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BTC in rising channel - Start of Bulls?Hey guys. Check this out. There's a clear and obvious level of current resistance Bitcoin will have to break through before any proper Bull action will begin. That level is @ $10,400. We are currently ranging in a very strong upward channel right now, that's not to say the price will be consistently rising, but 2 steps forward and one step back still leaves BTC with a positive expected value! At least, until it hits that resistance. Once we start tickling that resistance level at 10.4k, which would likely be within a couple of weeks, one of two things will happen. An immediate and drastic decline down to to low-mid $9,000's, bouncing off support at that low level and forming a trend channel - or, (my personal favourite!) a break through at $10,400 rising all the way through to $12,000's! This would indicate the start of a Bull run, with ATH's being eaten up quickly after this! Get in there and Buy some BTC now, Hold it. Hold it some more. Sell when you can retire on it! :) Good Luck & Happy Trading! theCrypster
KRAKEN:BTCUSDLong
by theCrypster
8
Ominous Rising Wedge Suggests X=X 1,000 Point CollapseAccording to technical analysis theory the rising wedge points in the opposite direction to the breakout. In this hourly chart of the coronacrash we can clearly see the rising wedge pattern formation. This pattern also predicts that the length of the move into the wedge “X” is the same distance as the length of the break-out “X”. Therefore X = X. The downtrend into the wedge was a drop of 1,000 points, ergo the breakout will be a 1,000 point drop. Caveat. I have back-tested stock chart patterns and they are not 100% true, but in general, they are better than 60%. That’s not saying much. Mostly the direction will be set by the news, especially today with 2 big news items. 1. GDP Advance Announcement – Productivity in the Economy 2. GDP Spending – very important for the economy and sentiment, spending drives the economy I expect both of these to be bad numbers, but will it be the start of the resumption of the much-needed downturn in the market? Not necessarily. The “Trump Pump” will be in full effect I am sure with a new announcement of stimulus designed to boost spending and therefore save the stock market. It will be interesting to see if the technical analysis Rising Wedge is predictive in this case, or will ultimately fail because of government intervention. I believe the monetary policy is now to encourage healthy inflation above 2% and keep interest rates at close to zero for the next decade, to ensure the debt burden is reduced over time. As Ray Dalio calls it a “Beautiful Deleveraging”. An interesting day ahead, and be sure, the only thing that can save Trump’s re-election campaign is to ensure the stock market does not collapse, and he will do everything to save it. Stay safe and like and follow if you want more. Barry
SP:SPXShort
by liberatedstocktrader
38
Look for the big short!Hello everyone, BTC/USD weekly seems to form a rising wedge and we can clearly see that since we bottomed around $3700 which got a lot of demand, price kept going up slowly but volume kept decreasing on its way up. Also as long as long we remain in this long term descending channel i clearly do not see us going higher than around $8800. I think we could double top around that price level and I will remain overall bearish unless Bulls are able to break above that strong level of resistance. Let's wait and see!
BYBIT:BTCUSD.PShort
by ElDiablo0604
1
a breakdown from the smaller potential risingwedge here= $8506the rising wedge has 2 possibilities for its bottom trendline. the longer one in light blue would have a much steeper fall to it. The shorter one that's an even lighter blue almost white color would have a less steep breakdown target but if it broke down from that wedge on the current 1day candle the target would lineup perfectly with our horizontal support at 8504 as well as fill the CME futures gap that's still hanging out down there. Still a chance we could just continue higher too but probability favors this breakup from the rising wedge being a potential fakeout still. However in many parabolic bull runs in the past we've seen bitcoin defy probability and break upward out of several rising wedge patterns so that's still a possibility. I will await some sort of confirmation either way to play it safe. I could easily see us dipping below the 1 day 50ma briefly just before the golden cross to scare people into thinking the golden cross will be a fakeout but I think ultimately we will simply form a follow up higher low to the higher high we just achieved. We will see soon enough.
BITSTAMP:BTCUSD
by DrDovetail
2
ETHUSD rising wedge is forming, we are ready to jump in ! Hello everyone, nice rising wedge is forming in ETH/USDT chart. Since, as always, we trade "color options", our rules for entry are simple. We will enter our trade as soon as red candle closes bellow support line, but if price penetrates resistance, we will enter as soon as the first red candle forms. Worst case scenario: if I will lose on 4 candles in a row, I will take my losses and look for a new set-up. Best case scenario: If I will win on 4 candles in a row, I will gladly take my profits and look for a new opportunity. I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades. For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins)
Short
by Candle_Trader
1
bullflag target of 10480 confluence w/ risingwedge breakdwn trgtI love the symmetry of equal and opposite reactions and am a big fan of the newtonian physics because I see them play out all the time including in the charts...that's why I decided to place the projected breakdown target line at the same exact price as the projected breakout target to see if any confluence would appear and in doing so you can see the breakdown target lines up precisely at the super strong horizontal support line at 8504 we've been talking about since early 2019. This is the perfect zone for this to land on as it fills the gap on the cme futures chart as well as provides a perfect zone to bounce from. I wouldn't be surprised if I busted a fib retracement out on it it would probably line up well with either the 61.8 or the 32 key fulcrum lines. Anyways for now its still speculation that it will break down from the wedge at this exact spot but will be fun to see how close it gets to my projection. I think it will set a bear trap convincing people that the golden cross might turn into a fakeout then once its gathers enough shorts it will resume bullishness and liquidate them all. Just my guess not financial advice. Thanks for reading!
BITSTAMP:BTCUSD
by DrDovetail
Bitcoin possible rising wedge pattern.Hi people, as seen in my last chart i had a target from 9150-9500, i want to say that the current targets on this will be 9070-9500 . Bitcoin had a great move upwards and now we are facing the 200 daily EMA which is at 9070. As seen on the chart i believe bitcoin is in a rising wedge and it is a bearish pattern. the 4hr stochastic is currently holding the bullish control zone which makes me believe it can still move up to around 9070 and from there i will place trades as follow: 1. I will close my long position around 9k-9.1k 2. i will flip short when there is a selloff ( this will be when sellers step in around these levels) 3. i will hold this short with a tight stop loss and a low leverage ( probably 5x up to 10x) until it reaches around 8.2k 7,8k , as targets are not very clear for me on this. Also id like to say that i am not a bear and i want bitcoin to head into 10k but this is coming from a analyzing perspective. I hope this helps those who read this to see clear in this big storm of price action. I Wish You all Good Luck Trading!!!! <3
BITSTAMP:BTCUSD
by IMakeProfit