. - See my ideas about Bitcoin and Ethereum in the related section down below ↓ - For more content, please hit "Like" & "Follow"!
KLong
by UnknownUnicorn2537518
3
Double Top Morning "Counteryeet" (Day Trading/Higher Timeframe)This details my newly coined setup The Counteryeet :D This morning my community and I were trading CME_MINI:ES1! futures on the 1 minute timeframe in line with the context of the broader higher timeframe price action. For context, right now on the Daily the stock market is in a bearish trend. Price pulled back to an Ichimoku Kijun Sen which represents the 50% Retracement from the June downward move. The failure to close above this key Resistance suggests in itself that the bear trend is not yet broken: The opening price action within the first 30 minutes gave us a "Yeet" up to the overnight 4:00am high on the 30 minute timeframe which sets up the potential double top: The 1 minute timeframe Yeet stalled out and could not confirm a second bar closing above the key 30 minute level. This was the first bearish sign. Confirmation that the major high is holding comes with the 9:41 bar closing below the Tenkan Sen (TS/Red Line/Trigger line) showing signs of a failed breakout: One could have played the initial pullback to the Trigger Line for entry but I waited for one more sign of confirmation in the form of a closing bar below the Reaction Low: The entry is then made on the pullback to the Trigger Line. A stop should comfortable clear the Major High and the target for a proper 3 to 1 Reward/Risk Ratio takes price down to where the morning began: With patience the Major High was never breached and price reached the initial trade target: The beauty of this trade is that it sets up a very LOW RISK entry to play the Higher Timeframe 30 minute Double Top as well as the Daily Trend Pullback. Keeping the initial stop and allowing the winner to run could yield a 15 to 1 ratio down to the 50% Retracement of the 30 minute bullish trend: This could even go further to retest the low on the Daily: Join me on links below to hang out as we do these live!
CME_MINI:ES1!Short
by norok
4
BITCOIN Bull Market Start!?Good Evening Everyone! 😃 I hope you are all having an amazing Sunday! Not much to add here, it's all in the charts: on top you can see a potential double top forming on the weekly DXY chart (top) and the yellow lines indicate that Bitcoin (bottom) went on rallies that took the price to new All Time Highs when the USD went bear. I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise. As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏 Happy Trading ✌♥📈
TVC:DXY
by BitcoinEasyIO