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Fakeout

ETH/USDT Update: Great opportunity to buy cheap ETH.Last chance?Intro: - Ethereum currently has the biggest ecosystem and running smart contracts for a long time. This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc. - The change from POW to POS will help ETH to gain mass adoption. - It takes some time to create such ideas and drawings. You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations. Daily chart: - We did get an upwards breakout out of the bullflag and ETH reached 4kUSD in price. However together with BTC the whole market did crash 20% and ETH is back within the bullflag getting ready for a new upwards breakout. - On the RSI side we did get an upwards breakout as well but are again below the descending orange line. We now did break below the 50 line which currently looks like a bear trap. This will be confirmed once we break upwards again. - The 50MA is coming for help to mark the current bottom. (The following description is taken from last discussion.) - ETH dropped three times to the 1750$ level and did get a bounce each time. - The blue arrow shows a W shape recovery which is considered to be a strong pattern and signals a trend reversal. - Currently trading volume stays rather low which signals that some people still don't believe in a trend reversal. - We see a golden cross indicated by the yellow camera. This time we see a strong separation between the different MA which is very bullish . Expectation: - We expect to continue the bullrun and aim for higher price targets. - During the start of the week it seems likely to break upwards out of the bullflag again. - We expect to hit the previous ATH soon within this month. Basic rules: - Never buy the top/ ATH - Take profit as long as you can (also partial profit is profit) - Use Stop/loss for leveraged positions - If you are not experienced, don't leverage in the first place Enjoy the ride and don't be too greedy. If you like the content, please like, comment and give this channel a follow. We would love it if you could share your thoughts in the comments. Discussions are very welcome here. Always do your own research and keep in mind that my charts and comments cannot be considered financial advice. Cheers ps. Chart explanation: Main lines: - Green lines are tested support lines. - Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet. - Cyan line is for volume trendline. - White lines are Fibonacci retracement levels Helplines: - Purple lines are trendlines we take a look at. - Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA. - Yellow lines are for visual help only. Boxes: - Either entry zone or support zone . Check the description.
Long
by tumbler55
Bitcoin back into upward channel again, make a fake breakdown✓Technical analysis: Welcome to this quick update everyone, In Daily timeframe Chart, The bulls have pushed the price back into the wedge today. If the rebound sustains, the BTC/USDT pair could gradually move toward the overhead resistance zone of $50,000 to $50,500. A breakout and close above this zone will indicate the resumption of the uptrend. The pair could then rise to the resistance line of the wedge where bears may again mount a stiff resistance. If the price turns down from this resistance, the pair may continue to rise inside the wedge. A breakout of the wedge will signal a pick-up in momentum. That may result in a rally to $60,000. The relative strength index (RSI) has broken below a symmetrical triangle pattern, indicating a marginal advantage to the bears but it aslo back into the symmetrical triangle again. shows bulls are upper hand ✋ If the price turns down from the current level and breaks below the moving averages, the pair may drop to $42,451.67. 🥰If you find this helpful and want more FREE forecasts in Tradingview😍. Please show your support back🙏, Hit the 👍 LIKE button, Drop some feedback below in the comment✍️! ❤️🤝 Your Support is very much 🙏 appreciated!❤️🤝 💎 Want me to help you become a better Crypto trader? Now, It's your turn! Be sure to leave a comment; let me know how you see this opportunity and forecast. Trade well, 💪 #bitcoin #crypto #nextmove #bullmarket #sideways #btcusdt #dailyclosed
Long
by Bitking786
Fake out Brake out I believe that gold made a move down out of consolidation to make people think sell. I am here to say think Buy because it may go back to the consolidation zone and stay in there for the end of the week or even next week. still be on the look out for the this move it did earlier to be a fake out brake out to the the upside and go up smashing through the consolidation zone . it could go long passed the consolidation zone, watch close and set alarms for reminders TP 3 and TP 4 is if it does blow passed the consolidation zone. take a buy and go for TP 1 & TP 2 your STOP LOSS is at your discretion use proper risk management when it does hit the top of the zone I made look for new entry and to go TP 3 & TP 4. Trade Aware, Trade Accurate, Trade to WIN
OANDA:XAUUSDLong
by NickyLimitless
2
Let the bitcoin ride!Hey there, crypto lovers! As we see on the BTC/USDT chart, There's been two false breakouts so far. (eg. price breaking out out of a trend and going back inside the trend.) While false breakouts are many traders' nightmares, yet no fear, my dear! because the good news is, that the more a trend's limit is tested and penetrated by the price, the weaker it gets. Yet it's early to call it an start of another bull run, in my opinion we are at the edge of the market deciding it's path. TLDR: If the price breaks the trendline again, this time it's more likely to be an start of an uptrend. For confirmation you can wait for a pull back to see how the price behaves after a breakout. Blessed be the bitcoin! ;)
Long
by Blockchainophil
BTC Wyckoff Distribution. Are we sure the pattern is complete?Short-Med term bearish, long term bullish ( i believe this cycle still has to finish correcting before we can start accumulating foe the next one). Just my own opinion but I'm seeing that everyone is all bullish because we've just had a pump, & people are now thinking we're in the Wyckof Accumulation phase.. Are we forgetting that the Wyckoff Distribution has 2 big tests on either side & all look rather symmetrical? The one earlier was not big enough to be that, & the leg down not long enough. You couldn't call that one a "Fakeout test", it was just a re-test. Wyckoff Distributions commonly have a last big Fakeout to exhaust more retail supply & induce one more big shorting opportunity before coming down to consolidation & accumulation phase. Are we forgetting too that sub 50% is a cycle correction? Most parabolic pumps correct 60-80% before accumulation, both in micro & macro. 2017 ATH corrected 81% before finally ending correction late 2018. This has happened alot quicker, & there is more institutional money this time so i wouldn't expect an identical correction but we have to expect that an end of cycle is generally more than 55%. So i feel that this isnt done yet, this is a test, & the Wyckoff pattern & head & shoulders still has to compete before the next cycle can begin. Another thing i would add is ive been following the chart with a Fib Spiral since just early January, just after the retest down after the first big test. The same pattern that forms waves, clouds etc. By the time we got to Wave no 3 i noticed the wave peaks were plateauing out, in line with the shape of the spiral. I had a big feeling Wave no4, 64k was the peak but i didn't trust my own judgement cos im still learning. But by the time we got to Wave no5 i realised that the bigger wave, the whole cycle, was about to break. So i cashed everything to stables & ultimately avoided a whole lot of pain. So given the whole cycle seems to be shaped by the spiral, the fact that the first big test up, on the upside, & the recent big test up on the downside, are almost identically opposite each other at around the same price level, rings major alarm bells for me. They look far too symmetrical to me to be a mere coincidence, & remember symmetry is such a common thread in chart patterns, head & shoulders/double bottoms/double tops ect. So i think there's a high chance we haven't finished our correction from ATH yet. there's too much adoption & fundamentals now for it to be a full 80% correction like 2017, but i think 65% is highly likely. We also have to take into account the fact the announcement just after NY trading hours finished, on monday, the same day of the biggest buying volumes in months, that Tether is being taken to court by the DOJ over fraud, something they will have a harder time defending than Ripple over the SEC. So its highly likely that the sudden trading volume was Tether insiders & Bitfinex hurredly offloading Tether for BTC in advance o the announcement. Given how much Wyckoff activity is all market insiders i find the coincidence between the pump & the announcement on the same day very suspicious. So again, another reason to believe that this "Breakout" is a fakeout & not a trend. Tread carefully.. But of course the much bigger picture, across cycles is still up.. 2017 ATH corrected 81% & then the next ATH was 13-14x that. So if we repeat the pattern then the next ATH is about 260k. But i dnt believe that will happen for another year. And the sooner we finish correcting, the sooner we can start accumulating, & the cheaper the buying will be.. Tread carefully, don't FOMO in, wait a little to see what happens. I'm certain this correction isn't finished yet.. Take care & look after yourselves :)
Short
by Destyd77
1
Gold: Weekly Forecast 18th July 2021Gold marked its first weekly loss in just more than a month. Gold price has struggled to maintain its recovery from the previous selloff as the dollar continued to strengthened amid the outbreak of the delta variant. However, we still see gold finding support and staying on to of the previous range which could potentially invite another bullish wave in the coming week. This week, we expect the market to be either ranging or it may start to rebound off the support turned resistance level 1790 and head for 1850. We do expect some fake breakout of 1790, which may push the price to as low as 1770, before it starts to trend upwards.
FX_IDC:XAUUSDLong
by AlgoVenture
1
BTC- breakout or another bull trap?title pretty much explains my thesis. we must break 36.5k to create a higher high in price action, while the RSI is already eye to eye with previous highs, likely to form higher high on indicator. last time this happened was Elons infamous twitter post that resulted in a massive bulltrap. coincidence that little conference was scheduled when it was? i think not. not saying we cant shatter these levels and hit 100k tomorrow, but the chart is clearly in a precarious position. While eth is also forming a bearish descending triangle with its own bearish divergence forming, it would make a ton of sense for BTC to experience another fakeout, which in the current state of both charts, would have Eth obliging BTC by not breaking out of said descending triangle and following BTC godspeed traders
by g0nzo
14