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🔥 Bitcoin Most Overbought In 2.5 YEARS: Potential Danger AheadIn this analysis I want to shed some light on the fact that the weekly RSI on Bitcoin has reached the highest value in over 2.5 years. The last time that we weekly RSI reached above 70 was during the height of the bull-market, back in April 2021. Historically, Bitcoin's weekly RSI has very often been above 70, just scroll back the chart. However, the timing is interesting. Although the price is going up and people are feeling bullish, this is not a bull market (yet). So, a patient bear might want to step in during a period of heavy buying to bet on a potential downturn. I'm still bullish, but I also have to admit that there's a risk of Bitcoin correcting in the near future. Stocks are selling off, the price has hit resistance, weekly RSI above 70. The perfect conditions for a bear, one would think. Where do you see the price going in the next few weeks? Correction, or a move towards 40k? Interested to hear your thoughts 🙏
Short
by FieryTrading
69
🔥 Ethereum On Key Resistance: Bears Are Watching 🚨In my most recent ETH analysis I took a look at the long-term rising wedge pattern that has been playing out on the ETH chart since early 2017. I noted that the break out occurred, and could potentially lead to more selling. However, now that I switched to a bullish view of the market (because of the BTC break out), I think it's likely that ETH will go up as well. However, bears are closely watching this resistance (previous support). If the ETH bears want to push through, now is the time. Once we're above this resistance, we're likely back in full bullish territory. Bitcoin needs to push through in order for ETH to go up as well. Watch this resistance closely, since I'm expecting a break out rather soon.
KRAKEN:ETHUSDLong
by FieryTrading
3
Google Bearish for limited timeChart currently shows Bearish Signal as per the following reasons: Indicators: 1. Slight Dark Cloud cover indicated 2. Two Black crows, today's trading will indicate if three black crows are confirmed. 3. Slight Bearish divergence Patterns: 1. Bearish rising wedge on graph - indicates a potential bearish signal Bullish After Cup and Handle Formation Although it seems that perhaps the bearish trend may be limited to form a cup and handle pattern, once handle is broken - uptrend to continue.
NASDAQ:GOOGShort
by Azzeee
🔥 Bitcoin Bouncing Off Resistance: Bulls Still Fighting!In my most recent BTC analysis I talked about the fact that BTC managed to break out through the main bear market resistance, which made me switch bullish with a target of 40.000, which has played out well! For the time being, BTC has a bit of trouble getting through the top resistance of the rising wedge pattern. Personally, I'm anticipating a break out soon, seeing the amount of new buyers entering the market. On the other hand, we can still fall back towards the support of the pattern. Not very likely, but surely a possibility. In that case, buying from the bottom support would be a great entry point. Till then, 40k is the target.
INDEX:BTCUSDLong
by FieryTrading
11
🔥 APE Falling Wedge & Oversold: Massive PotentialAPE has been one of the weakest big tokens of this year, falling over 60% from the January 1st value. However, there's some light at the end of this dark tunnel. A falling wedge pattern has emerged on the weekly chart, as well as the fact that the weekly RSI has hit oversold levels for the first time in the (Binance) history of this token. This trade is risky, because the break out has not yet been confirmed. However, I think it's worth the risk because this token has been losing all year and is due to a bounce. A more defensive strategy would be to wait for a break out of the falling wedge.
Long
by FieryTrading
7
🔥 Arbitrum's Short Looks Great: Patience For Reversal!At the start of the month I was looking for a short entry on ARB, which has been playing out great thus far. However, with ARB losing value rapidly, I'm starting to look for long opportunities. ARB is trading in a very well-defined bearish channel (or wedge). My strategy is to wait for the price to touch the bottom support. Ideally, the daily RSI will be below 30 to increase the reversal probability. Until then, the short stays active. Patience is key.
Short
by FieryTrading
3
🔥 Bitcoin Secret Trading Pattern Revealed! Long Term Growth 🚨 In this analysis I want to shed some light on a long-term (and often overlooked) trading pattern for Bitcoin. The indicator in question is the monthly RSI. As seen on the bottom half of the chart, the monthly RSI is following a very predictable, long-term oscillating pattern. Long-term investors and whales are using this pattern to time their entries and exits of the market. Remember, the best strategies are often the simplest ones. Buy BTC once the monthly RSI has hit the bottom green support, sell once the monthly RSI has hit the top red resistance. If you followed this strategy over the last years, you would've bought around 3k, sold around 60k and bought back in around 17k! Do you consider this a useful pattern? If you have interesting long-term strategies, share them in the comments 🙏
INDEX:BTCUSDLong
by FieryTrading
32
📐Solana's Giant Accumulation - BullishThe Triumph of the Triangle: Triangles are classic chart patterns often characterized by converging trendlines. Solana is currently shaping an immense triangle formation on its chart. A Bullish Perspective: Triangles are typically continuation patterns, meaning they suggest the resumption of an existing trend, which, in this case, is bullish. The pattern demonstrates a balance between buyers and sellers, with neither side dominating. Anticipating the Breakout: While triangles show price consolidation, they are also known for explosive breakouts. Traders are closely watching Solana for a breakout, which could lead to a substantial price move. The Fakeout Game Plan: Some traders anticipate a potential fakeout, where the price briefly moves beyond the triangle's boundary before reversing. This deceptive move can trap unsuspecting traders before the actual breakout occurs. Trading Strategy: Navigating Solana's Triangle Traders should exercise patience and caution when awaiting the breakout. Consider implementing risk management strategies to protect against unexpected price swings. Conclusion: Solana's Chart Saga Solana's chart pattern is akin to a suspenseful story, with traders eagerly awaiting its climax. While triangles can be bullish indicators, it's essential to remember that trading involves risk. As Solana carves out its path within this massive triangle, we watch with anticipation. Whether it's a fakeout or a direct breakout, this crypto's journey is far from over. Stay informed, adapt to market dynamics, and may your trades be ever in your favor! The crypto world is filled with patterns and puzzles, and Solana's triangle is just one of the many tales unfolding. 📊🚀🌐 ❗See related ideas below❗ Don't forget to like, share, and leave your thoughts in the comments! 💚🚀💚
Long
by Yaroslav_Krasko
Déjà Vu of 2021's Bearish Shift? 📉📉📉The Eerie Resemblance: If you've been in the crypto game for a while, you might be experiencing déjà vu. In 2021, Bitcoin was riding high before it underwent a profound transformation from a bullish to a bearish trend. What followed was a period of intense volatility and uncertainty. 🐻 The Bearish Divergence: One of the key signals of concern is the emergence of a notable bearish divergence. This phenomenon occurs when an asset's price makes higher highs while an oscillator, like the Relative Strength Index (RSI), forms lower highs. It suggests weakening buying momentum and is often a precursor to a trend reversal. 📊 What Lies Ahead: While history doesn't always repeat itself, it can offer valuable lessons. The current market sentiment, combined with the bearish divergence, is a reminder of the importance of caution in crypto investing. 🚦 Trading Strategy: Risk Management: Protect your capital by setting stop-loss orders and defining clear risk tolerance levels. Diversification: Consider diversifying your portfolio to spread risk across different assets. Stay Informed: Keep a close watch on market news and developments that could influence Bitcoin's price. Conclusion: The crypto market is inherently volatile, and it can shift rapidly. While the current situation may appear similar to 2021, it's essential to approach it with an open mind and a well-thought-out strategy. Remember, trading and investing in cryptocurrencies carry risks, but they also offer opportunities. Stay vigilant, stay informed, and adapt to the evolving market conditions. 🌟 The future remains uncertain, but it's our ability to navigate the unknown that sets us apart as crypto enthusiasts. ❗️Get my 3 crypto trading indicators for FREE❗️ Link below🔑
by AlexWhale
1