Bitcoin - Bart pattern + Comment your altcoin!Make a comment with your altcoin below this idea, and I will give you my opinion/analysis of it in reply! Make sure you hit the boost button as well to participate. I will answer your comment with an analysis for you on the weekly/daily chart (long term). I start my analysis with Bitcoin:
The bart pattern is a new type of chart pattern that occurs specifically on Bitcoin but sometimes also on other coins. It's something like pump and dump, but at the top of the pattern we have a sideways price action that looks like a Bart's head.
Usually August and September are the most bearish months on Bitcoin, so I would not be surprised!
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When we look at the daily chart, we can see an ascending parallel channel with 3 touches at the bottom. This indicates to me that the bulls are losing steam because they are unable to make a parabolic uptrend!
There is still a possibility of going up to 32k - 33K in the short term, but this is something I don't want to speculate on. And even if Bitcoin could pump to these higher levels, the crash would follow either way.
My Elliott Wave count suggests that a deep retracement is on the way up back to 20k or 21k, which is definitely a good price to buy as much Bitcoin as possible and prepare for the new bull market in 2024 and 2025. Also, you can open a long-term leveraged position on futures in this zone.
We still need to wait around 8 months for the halving event, and that's plenty of time for a crash. We have a lot of unfilled FVGAPs and a CME GAP below the current price. They are going to be filled sooner or later.
If we take a LOG fibonacci retracement from 16.3k to 31.5k, we can see that the 0.618 golden ratio is at 20303. The whales really like to buy BTC at this specific Fibonacci level, as it has the highest successful rate of all Fibonacci levels.
This bart pattern looks pretty funny, but if you are on the wrong side of the market, it's definitely not funny. The price moves extremely fast, and you can wake up into a massive red dildo.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
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Rectangle
Bitcoin - Falling wedge will send BTC to 32k! (act quickly)
The price of Bitcoin is currently forming a bullish falling wedge pattern, and we are very close to a breakout! Trade it properly.
We can see that the price broke out of the strong horizontal line (at 29500), but the bears are weak and they are not able to continue in the downtrend. What is now likely is that the bulls are going to push the price back above the line and pump bitcoin to 32K! 32k is a strong resistance because of the ascending trendline, so make sure you take profit or open a short when the time comes!
On the way up to 32k, we have some minor resistances, such as the previous unfilled FVGAP and 0.618 FIB retracement. Good for intraday pullbacks, but nothing huge.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
From the Elliott Wave perspective, we clearly see an overlapping structure in the downtrend. I marked it as WXY (double three pattern). Also, the X wave looks like a triangle, which suggests that the downtrend is almost over.
This is my update on BTC. I expect higher prices for the crypto market in the next few weeks! Alt season is ready, so make sure you buy some altcoins if you haven't already, as per my previous analysis. Set up notifications for my ideas so you will be alerted in your email when I publish new analyses immediately!
What do you think about Bitcoin? Let me know in the comment section; I look forward to your opinions!
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Affirm - Breaking throughHi everyone,
Affirm is seriously misspriced right now. Upstart has made a crazy run from the $12 bottom to $65 bucks now, while Affirm is barely $17. This pair used to be trading at almost the same price half a year ago and now the difference is crazy. Affirm will follow eventually Upstart to close the gap.
Affirm's partnership with Amazon can give us a nice boost on the next earnings report. Amazon had the best Prime Day recently, so we can assume that some of the revenue has went trough Affirm's BNPL service.
Affirm has a great cash position and has what it takes to wether the storm. The stock is super volatile usually, but has been caught in a headwind. When the $20 are broken, I am expecting wilder movements to $30 and then slowly to $40.
Good luck to all!
A painful rectangleWith Bitcoin exiting the rectangle pattern that has lasted for 32 days, there is a possibility of a pullback and a further fall to the price of 27,700. Therefore, the small growth of Bitcoin should not be considered as an increase.
But in case of growth and failure of the resistance at 29,600, Bitcoin can enter the neutral trend again, and in this case, we can hope for the growth of Bitcoin again.
That this may happen
14 Months Rectangle Consolidation Potential BreakoutTinplate Company of India Ltd
NSE: TINPLATE
Forming a reversal rectangle with a massive bigger base of 14 months; a surge in volume on 17Jul23 with higher delivery qty and further consolidation at breakout zone is indicating a potential breakout sooner.
View invalid level 300
GATEWAY 30 Months Consolidation Potential BreakoutGateway Distriparks Ltd
NSE: GATEWAY
After a 363% UpSwing GATEWAY forming a 30Months+ Range consolidation at higher levels, forming a potential breakout.
Recent upmove from 27May23 to 05Jun23 confluences with bigger volumes and even it holding the price at higher levels for more than 45 days.
Expecting a bigger breakout around in GATEWAY sooner.
18 months Consolidation of SHAREINDIA ChartShare India Securities Ltd
NSE: SHAREINDIA
SHAREINDIA Formed a massive 18 Months of Bullish Flag Pattern at ATH.
Recent sharp down move on 03JUL23 is not aligning with the pattern formation. Once the candle high is taken out. Clears the path.
candle high has to be taken out with volume.
Entry above 1320
Stop Swing low once breakout confirms
Invalid level 1000
Target 1700
AMIORG Rectanlge Breakout with Low Vol PullbackAMI Organics Ltd
NSE: AMIORG
On 15 May 2023 AMIORG gave a Rectangle Breakout after multiple retests with a massive breakout volume.
After a small follo-through; a sharp downmove with low volume retesting the rectanlge pattern.
Likely to consolidate near the pullback zone; and move above 1300 to fly higher.
Strong close above 1300 confluences the pattern with 1100 stop and target of 1450 can move higher if trend sustains above 1300.
UNICHEMLAB VCP Pattern - Weekly chartUnichem Laboratories Ltd
NSE: UNICHEMLAB
A long VCP pattern is about to play in UNICHEMLAB.
Prior Breakout gave a sharp sell off which was absorbed and gave a decent immediate upmove with high volumes.
Contraction at the juncture; a strong close above 400 is a good buy with 270 as Stop and 680 as target.
SUVENPHAR CnH Pattern with Buildup - about to BreakoutSuven Pharmaceuticals Ltd (NSE: SUVENPHAR)
Formed CnH Pattern with 200+ Days of pattern formation with buildup of time correction at the breakout level.
Volumes dried up at the buildup, signaling potential breakout sooner.
A strong close above 495 with raise in volume confirms pattern breakout.
480 as a minor stop and 465 as pattern invalid level.
Target 600+
Bitcoin -> Consolidation Breakout!?Hello Traders and Investors ,
my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of Bitcoin 💪
A couple of months ago Bitcoin perfectly retested and already rejected the previous cycle high from 2018 and also the 0.786 fibonacci level so the recent rally was quite expected.
Furthermore you can also see that weekly market structure is bullish with Bitcoin creating higher highs and higher lows so there is no reason why Bitcoin should actually reject the previous resistance zone once again towards the downside.
With Bitcoin once again retesting previous daily support we could see another rejection towards the upside but this is definitely a coinflip trade so I am now waiting for a clear range breakout and then I will look for a buy trading setup.
Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint 📈
Thank you for watching and I will see you tomorrow!
My previous analysis of this asset:
Sun Pharma has broken out of a Descending Rectangle pattern
RECTANGLE PATTERN -
Sun Pharma has just broken out a descending rectangle pattern on the daily chart which had been forming since the beginning of the year
SUPPORT-RESISTANCE LINE -
After breaking out it has also tested the previous strong resistance trend line twice making it a strong support line now
SIMPLE MOVING AVERAGE -
It has also shown reversal confirmation from 50D, 100D & 200D SMA on daily chart which further strengthens the conviction of upside move
VOLUME -
It has also shown higher than average volume surge on the previous day
EXIT LEVELS -
TP - 1095.15
SL - 964.85
ALL THESE ABOVE POINTS INDICATE THAT SUN PHARMA IS POISED FOR NICE UPWARD MOVE
Dollar Index (DXY): Update & Time to Grow 💵
Update for Dollar Index.
As you know, at the beginning of the week, I shared a very bullish forecast for the Greenback.
After a strong bearish wave, the market started to consolidate within a horizontal range.
The resistance of the range was finally broken and we see a position bullish reaction
to that after its retest.
I expect growth now.
Goal - 100.73
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Testing the ceiling after 840 days, will it be released?The possibility of 450% growth for Link currency can be close.
The currency is about to try its luck to break this range once again as it nears its 840-day downtrend, a failure that would allow the currency to gain more than 400%.
But how likely is this possible?
Where is secure login?
What is the entry requirement?
What should be done now?