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Ending Diagonal

#Bitcoin and #Ethereum targets nearbyHi guys! 👋🏻 Yeah, I know it wasn't a symmetrical triangle, it was a Flag pattern being formed. 🔔 Cryptocurrency market drew its attention to policymakers and lawmakers once again after the purchase of the $1.5 billion worth of Bitcoin by Tesla, claiming that the company will start accepting Bitcoin for it’s products. Now it looks like another giant corporation, Amazon is looking to integrate crypto-payments, as the company is looking for a Software Development Manager - Digital and Emerging Payments. 🔔 US Treasury Secretary Janet Yellen on Wednesday warned of an “explosion of risk” in digital markets, including the misuse of cryptocurrencies, but said new financial technologies could also help fight crime and reduce inequality. 🔔 Bitcoin has formed a bullish flag on an hourly chart and has just confirmed a breakout from it. 🔔 The $43900 previous resistance acted as a support and Bitcoin was able to retrace from that level yesterday. Bullish continuation of BTC/USD may be stopped anywhere near the dynamic resistance of January 25. 🔔 The bearish reversal of Bitcoin is at this stage is very unlikely as the pair already confirmed a breakout from the corrective bullish flag pattern. MACD already crossed the signal line and is steeping towards uptrend continuation. 🔔 Similar dynamic resistance test was experienced by Ethereum yesterday. As seen on the chart above, Ethereum tested a major dynamic resistance of an ascending ending diagonal and retraced. The test of $1696 resistance as a support bolstered bulls to push ETH/USD above the $1750 resistance. 🔔 The most interesting part is that Ethereum formed a "diamond" pattern on a 15-minute chart. Diamond is a trend reversal signalling pattern which is formed in a combination of two symmetrical triangles to form a rhomboid shape. 🔔 Both coins look bullish amid their breakouts from their respected resistances, although both have to once again test the nearest resistance which halted them to continue the uptrend. Watch for the levels indicated above and follow the resistance levels to make the best decision. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
COINBASE:ETHUSDLong
by azizelliott
Bearish Divergence and Ending Diagonal Exhaustion Pattern On the 4hour chart prices have risen at each stage, forming a diagonal exhaustion pattern. This coupled with a loss of momentum on the MACD is pointing to a Bearish Divergence. If the break occurs on the downside then a wash to 40-41k is possible with very strong support at these levels. See what happens, its not confirmed until it breaks. My strategy is to sit on the side-lines and buy into the altcoin market at the 40-43k BTC Zone. There is also a huge psychological resistance level at 50k
by richardhurford
GBPNZD has possibility to reverse the trendGBPNZD has possibility to reverse the trend GBPNZD made a very nice upward trend on H1. Last week, however, it broke the support and we see that at the moment there is no strength to continue. This allows to reverse the trend and search for short positions. For this purpose, however, we must see confirmation of the reversal with a break of the previous bottom. If we see a break we can expect to reach 1.8837 and 1.8682! Pre-entry is not recommended! If you have questions about how to trade this or another situation, contact us! To support us, like and comment
Short
by ForexTrendline
1
USDJPY With Several Evidences For A Potential Bottom FormationHello traders! Today we will talk about weekly USDJPY chart and we will show you many evidences for a potential bottom formation. Well, for the begining let's talk about wave structures from Elliott Wave perspective. USDJPY is in a downtrend since March, but the wave structure is slow, choppy and overlapped which we see it as a complex corrective W-X-Y decline and we know that once corrections fully unfolds, we can expect a reversal. The next very important evidence is an ending diagonal (wedge) pattern placed in third leg Y. The ending diagonal is a special type of wave that occurs in wave 5 of an impulse, or wave C/Y of a correction. This wave often occurs when the preceding move of the trend has gone too far, too fast and has run out of steam. An ending diagonal pattern is a type of pattern that can occur at the completion of a strong move. It reflects a “calming” of the market sentiment such that price still moves generally in the direction of the larger move, but not strongly enough to produce an impulsive wave. Ending diagonals consist of five waves, labeled 1-2-3-4-5, where each wave subdivides into three legs. Waves 1 and 4 overlap in price, while wave 3 can not be the shortest amongst waves 1, 3 and 5. The reason why they are so interesting is because they are indicating a reversal, usually a strong one. The next interesting evidence is that we are already seeing bounce and recovery with quite big weekly candlestick, completely covered the previous one, called bullish engulfing candlestick formation which also suggests a bullish reversal from the lows. If we also consider current break above strong weekly trendline, then with so many evidences, we can easily confirm a potential bottom and bullish reversal. Trade well! If you like what we do, then please like and share the idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Education
by ew-forecast
1
SandP in Flat Wolfe Wave End Game: Bear Move IncomingSeveral contributors have proposed Wolfe Models. This move formed a flat pattern rather than a rising channel. This flat emulates a measured move 'flagpole.' We're sitting on the cap at top of flagpole IMO. MFI gone in half, volume sparse. Typical of Wolfe waves is the time elapsed in 1>2 = 3>4, as is clearly seen here. Enjoy the last gasp of this mad rally... Breakdown should occur with similar periodicity; expect on/about 4-7 Jan 21. NB: ABCDE denotes the Wolfe wave. Some authors have drawn it from the Covid Crash. Started here from June Swoon. Bear move can take any form. Likely to be an impulsive correction, given the monster rally of 2020. Here's a link on variations of Wolfe. This is an educational post not intended to be investing advice; trade at your own risk: GLTA! tradingstrategyguides.com
CME_MINI:ES1!Short
by DaddySawbucks
12
DAX - potential Ending diagonalDAX is caught in a tight range since the "vaccine spike" back on 9th of November. It looks like the classic ED (ending diagonal) pattern, so ideally it should have one last push higher before rolling over. The ED is my preferred scenario at the moment. This could also be just a complex correction with a b-wave high (in which case the lower trend line could break directly) or even a nested bull wave (series of 1-2 waves) which should start running higher in earnest. I do view the nested bull waves as the least likely scenario and will only consider it in case price breaks the upper trend line with authority and keeps running.
DShort
by alx13