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Double Top or Bottom

AUDUSD: Bearish Outlook For Next Week 🇦🇺🇺🇸 AUDUSD broke and closed below a key daily structure support. After its violation, the pair started to recover steadily within a rising wedge pattern. Retesting the broken structure, the price formed a double top pattern. After that, the market violated both the neckline of a double top and a trend line of a rising wedge, giving us a strong bearish confirmation. We can expect a bearish movement on Monday. Goals: 0.6537 / 0.652 ❤️Please, support my work with like, thank you!❤️
Short
by VasilyTrader
2
BTC → a little bit correction!hello guys. let's start to analyze Bitcoin! Double Top Formation: The chart clearly indicates a double-top pattern, which is a bearish reversal pattern. This suggests that the price might face downward pressure in the short term. Support and Resistance Levels: Resistance: The price faced resistance around the 68,000 USDT mark and failed to break through, forming the double top. Support: The purple-shaded areas around 65,000 USDT and 64,500 USDT mark potential support levels where the price might find some buying interest. Breakout and Retest: The price has broken below the neckline of the double top pattern and is currently retesting this level. A further decline towards the lower support levels is likely if the retest confirms the resistance. Trend Lines: An upward trend line has been broken, indicating a shift from bullish to bearish sentiment in the short term. Potential Scenarios: Bearish Scenario: If the price fails to reclaim the neckline and the support at 65,000 USDT doesn't hold, it could drop further to the next support around 64,500 USDT. Bullish Scenario: If the price manages to break back above the neckline and sustain the momentum, it might retest the recent highs of around 68,000 USDt. ___________________________ ✓✓✓ always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Short
by melikatrader94
32
Gold Just Left me behind... AGAIN! Here's How you can Avoid This1. Daily Trendline Description: The yellow trendline running across the chart represents the overall upward trend on the daily timeframe. It shows that despite the recent fluctuations, the long-term trend has been bullish. Significance: This trendline serves as a dynamic support level. Traders often look for price action around this trendline to gauge the strength of the ongoing trend. A break below this trendline could signal a potential reversal or a stronger bearish movement. 2. Ascending Channel Larger Ascending Channel: Description: This channel is characterized by two parallel lines (yellow) sloping upwards. The price has been moving within this channel for a considerable period. Significance: The upper boundary acts as resistance, while the lower boundary serves as support. The price breaking below the lower boundary can indicate the end of the bullish trend and the beginning of a bearish trend. Smaller Ascending Channel: Description: A smaller channel within the larger context, indicating a shorter-term upward movement. Significance: The break below this smaller channel, as shown on the chart, signifies a potential reversal or correction within the larger trend. 3. Support/Resistance Description: Horizontal lines marked as support and resistance represent key price levels where the price has historically faced buying or selling pressure. Significance: These levels are crucial for identifying potential entry and exit points. The support level acts as a floor where buying interest is strong enough to prevent the price from falling further. Conversely, the resistance level acts as a ceiling where selling interest prevents the price from rising further. 4. Higher High (HH) and Lower High (LH) HH (Higher High): Description: A peak higher than the previous peak, indicating the continuation of an uptrend. Significance: The formation of a higher high typically signals bullish momentum. However, in this case, the subsequent failure to maintain this level and the formation of a lower high (LH) suggests weakening bullish strength. LH (Lower High): Description: A peak lower than the previous peak, indicating potential trend reversal. Significance: The lower high after a higher high is a bearish signal, suggesting that buyers are losing control and sellers are gaining strength. 5. 15M/5M Bear Flag Entry Description: A bear flag pattern on the 15-minute and 5-minute timeframes is highlighted. This pattern consists of a sharp decline followed by a short consolidation in the form of an upward-sloping channel (flag). Significance: The bear flag is a continuation pattern, indicating that after a brief consolidation, the price is likely to continue its downward movement. The breakout from this flag pattern provides a potential entry point for short positions. 6. Target Profit Levels (TP 1 and Daily LQZ/TP 2) TP 1 (2,347.560): Description: The first target profit level is set at 2,347.560. Significance: This level is likely determined based on historical support levels or a measured move from the recent price action. Traders might look to take partial profits or exit their positions at this level. Daily LQZ/TP 2 (2,265.195): Description: The second target profit level is set at 2,265.195, which aligns with the daily liquidity zone. Significance: This is a more ambitious target, potentially indicating a stronger bearish move. The liquidity zone suggests an area with significant trading volume, which could act as a magnet for the price. Conclusion The chart presents a comprehensive analysis of the XAUUSD (Gold Spot) with multiple technical indicators suggesting a potential bearish outlook. The breakdown from the ascending channels, the formation of a lower high, and the bear flag pattern all point towards a continuation of the downward trend. The identified support and resistance levels, along with the target profit zones, provide clear benchmarks for managing trades.
OANDA:XAUUSDShort
by Adlercon333
Bitcoin new all time highs inboundI had the thought that #BTC has been moving like a slow old dinosaur stock trying to break all time highs so I pulled up a comparison with NYSE:KO The NYSE:KO weekly chart when it broke to new all time highs this year is identical to the #BTC daily chart The exact same price action occurred over a completely different timeline ✅ Initial strong breakout to respective all-time highs ✅ 20%+ pullback and retest of the initial breakout area ✅ 20%+ bounce from the pullback ✅ Multiple lower highs and failure to reach new ATHs ✅ Retest of the 20% pullback ✅ Double bottom confirmation ✅ Tight range consolidation ✅ NYSE:KO all time highs ⏳ COINBASE:BTCUSD Bitcoin all time highs
NYSE:KOLong
by mgargiulo
1
Nas forming double bottom, look for calls*I am in no way a financial advisor and you should always do your own due diligence before placing any trade. Do not trade what you are not comfortable with losing. No trade is guaranteed. Nas looks like it’s approaching support area where it bounced from first time, as price approaches support you can place a buy limit at the start of last move of with stop loss right below pattern of structure or you can wait until price gets on other side of most recent level of resistance being tested and wait for the bounce back off new support before entering. Always use good risk management behavior and only risk what you are comfortable losing.
OANDA:NAS100USDLong
by l2xinvestors
1
DOGECOIN #DOGE Still The ALTCOIN KING And can charge to $1And Can lead the way for the rest of the #ALTS. We have had some nice action by the bulls Already on dode But like much of the altcoins have been dragged back down YET higher lows are in place and we see some symmetry in the price action in a bowling out fashion IT would not surprise me in the least if DOGE were to make a new ATH this cycle. Which doesn't sound like much of a feat ... but as any seasoned crypto speculator knows nearly ALL altcoins essentially dies and fade away. So making new highs every cycle puts DOGE in a elite club of coins.
CRYPTO:DOGEUSDLong
by BallaJi
Is BTC about to rise?Looking at the daily line on the left, we can clearly see that BTC is coming out of a potential double top structure. Then it fell below the neckline around July 4th to 5th. But in the next few days, it turned into a bottom flip and the double top failed. And looking at the perimeter on the right The short-term EMA did not fall below the medium-term EMA At the same time, the trading volume in these two weeks was significantly lower than the trading volume in the previous rise. But it can pull the price up from the panic and short sentiment in the market. So I think this is the main force in the market cleaning up the retail investors who entered the market in the last wave. and allow them to get more chips At the same time you can see there is quite a lot of buying around 59000 Therefore, I think the next trend should be two types 1. After breaking through upward, the pressure goes back to about 70,000 and then continues upward (red arrow) 2. Go down close to the bottom of around 59,000 until the main force absorbs enough chips and then goes up (blue arrow #The cryptocurrency market has high risks, please carefully evaluate operational risks This analysis is a personal comment and does not constitute any investment advice, so please refer to it with caution.
Long
by Jobs_lin
1
Solana Technical Analysis: Will SOL hit new highs?In the past week, BYBIT:SOLUSDT has demonstrated impressive performance, yielding returns of 16.2%. This performance stands out even among the top market-cap giants. The market sentiment towards Solana and its associated tokens, including SOL-based meme coins, remains highly bullish. This bullish sentiment has propelled the prices of key Solana ecosystem coins like Jupiter, Radium, and Ponke. On the technical front, SOL has been forming a large symmetrical triangle on the daily timeframe. Within this pattern, a double bottom formation has emerged, signaling a bullish breakout. As expected, SOL experienced a substantial rally, climbing from $135 to $185. After retesting $172, SOL is now challenging the $185 level once again. The next significant target is $200, with potential to revisit this year's all-time high of $210. Further analysis reveals that the daily MACD (levels 12, 26) is turning bullish, currently valued at 8.50. The RSI stands at 65.71, indicating there is still room for upward movement. Additionally, Solana has respected the 200 EMA, providing further hope for continued bullish momentum. These major indicators suggest a continued bullish momentum, reinforcing the potential for further gains in the near term.
Long
by Mudrex
2