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Exhaustion

No, it wasn't Elon Musk. Bitcoin was exhaustedHello Everyone, I've been seeing a lot of tweets and posts suggesting this drop and the few more to come are a result of Elon Musk's tweet about Tesla no longer accepting bitcoin. How can you blame one man's tweet, that even states "Tesla will not sell it's Bitcoin" for the drop in price? Here's the truth: Bitcoin has been far over extended since the first move to $60,000 in the middle of March. On top of that, Bearish divergence has been building on MACD, RSI, and price action. Let's look at volume, as the price kept moving up, volume kept moving down. This is class A bearish price action. This drop was very obvious from the final move to $65,000 then the retest (right shoulder of the HS) of $60,000. Elon Musk may have thrown a match into a pit of gasoline, but so many other factors were doing the same. This market needs to cool off to gain more investor interest to make higher highs. Bitcoin has finally tested its 20 weekly MA after 5 months of not being anywhere close. Are we in a bear market? No, we are still far from a bear market. My guess is that we see a similar move to the chart on the right. There was a valid HS, Bitcoin dipped 10%, then it consolidated. After consolidation, it was moon time. I imagine something similar will happen. This head and shoulders is to reset the market for another large move upwards. I hope this helps clear the air. Price action, in my opinion, is the best way to indicate the health of a market move. Exhaustion was inevitable. As always, be patient, have risk management, and good luck trading!
BITSTAMP:BTCUSDLong
by RomanXIV
3
Gap TheoryThe gap theory is short and simple. Not everything needs to be lengthy and laborious. "Everything should be simple as possible, but not any simpler" Break-Away Gap Once a new cycle has begun and you see a breakaway gap in the STARTING of a move, you get confirmation of this new cycle. HOLD. Run-Away Gap Once the trend is continuing for some time and then you see a second gap, this is a confirmation that you are somewhere in the MIDDLE of the move, so you know a further movement in price is expected. HOLD. There is a possibility that you can get multiple runaway gaps. Exhaustion Gap After a move in price had already happened, a gap that signals the END of the move happens. If this is your 3rd gap on the, you should look very closely to distinguish if it is a runaway gap or exhaustion gap. SELL. How do you tell the difference between the exhaustion gap and the runaway gap? Easy, if after the gap happens the price shoot straight up without closing the gap in the next few days ---> runaway gap. HOLD. if after the gap happens the price is closing the gap in the next few days ---> exhaustion gap. SELL. If you like it, follow and like so it will be saved in your saved ideas for future reference.
AMEX:MJEducation
by ZoharCho
5
3X BTC Bear Token Looks Ready To Make High Percentage MovesBTC is showing exhaustion on the MACD and RSI at the Logscale 1.618 PCZ of a Bearish Butterfly and looks to be gearing up for further downside. The way I plan play this move is by buying the 3X Short Token for BTC as it looks to be breaking out bullishly on on the Daily RSI and the MACD seems to be ready to make some more Positive Momentum. The weekly for this 3X Bear Token also looks to be showing a Bullish Pinbar if it manages to close the day and thus the week the way it is now. Overall i think the it has the potential to go back to the 1 cent area.
FTX:BEARUSDLong
by RizeSenpai
MACRO WEDGE BREAKOUT - VERY BEARISHI sniffed out this one and it is my view that this pair has reached a point where the wedge pattern which has formed on the weekly chart must define a longer term direction. The price action on the daily is showing the there has been a break out of the top of the wedge formation and is showing signs of rejection based on the last 7 days trading. Each time there has been an upwards push, price action has resulted in a return back towards the downside. In my analysis I see this as signal to start building a short position for a long term move. With the current chaos which is prevalent in the euro zone things could become very bearish. With the combination of the price action which my view is supported by as my primary indicator, I am seeing signs of a lack of buyers at this price point. The recent reversal on the daily candles in the previous days trading, as well as the fact that the price is holding around recent lows I will be entering on the short side. My first take profit would be around the 126.000 mark at this point I plan to drag the stop and trail. My trading style utilizes my own discretion and reading of price action to determine my exit, but I would go for multiple small positions in this kind of scenario to allow me to stay on board for a crash down to bottom of the wedge. Whilst for some this may seem absurd I aim to hold my position because I generally find it a lot less emotional finding short term moves. This trade has very serious potential. I hope you all manage the risk and have a great week.
Short
by trading_crypto_trader_fx
2
$TSLA Trees Don't Grow to the SkyHi Everyone, I am back with a bearish outlook on $TSLA. Looking at large timeframes, we are possibly hitting exhaustion points Monthly C21 Weekly S21 Since higher timeframes are pretty significant we should favor a bearish scenario for the incoming week(s). For now, no bearish targets, it is too early but trading ideas should show up next week. Take into account that the S21 exhaustion point is based on HL termination settings. By changing this setting to open termination, the count is still on a bar 19. However, I favor HL termination for now with 2 converging elements: This weekly close could end as a Doji. Daily Supply Line (orange Line) target is reached (check the previous idea for more details) Cheers, MATHR3E
NASDAQ:TSLAShort
by MATHR3E
$TSLA S34 likely tomorrowThe S34 opening sell signal is likely to show up tomorrow at the open. Look for a daily open above 436.56 to get a confirmation. The intraday entry will not be easy to spot with high volatility expected. Supply Line (level8) will also generate a breakout signal that will have to be invalidated on Wednesday’s close to confirming the sell signal. Hence it is probably better to wait for Wednesday’s close to increase the odds of success. No guarantee this S34 exhaustion point will reverse the trend. Wave B could also shift to the right tomorrow. Stay cautious Cheers! MATHR3E
NASDAQ:TSLAShort
by MATHR3E
$DJX Daily TOP #Dow$DJX may be on the verge of a major decline. Many signals points into that direction: - S13 exhaustion point recorded today (October 6th) - Daily Price Flip - Daily close near Demand Line - Wave B recently triggered after a recent advance of 5 upwaves - RSI lagging near neutral zone From this observation, 3 different scenarios can be drawn: 1. Moderate Bear Wave C ends near 240/250 before resuming a new uptrend 2. Strong Bear There is a larger picture where the decline generated by Covid19 could actually be a bearish wave 1. The top of the bullish wave 5 is also the top of a potential wave 2. In this case, we can also expect to see the dramatic decline associated with a wave 3 with a main target around 120 3. Continuation of the bullish trend For this post, the TDX indicator has been configured with a low countdown precision. With higher accuracy settings, the exhaustion point S13 could be postponed and recorded later (at least above 285) Best! MATHR3E
DShort
by MATHR3E
2
DAX: Probable exhaustionA head and shoulders (H&S) pattern is shown on this time frame. The right shoulder - not formed properly as yet - appears to be exhausting at this time. Price is struggling to stay afloat. This predicts nothing. The position is one to watch for those trading on lower time frames. Higher time frame perspectives are a must. This perspective is looking well ahead. So I'm setting alerts for when price gets near a possible base of right shoulder. It may never get there. But getting ready is everything. For new and seasoned traders: it's possible to draw H&S patterns how ever you want. It is rare to find a very neat H&S. I think these patterns should not be used in a predictive way. It is about understanding where you are in the markets, and taking calculated affordable losses (aka stop-losses). Losses are an inevitable part of trading, and the biggest issue affecting profitability. Stay safe. Wash your hands. Keep a clean keyboard. Wear a good mask. 😃👳‍♂️ Treat the markets like a dangerous virus that wants to grab your money! 🤣🤦‍♂️😄 Disclaimers : This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
FX:GER30
by Captain_Walker
$BTC Still expecting 11.2-11.4s before actually breaking downI dont see any reason to be super bearish here. Yes we have sell signals from 4h-9h. Short scalps are safe but I am still holding ontop my swing longs from 98/99 until we get to atleast 11.2-11.4 zone. The black area that is highlighted has not been tested yet. Usually $BTC likes to retest areas that it previously break down from before breaking into a new range. Conclusion. I am scalping shorts but looking to fill more longs on the way do wn. I think 10.7s will provide a generous bounce back up. Follow me for updates on bitcoins move. I will be releasing youtube content shortly explaining how I scalp with the indicators!
Long
by mlouca
$XAUUSD #GOLD consolidation expected$XAUUSD has reached a weekly local TOP here on a 9 Sell setup combined with a C21 combo countdown. Wave 5 is also in progress but it is too early to confirm its completion. Positive elements for a bullish continuation - The most recent Sell SETUP 9 resets the previous countdown since its size is between 1 and 2.618 the previous TD Sell Setup. - Still no signs of weakness on the MATHR3E REI indicator (overbought territory/above 40). - No clear divergence on the RSI indicator to anticipate the end of wave 5. For the moment, a lateral consolidation is to be preferred over a reversal. This could last until the end of the year. Best! MATHR3E
OANDA:XAUUSD
by MATHR3E
$BTC daily exhaustion point$BTC is showing signs of weakness today: - Rising wedge breakdown - RSI Oscillator divergence - REI Oscillator Weakness - Sequential 13 Exhaustion point Positive signs: Elliott Wave indicator is showing we are likely in a Wave 4 Consolidation before another leg up. The first area of support is between 10.600 and 11.000USD which is the most likely one for a Wave 4. It could also coincide with a RSI pullback to the 40-50% zone helping the indicator to cool down. A stronger correction is also possible but would turn BTC in a negative bias if RSI also turns negative. A Daily Close below 9.200 USD would mean a Bearish scenario. Best! MATHR3E
BITSTAMP:BTCUSD
by MATHR3E
bitcoin. Short potential. 2day. CamarillaCam monthly levels. we hit the top of predicted monthly range perfectly. if we reject here. the typical play would be to target the L3 on the otherside. supporting information is that the sentiment is very bullish. over confident. fear and greed highest since 14k last year. fisher transform on 2day is +4. TD9 sell set ups are on larger time frames. godmode on daily and two day signalling top locally. wave trend. The inverse of wix sensing top points. OBV shows lot of buying in this area. The PPO is in the red extreme warning threshold. The defi movement is just big money narrative or getting more money to begin with. the worlds economies are going to face hardship the coming months. BTC has NEVER been a good storage of value at these levels. People are trying to compare the price action here as if it is unstoppable like 2017 however this is not a blue sky breakout. That is just my two cents. P.S Potentially we could bounce from 11.8 or see the H4 level or up to it for some upside hunting. that is a large space so exercise caution. stop loss yourself maybe around 12.1 and look to reposition after that happens if it does.
Short
by Gunslinger2005