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Falling

MZOR - Falling Wedge / Fibonacci support linesThis trade has reached its low target level I previously charted a while back, and the 50% fibonacci level all at once. This may not be the last stop on the way down, as it reached it very fast with some high volume. However, this area was a major point of resistance upwards previously, we should see resistance turned support. Expect a battle at this level of $42, and more than likely a short bounce upwards. Notice the falling wedge pattern that is potentially forming in the short term. I do not expect this downtrend to last very long, I expect it to stay within the falling wedge. I look to 2 major points on the fibonacci chart. the 50% between $40-$42, and the 61.8% lines ($33.00). With strong enough volume, we could see price reversals around either of these two lines. I do not recommend buying until trend lines are broken. Remember, this chart is charted with a very long timeframe, 1D. Therefor, the patterns do take longer to take fruition, than if I was charting on a 15 minute chart, or 1 hour chart even. I am assuming this will remain volatile, but long term should stick to the trendlines, and until broken, we should not make moves. Watch RSI over next couple of weeks, and wait for a breakout! This was a continuation of a previous chart:
M
by Shwayze
AUDCAD long OppHey traders. Displayed clearly is a descending Wedge with a risk/reward of 1:5 as Audcad rests just above weekly support at 0.96000. Corrective structure seems to be near completion pressing upwards nearing the Descending Resistence Trendline. There seems to be more conluence as the bullish flag becomes more clear, I will be anticipating this to be a scale opportunity as corrective structures appear. A retest of support could give buyers a better price to long with a greater Risk/reward. Good Luck
Long
by jmuzy
Bitcoin Update. Is it not the end for bears yet?As we predicted it earlier Bitcoin's uptrend faces some barriers around the 8.4 k USD area and is now in correction. As we can see on the chart an uptrend reversal movement is already on. But still there is no a 100% confirmation for it and we might see some other downtrend move depending on the strength of the bears and their dominance over the bulls. A rising wedge is already broken and a downward correction is on progress. The main question in which even many high level proffessional traders and analysts couldn't answer this time is Bitcoin's next direction in the short to mid term investment duration. As a crypto enthusiast our team is still positive on the "Very" bullish potential on Bitcoin. But since there are many intraday traders and who wants to make money in the shorter period the question holds a logical approach. Anyways as we can see it the fundamental reasons raised last week especially the ETF situation related to the Winklevoss twins ETF rejection by the SEC is one of the main reasons for this correction and its actually a normal and healthy correction so far unless it needs some time to rebound and continue its big upward trend. Again as last time we are facing with 2 scenario's on hand next. 1. To correct and touch the support level around 7446.26 USD. If it can rebound and get some bull hand on success it will be a very high probable bullish trend to happen. 2. Since we see a rising wedge break scenario we might see some more downward movement. Mostly this chart pattern is known for its downward bias for such correctional times. By this we might see a downward correction for the following 1 to 2 weeks if the case continue in such ways and might even further go down first to support area 6808 USD which is the most probable outcome or further to the strongest support area around 6355.03 USD. We will update you on further coming scenarios. Stay Tuned. Team TWA.
COINBASE:BTCUSD
by cryptotalk_et
rising wedge still valid; 4hr srochrsi reset.As I had said an idea or so ago we will likely fake a breakout once or twice to reset rsi and stochrsi levels before w have enough momentum to break above the neckline of the inverted head & shoulders pattern. What was once looking like your average bull flag has morphed into a sort of small falling broadening wedge and now are 4hr stoch rsi is ready to go up again. I was also able to widen the bottom trendline of the rising wedge slightly and still maintain it's trend validity. So unless we see a big surge in bear volume here we are still inside the rising wedge and also found support at the wedge. If we do break down from the lavender wedge we may drop all the way back down to retest the bottom trendline of the symmetrical triangle. I think probability favors the uptrend still especially with the recent 4hr golden cross but need to anticipate the opposite happening as well. Just my opinion and not intended as financial advice. Good luck out there and thanks for reading.
BITFINEX:BTCUSD
by DrDovetail
A revaluation of the falling wedge. 5.3-5.4k drop in place.After 4 or so 4hr candles closed above the previous top trendline of the falling wedge with no volume to go with it, it became apparent that the falling wedge may be wider than originally anticipated...I have since switched the trendlines from the bodies to the wicks which has now create a much longer falling wedge as well, and we can see we are still very much inside the wedge...It also looks like the apex of the wedge now dips all the way down into the 5400 range. On top of this we also have the potential of a bear flag on the 1 day chart breaking down...if it does so the projected drop target of that flag is around $5300. Rsi on the 4hr is nearing oversold however we have had the rsi in the oversold zone for extended periods of time recently so it would ot be a big surprise if that were to happen again.
BITFINEX:BTCUSDShort
by DrDovetail
3
Price Action Consolidating in Small Falling wedge4hr chart has the price action respecting the trendlines of a falling wedge/bull pennant. I don't foresee any bullish breakoutt hat may come from this pattern being anything substantial..especially the closer it gets to the apex the harder it will be for a breakout to lead to any sort of higher high. If a breakout does occur I anticipate it will most likely form a lower high and then dip again to another lower low. Probability favors this but of course I am prepared for the opposite should we somehow skyrocket to a higher high.
BITFINEX:BTCUSD
by DrDovetail
GameStop falling wedge, LONG TERM HOLDGamestop seems to be among the most hated stock out there. It is tanked so low that is unbelievable. However, what is surprising is that the stock is trading far below its book value and it has a PE ratio of 4 which is also unbelievable. The reason was mostly because the company was not run in an optimal way. However, that is about to change. New CEO has just been appointed and things are going to become much better for the GAMESTOP. Plus we are just bouncing off the support line and when we break this wedge we can potentiallly go to 30 USD level without any problems. RSI on a month chart is saying that we are heavily oversold. In any case, make sure that this is a very long term trade. It will take a year or two but you will almost triple your money.
NYSE:GMELong
by nnxx
8