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Fibextensions

Rising Wedge of Doom ?? BTC/USDT #Bitcoin #BTC $BTCHere we see our Bitcoin weekly chart from Binance . You see those black lines ? They are outlining what appears to be a Rising Wedge pattern . This pattern starts out a bit wider at it's base but then the trading range definitely narrows as it moves upwards . These Rising Wedge patterns generally break bearish at some point . The question is when ? How high do we go before we break bearish ? We already hit just about perfectly up to the 3.618 fib extension near 64500 . You see that red question mark ? That would be one of the next fib extension targets and it's 75000 area. My guess is we would retake the 65k area first - then move on to 68k - 70k - 72k - all of which are possible target areas . 75k might be our target after that but there's no way of knowing because Bitcoin can break bearish much sooner than that . It could also surprise us and blow right past those targets. But right now we appear to definitely be inside a large Rising Wedge pattern from at least the beginning of 2021 . Chances are it will break bearish at some point and go down .
by shimmeringpath
NZDJPY > Trading Plan for A Short Entry!I hope you are feeling generous and loving today to give me a like and leave a comment it will really support the creation of new free ideas for you. Analysis up on #NZDJPY Hello friends. here we have the market closed 0.7800 and the market now might keep going up to test the resistance level where I will be looking for a sell trade and hee is why. If the market reaches resistance levels I will have. 1-FIB extension 141 2-FIB inversion 161 3-big number 79.00 When and if the market gets to this level I will be ready to look for a valid reason to enter the market with a good probability trade with good risk to reward Safe trading everyone Check today analysis below⠀ >> One trade must not make you, one trade must not break you _____________________________________________________________________________⠀ -Disclaimer: This information is not a recommendation to BUY or SELL. It is to be used for educational purposes only⠀ -Please note this is just a PREDICTION and I have no reason to act on it and neither should you
Short
by TheTradersAvenue
3
Bitcoin: The anatomy of a blow off topIntroduction I have seen quite a few blow off tops while I have been in crypto and of course bitcoin's is the most famous. One of the most annoying things about charting is when you have to redraw your lines over and over based off the price action. Typically triangles get bigger and bigger or wedges get bigger and bigger and and blow off tops are typified by rising wedges that break down into an even larger wising wedge, and that wedge breaks up and we have our blow off top. Charting The bold black trend line is our wedge resistance and it is damn near straight up. The 2017-18 structure has a purple solid line for the smaller wedge support and the blue line shows the larger wedge support. The bollinger band is set for the weekly timeframe and only shows the midline and top because of how the bottom can distort the chart. The right chart formation our current structure. The blue and purple trendlines are dashed because they are still preliminary. The buy box is a previous ATH that help set up the black trendline that defines the wedge resistance. Trades implied in this post (without giving advice on any) Short until we get to the buy box with stops based on the rising wedge resistance. Very risky because we could still move higher into the current rising wedge. Buy in the buy box and have stops based on a very small wick. Permits for a tight stop for people that want to use a lot of margin. Zooming in On our last cycle we still consolidated on top of the black trend line of the large rising wedge. From there we had a large squirt up and then formed another very tight rising wedge for the topping structure which lead into a descending triangle. In other words, there was about a month where people could have traded out of their bitcoin trades into stable coins or alts that were moving upward. This cycle appears to be moving much faster. You may not get a whole month to cycle out if you are so inclined. Also shown is the fib channels with green anchors to show where the points of contact are. I have found the fib channel to be very useful, especially in charts like BTC where there are double bottoms with have higher lows on the zero line. Due to volatility of blow off tops I can't guarantee any particular level if BTC breaks out of its rising wedge and then forms a topping pattern between any two fib levels that will be a major sign for me to cut bait on bitcoin. I do have a current forecast of reaching the 2 and ultimately bottoming out on a return to just above the 1 level. Just for Funsies for the Never Sellers out there Here is a chart that shows the 3 level extension for the never sellers out there who will just be accumulating through everything a little every paycheck and maybe buying more on big red moves.
BITSTAMP:BTCUSDLong
by This_Guhy
6
OMGCould go either way, I took profits on the way up my entry was $5.20 so snatched a quick $1,500 and was able to buy back my original position. OMG remains strong vs BTC, I can see that the pairs have bottomed I think that's why OMG refuses to correct while BTC trades all the way down to $55,000. Also OMG is an ERC20 token with only 140,000 coins (low supply) I noticed $ETH coins are remaining strong as I feel the market is embracing the fact that $2,800 ETH incoming. I will probably take profits again if OMG pushes to my TP at $9.74 and just buy the dip as I really like trading this coin.
OLong
by Big_Mike716
8
XLMLooking good. Wicked back into the triangle and tested 100 ema daily tf. Then bounced and regained the uptrend outside the triangle. I think we go up from here. Just not in a straight line obviously. Crypto MMs love to make us buy when a coin is looking strong and our analysis shows a break like this one on XLM where the triangle pattern broke up. Then sell off the coin trapping noobs or forcing traders to sell. After the break out I noticed that XLM didn't pump as it should've because most crypto traders would have seen this move and entered into a long position.(and I know a few that did) Rather XLM just stayed flat, so I kinda knew something was not right. But still hold my position and not selling as this is all just MMs shaking people. They are ruthless. I also noticed that demand wicks in crypto currencies are usually the Best Buy signals especially after a bloody sell off. GL everyone Big Mike loves you and he loves XLM.
COINBASE:XLMUSDLong
by Big_Mike716
4
LLKKFJumped back in lake after some good success with this 1 last month. I think we finally get the move back up to .45c then eventually .65c. The triangle I drew is subjective so can't be sure of the accuracy. Also the fact that after breaking from the triangle top Trend line lake just sells off back into the triangle. So be c careful here if you follow my idea because I read this a few ways. 1. Lake is way oversold and the trend is ready to bounce. 2. They have some catalysts ahead this month I believe they will report the lithium mining extraction results soon (DYOR) 3. This level has been proved as strong support thus far. 4. If a breakdown happens and Lake starts to head below .21c I will exit because those lower EMAs will likely be tested in this scenario. 5. Low volume so we need buyers to move this stock so the news about their extraction will likely be the catalyst. GL guys.
OTC:LLKKFLong
by Big_Mike716
6