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Downwardtrend

XRP/USD - Are We Building for a Breakout?My daily update on XRP/USD... overall I'm bullish, but i'm thinking we might see a little downside before she really makes a decision on where she wants to go. I do believe the low area I mention is in play at the moment. Have to reassess each day, but I'm thinking it might just happen. I think the downward trend line and previous support/resistance zone is holding strong at the moment and keeping price down a little bit... well in a sideward move. Let me know your thoughts and give a like! Stay tuned for the next update. Going neutral on this in the short term.
BITSTAMP:XRPUSD
by Crypto_Sid
8
BTC - Double Bottom Update - A Path Out!!Okay, I drew some more lines and arrows on my chart, but I also added some boxes and more text! Here's an update to my first Double bottom post. This interpretation was formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination! Our second little bull flag did indeed form. It's not a lot, but it's a glimmer of hope in this dark world of invisible resistance. I think we can move on to test the .786 around 8,800. We're still struggling to get the bulls out of bed, we are just barely not falling on our faces. I get the feeling the bears are really about to drop the hammer on us again. I explain my path out of our downward trend a little better in this analysis. Purely speculative, but plausible with an ounce of technical support to back it up. Basically, the combined resistance of the .786 retrace and the mid-line of our downward trend might prove to be too much for us to break through with the current state of this sad little rally. However, if we bounce off the 1.0 support once again, we might gain the momentum necessary to carry us through the mid-line. If we can break through that, we can pick up mid-line support if we bounce back off the .786 again. It's basically like using the 1.0 retrace's gravity to sling shot us out of the downward trend. It's almost poetic, except I think NASA might of used this strategy to get back from the Moon instead of shooting to it.. Binance is still down. So I'm still locked into my trade for who knows how long.. So if you're long off the bounce like me, hodl on tight, and set your stops if ya got em'. It's going to be a bumpy ride! Thanks for reading, let me know what you think! - Also, not that anyone was thinking about it; but I wouldn't use any of my advise for trading... I've done some studies, and 60 percent of the time, I'm wrong every time... -Sly2.0
BITFINEX:BTCUSD
by sly2
BTC Setting up for a double bottom ending our downward trend!!?Okay, I was tired of everyone else having all the fun. So drew my own lines and arrows on a chart. Here's my first analysis. This interpretation was formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination! It might be a little early to call this one, but it appears a second small bull flag might be forming. We've seen some incredibly frustrating sell pressure creating tough resistance up to this point. It seems like we're running out of steam, but hopefully we can move on to test the .786 and break back into the middle of the downward trending line! I'm optimistic, but I don't think we're done with this smelly bottom just yet. We've struggled pretty hard to bounce as high as we have, but I think the first real resistance we hit is going to crush this rally... However, being that we saw decent support at the 1.0 fib level, it could be our escape plan out! If we fall back down for a double bottom, I'm hoping the 1.0 fib support could give us enough sideways action to bounce us past the center of the downward trending line. It might give us the break we need to finally start climbing back up! I'm apparently locked into my trade for the next 12 hours.. So if you're long off the bounce like me, hodl on, and set your stops if ya got em'. It's going to be a bumpy ride! Thanks for reading, let me know what you think! - Also, not that anyone was thinking about it; but I wouldn't use any of my advise for trading... I've done some studies, and 60 percent of the time, I'm wrong every time... -Sly2.0
BITFINEX:BTCUSDLong
by sly2
XAUUSD: BEARISH DESCENDING TRIANGLE IN THE CONSOLIDATION ZONE !!Hello Traders, I’ve been watching FX:XAUUSD for about a week and been trying to find a setup for entering into the strong bearish trend, at least for the short term. Zooming out the price action chart, I was able to recognize a really well developed chart pattern which is called the descending triangle. These types of triangle are usually taken as bearish signals and they can form in both bullish and bearish trend markets.This type of triangle patterns form when market price gets very volatile and later begins to consolidate into a tight range. This consolidation phase gives us (the traders) time to setup our entry when a breakout occurs. In descending triangles the sellers are continuously putting pressure on the buyers, which results in the formation of lower highs and strong support level. The first primary target, after getting the breakout to the downside, is equal to the height (x) of the descending triangle. I have also labelled two additional major target levels, if you are planning to have more than one shorting position for this setup. The first major target level is very close to the 2nd and 17th December lows. The last major target is the bottom of the consolidation zone, which could potentially act as strong support level. Once the downside breakout has formed, stop loss will be placed above the falling trend line (trend line connecting the “a”, “c”, and “e” points). A breakout to the upside would invalidate the bearish triangle pattern. I have also attempted to label the price action within the descending triangle by using Elliot Wave Theory. If there are any mistakes in my wave count, please don’t hesitate to point them out, as I really want to understand this theory the correct way. Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :) Follow me on Twitter as well: moneymaking2016
FX:XAUUSDShort
by moneymaking
3