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USD/CAD 4H Bearish Double Top with RSI Divergence Trade SetupUSD/CAD 4-hour chart is forming a bearish double top pattern near a resistance zone, signaling a potential reversal. The RSI shows bearish divergence, with the price making higher highs while RSI trends lower, indicating weakening upward momentum. This setup suggests that a bearish move is likely if the price breaks below the key support level at 1.38138, which is the designated sell entry level in the plan. The stop loss is set above the double top, at 1.39624, to protect against a breakout above resistance. For targets, Take Profit Level 1 is set at 1.36665, while Take Profit Level 2 is positioned at 1.35443, aligning with lower support levels that could serve as points for a potential reversal or pause in the downtrend. The plan projects the double top breakdown using a red line labeled "Projection of DT," indicating the estimated move downward if the pattern completes. This trade strategy utilizes confluence between price action, RSI divergence, and a clear breakdown structure to establish a high-probability short trade setup.
Short
by Naqash16046
8
SolUsd Weekly Double Top about to break above much higher SolUsd is not giving much away at the moment in terms of short term profits. It's price has been moving in this massive double-top pattern that extends to the weekly charts at least. But price on the intraday is moving away and to the right of this double-top & price will be free to drift sharply upwards. But I see its price capped short term until the last part of Solana is finished on this weekly double-top system. In other words, you can't make a break-away with a 'head' and no body for example 'arms and legs', if you get my analogy. Regardless, it seems a squeeze on Solana's price in the interim for a short while, will serve to give it a massive momentum shot when it makes a complete move from D.Top.
EIGHTCAP:SOLUSDLong
by Easy_Explosive_Trading
Bitcoin - DOUBLE TOP Weekly TimeframeA Double top in the weekly timeframe is never a good sigh - however, all is not yet lost. One final pattern remains to be seen - and that is the Bump and Run method. Perhaps we can bump that diagonal support around 65k, retest the bulls' determination - and then make the final impulse wave up. There is a fakeout observed on Dogecoin as well, and alts that have increased alongside BTC over the past week will likely fall pretty hard IF Bitcoin cannot keep closing ABOVE 65K. ______________________ BINANCE:BTCUSDT
by CryptoCheck-
4
Tata Consumer - How the Crash was Predictable Despite ResultsTata Consumer Products - Monthly Vs Weekly Comparison 1. On Monthly - the price formed Double Top pattern at 1,235 level on Sep 2024 and started falling 1.5 months ago. The Neckline is 1,017 level and when it breaks below - it will go down to 865, 698 levels 2. On Weekly - the price once again formed Double Top pattern at 1,222 level on 16th Sep and started falling for 5 Weeks already before today and has a target of 1,017 (which COMPLETED today) One basic / Logical Question - When the price forms Bearish Patterns back-to-back on Multiple Timeframe Charts - How do you even expect the Results (Positive or Negative) to come and save it ???? And Watch today (Oct 21) - the price opened Gap Down - right below the Monthly Double Top Pattern's Neckline (at Candle Body Level) at 1,047 and took the hard Resistance and fell down -8.5% Intraday But despite the fall - what saved it from Crashing further to LC or ending below -8% ? the same Monthly Pattern's Double Top Neckline (at Wick Level - 1,017) Now the price is sandwiched between Wick & Candle Levels of Double Top Neckline Now - Let's review the same situation from a different Source of Truth. A Comparison of Nifty_Tata_25 Index, Nifty FMCG Index 1. Nifty_Tata_25 index is going thru a Falling Parallel Channel and it ended up right below Resistance yesterday. So Obviously TATA Stocks were set to fall today - but Which one of those ? Today there were multiple Tata Stocks disclosing their Quarterly Results. Some Strong, Some Good, Some Weak - but net result the overall Tata Group stock had to go down - That's the destiny 2. Nifty FMCG Index - the price is again going thru Falling Parallel Channel since Sep 26 and today it opened right at the support level of 60,840 and within few mins it crashed below. Now that FMCG sector is crashing and Nifty_Tata_25 Index has to Fall - which of the 22 Tata Group stocks will take the Brunt of the Fall ???? - Simple - One and Only Tata Consumer Products Todays' Tata Group Performance 1. Tejasnet +11% 2. Tata Chemicals +9% 3. Tata Investment +3.3% 4. IHCL (Hotels) +3% These are the best performers today - and all 4 belong to 4 different sectors. Now let's look at the worst performers of Tata Group 1. Tata Consumer -7% 2. TRF -4.2% 3. Rallis -3.5% 4. Voltas -2.5% Again - these 4 also belong to 4 different sectors and these 4 sectors are different from the best performing 4 sectors. So, When Tata Group Index HAD TO FALL - its Obvious that Tata Consumer is the Only One to Take the Worst Hit Logically. Makes Sense ???? ---------------------------------------------------------------------------------------------------- Now Next Steps. 1. Nifty Tata Index - ended right at support level 2. Tata Consumer - took support of the Falling Parallel Channel bottom and bounced from -8.5% to -7% (Blue Arrow) So, its clear that Tata Consumer will Rise tomorrow.....But the rise would NOT be enough for Bullish Reversal - Why ? read below As you can see on the Weekly Chart, the Double Top on Weekly's target is already achieved and hence the fall stopped temporarily, but the target of Monthly Double Top is 865 and 698. So, tomorrow when the price rises, it would take a resistance from 1,050 levels again and go sideways for few days and then fall below to 865 Read the Blue Path which explains the extrapolated path it would take to fall down to 865 and even to 698 if needed
NSE:TATACONSUMShort
by Stocks-n-Trends
PEPE forms DOUBLE TOP with H&S on right peakPEPE has formed a double top, broken through previous low of 0.0000116 and is now retesting from below. To add fuel to fire, the right top has formed a head and shoulders pattern, with the shoulder line being broken at 0.0000116. Main technical pivot point for PEPE is set at 0.000009, however should we see the reflection of our double top measurement, we'd be looking at a 0.0000108 - 0.0000106 profit target for a nice little short
Short
by CryptoSmith01
GOOGL to Low $100s?Overview Google ( NASDAQ:GOOGL ) is in the dangerous territory of a double top formation. I've discovered this same macro-pattern with a few other assets as well. In combination with a rise in long-term Treasury Yield Curve rates since December 2023, I think a rush of selling pressure could be around the corner. Technical Analysis Utilizing Fibonacci retracement levels along with historical supports & resistances, the $126-136 range appears to be a key level in the share price. The double top formation is a bearish reversal pattern that resembles the letter "M" and, when valid, the second peak is greeted with significant selling pressure. According to technical indicators GOOGL is beginning to reveal the symptoms of a bearish reversal. The share price has risen on dwindling volume, Money Flow Index (MFI) is approaching overbought territory, and the On-Balance Volume (OBV) is still under a ceiling created in March 2022. A rising wedge is also visible on the hourly charts with a micro Head & Shoulders in development. Should a high volume breakdown occur then I believe a price target range between $109-126 is probable, however, I am expecting adequate support around $126 as it correlates with both a 61.8% Fibonacci level and has history as a key area of support & resistance. Speculations Earnings season is a great time to profit from derivative trading, however, it can also be more treacherous due to the volatility most stocks experience in the days leading up to and immediately following their Quarterly Releases. Because GOOGL is having their Earnings Call in the next few days, I would not be surprised to see sharp price movements in either direction regardless of the current trends. Concrete stop-losses and price targets should be determined before entering any positions.
NASDAQ:GOOGLShort
by Shepherd_Investor
Mr. Double Top is that you?Following a contracting triangle breakout today, NIFTY zoomed up with a fair amount of pull backs which denote more than just a regular retracement. Over a larger time frame, one can observe NIFTY ultimately forming lower highs since it made the last all time high. Today, near the closing bell NIFTY made a double top and slipped down from what one would consider a healthy retracement. These sharp pull backs show the power of bears to cause a dip and trap for buyers hoping a fresh bull run. However, patterns can break so keeping in mind the risks you should not stick to any particular pattern assuming the holy grail to market formations. On the right axis is Fibonacci retracements we can observe if a sharp fall occurs if the double top pattern holds true.
NSE:NIFTYShort
by nikhilchhabra
S&P500: Moving to the DowOverview I decided it was time to start taking control of my own retirement account. For years my account has been pulling in mediocre gains and the only reason I've put up with it for so long is because: 1) it took me years to hone my trading skills and 2) my employer matches my contributions. Well, after reviewing my available fund allocations and performing a quick technical analysis of the respective funds, I decided to pull completely out of the S&P500 ( SP:SPX ) and placed them into the Dow Jones ( DJ:DJI ). Technical Analysis SP:SPX A double top has appeared on the 1W chart. Combined with dwindling volume on top of increasing value, I think it's ready to fall. Utilizing Fibonacci retracements I believe a good time to re-enter the S&P 500 will be in the range of $2200-$3200 USD. DJ:DJI While it is still slightly early to confirm, it appears that the Dow Jones has escaped the double-top and in my opinion looks coiled up and ready to spring. Utilizing Fibonacci retracement levels -- supported by increasing volume with rising value -- $56.8K appears to be a practical price target.
SP:SPXShort
by Shepherd_Investor
BTC / USDT - Bearish Signals at 4H TimeframeBTC / USDT - Bearish Signals at 4H Timeframe Technical Analysis: Double Top Break and Retest: price is showing signs of weakness with a break below the double top neckline followed by a retest, suggesting potential bearish pressure. VWAP Break: The VWAP (Volume Weighted Average Price) has been breached, indicating a shift in market sentiment and potentially favoring the bears. Bearish Divergence: A bearish divergence is observed, adding to the indications of potential downside movement. Weakness Confirmation: If the price fails to hold the critical level at $41,666, it could trigger further downside movement. Target: The initial target is set at the 200 moving average (MA), acting as potential support in a bearish scenario. Risk Management: Consider implementing risk management strategies, including stop-loss orders, to protect against adverse market movements.
Short
by K_M_M
BluetonaFX - USDJPY Tumbling After Failed Record High BreakHi Traders! The 151.946 apex level proved to be too strong and there is a now potential double top pattern on the USDJPY 1W chart after the market failed to break and close above 151.946. Price Action 📊 After the initial break and close above the previous strong resistance level at 145.073, the market traded with continuous bullish momentum to target the psychological 150 handle and then the apex level, but the market seems to have run out of steam and is rapidly pulling back towards 145.073. Fundamental Analysis 📰 We have the FOMC minutes meeting today, and depending on what is revealed in the minutes meeting, we have further downsides this week for the US dollar.   Support 📉 146.711: 20 EMA 145.073: PREVIOUS RANGE ZONE RESISTANCE Resistance 📈 149.991: WEEKLY HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
CADJPY_28.09.2023_Potential to develop triangle & double topCADJPY analysis: 1. Time frame daily & weekly, currently price in a strong resistance area, but the upward movement in prices is starting to slow down. 2. Time frame daily, price has the potential to develop double top pattern which is a reversal pattern. 3. Time frame H-4, price has the potential to develop rising wedge pattern. Double top & rising wedge patterns have potential to form in a strong resistance area, so we can make this momentum to find a good position to have a selling position. Notes: - This is a personal analysis, please adjust it to the existing conditions. - This is not a buy/sell recommendation. This is just my personal analysis. - Please analyze again, because you are responsible for your decision. Your losses are your responsibility, your profits are yours. - Still in the learning process, let's learn together :) Thank You
Short
by moca_nomic
MY WOO DOUBLE PATTERN TRADEIn the past days, I posted an idea about BINANCE:WOOUSDT forming a potential double top pattern. Then, entered with the confirmation of a breakout on the first diagonal support line along with other confluences such as good selling volume and the RSCD (RSI and MACD). Take profit areas: 1) Price touching the second and the longer diagonal support. 2) Price reaching the neckline support. 3) Price on the 0.5 fib area/ common support line. 4) Stop profit above neckline. How to Use the TP/SL Split Target Feature on Binance Futures www.binance.com
Short
by luigi360swirl