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M-pattern

🔥 Bitcoin Rising Wedge: Oversold Bounce IncomingIn my most recent BTC analysis I talked about the rising wedge pattern that was formed and my bearish short-term view on the market. Both targets have been hit, with 27,200 marking the bottom area. Congratulations if you took the trade! Bitcoin is currently oversold at the longer time frames like the 4H and 8H. Consequently, I'm expecting some kind of bounce in the coming 1-2 days. Ideally we will move towards the blue area where some heavy resistances lie. This would be an ideal area for the bears to short. With the stock earnings season being much weaker than anticipated, the risk is currently to the downside. So, I'm not expecting that this is the bottom yet. 26,500 is my next target. Keep in mind that we're currently still trading in a long-term uptrend, so it might be a perfect moment for bulls to pile in, which is currently what we're seeing on quite some alts. As explained in my Elliot Waves analysis, I see it more likely that we will go down more, simply because the supports around 25,000 are much stronger.
Short
by FieryTrading
10
🔥 Bitcoin Following Elliot Waves Pattern: Fourth Wave Started?Over the course of the last few weeks I've made several analyses on BTC and the Elliot Waves pattern it's potentially trading in, see below for the most recent one. In my previous analysis I argued that there was reason to believe that the third wave topped because we were trading inside a very important area of resistance and the RSI was touching the overbought area. And here we are. We gave away all of last weeks gains and things are looking bleak in the near-term. It's difficult to predict where the 4th wave will bring us, but the 25,200 support is the strongest support area in sight, so I'm holding on that area for now. Immediate future looks bearish, but there's still a decent probability for a next wave up. Share your thoughts🙏 Note on the lengths of the waves: take them with a grain of salt and not as an exact science. I'm merely attaching them to important areas of resistance.
INDEX:BTCUSDShort
by FieryTrading
9
🔥 A Simple BTC Guide On How To Sell The Top And Buy The BottomPeople say that timing the market is difficult. But is it really? The monthly Bitcoin RSI seems to be following a very predictable pattern since its inception back in 2011. Actually, the pattern is so predictable that we can draw a perfect channel onto it. Bitcoin tops around the time that the monthly RSI hits the top resistance, and bottoms once it hits the bottom support. Sure, you won't catch the exact top or bottom, but neither do 99.999% of traders. If you will buy around the area where the RSI hits the support and sell around the time the RSI hits the resistance you will still be outperforming the vast majority of traders. For the next cycle, I'm simply going to assume that we're going to top somewhere around the time that the monthly RSI hits the top resistance. What are you favorite top / bottom indicators? Share them with the community 🙏
CRYPTO:BTCUSDLong
by FieryTrading
23
🔥 DOGE Regaining Strength After Twitter Icon UpdateIn my last DOGE analysis I talked about the fact that Elon Musk updated the Twitter logo to the Doge icon, which naturally has led to a big move upwards. However, like often has happened, DOGE dumped right after the bullish news. Still, my first target got hit fairly quickly, so congratulations if you took the trade. Inititally, I thought that DOGE would go down further. But, as seen on the chart, the bottom support held and caused a decent bounce. Furthermore, Twitter has recently started a partnership with eToro to integrate trading into the platform, which is bullish in itself. If Elon wishes to pump his Doge bags further he could integrate Doge as a way to pay fees (like BNB for Binance), for example. Decent probability that Doge will be further integrated into Twitter, which would obviously be bullish for the token. Keep an eye on Doge!
Long
by FieryTrading
8
🔥 Bitcoin Rising Wedge Break Out: Correction Coming!Over the course of the last few weeks, BTC has been trading very bullish. However, a rising wedge pattern might cause a minor correction in the near future. This might be the 4th leg of my Elliot Wave pattern analysis below. If we can close the day below the support, I'm expecting further selling. Targets in blue. Note that I think that there's still more gains to be had for BTC over the coming weeks/months. However, that does not mean we won't see any corrections on the way up.
Short
by FieryTrading
10
Gold 4 Hours Chart ProjectionAfter properly collecting our data from the Monthly timeframe, we have identified our Monthly market structure which price successfully rejected the resistance twice TSE:2070 . NOW Market is about approaching the same monthly structure the third time again. Using the last two price data, market rejected the monthly level and rapidly, the price declined to the downside making a new lows. Moving lower to weekly and daily timeframe, the current push to the upside shows a valid uptrend (Impulsive & Correction) and now we are currently in the impulsive phase of the daily timeframe. The 4 Hours shows how price is moving on a more clearer view and we're anticipating price to hit the MONTHLY resistance before we have a new drop to the downside.... GOLD ANALYSIS ON 4 HOURS.
OANDA:XAUUSDLong
by opizzlefx
🔥 OG Falling Wedge Break Out After +400% PumpOG saw a huge move last week where it gained more than 400% in less than two days. Since that time, OG has been steadily selling off and lost over half of its value. However, OG has been making a falling wedge pattern during that fall. With both BTC and ETH seeing incredible gains, it's in my eyes a matter of time before we get some kind of pump on OG. We're currently in the process of breaking out of the falling wedge (a bullish reversal pattern). In case we can close the current hourly candle above the pattern's resistance, I'm aiming for the targets in blue. OG is a highly volatile token at the moment, be aware.
Long
by FieryTrading
7
#BTC - Head and Shoulders pattern + HIGH ROOF Resistance.#BTC - Head and Shoulders pattern + HIGH ROOF Resistance. Can we break it? -> Look at the liquidity and volume which is super super super LOW. All indicators look like we are reaching this RUN's top. So be careful. - - - - - The head and shoulders chart pattern is a popular and easy-to-spot pattern in technical analysis that shows a baseline with three peaks, the middle peak being the highest. The head and shoulders chart depicts a bullish-to-bearish trend reversal and signals that an upward trend is nearing its end.
Short
by JB_Consulting
S&P 500 (CFD): Sell every technical rebound in short term?...from a technical point of view and looking at hourly chart, the answer is "yes"! Hello everybody! If we look at the whole bullish movement started from 22 October 2022, it doesn't seem to me an impulsive rally, far from it! The developed swing seems to be something similar to a corrective structure (ABC Pattern as shown on chart), and if this analysis is correct, $SP500 should trigger an interesting bearish leg with targets around 3710/3650 area. Today and tomorrow very important US data will be released and we must not forget that if the data will be good it is possible that the market reacts on the opposite side.... If we look in the long term, I am absolutely a bearish as well as shown in the chart below. (Click & Play on Chart below) Trade with care! 👍 ...and if you think that my analysis is useful, please..."Like, Share and Comment" ...thank you! 💖 Cheers! N.B.: Updates will follow below
OANDA:SPX500USDShort
by TheAnonymousBanker
16