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Rising Wedge

Not nowHi everyone, I mentioned last time that liquidity would be taken after showing 3 bars with rejection on a failed support. We are on a resistance that just turned out to be a support. Although, I think that we are going to fail it since we broke the trendline that used to form a rising wedge (a bearish pattern). So, we are going to reach the 6.5 level on DOTUSDT. Instead of shorting the market, I would usually trade the leveraged of this asset. (small secret) Another possible scenario that might happen, but is less likely, is that the price might bounce since it is facing a double confluence level, where it is meeting the 200 EMA and the strong support that we just talked about. Please comment if you have any questions, I will try my best to answer them. Thank you😊
Short
by yassin_khanji
BTC: BREAKS DOWN! LOOKS BAD HERE!!Hello everyone, if you like the idea, do not forget to support with a like and follow. Welcome to this BTC update. In my previous BTC update, I told you that BTC is at resistance and if it breaks the resistance then we see $30 soon but BTC is unable to break the resistance and got rejected badly. Now, BTC is not looking good in the daily time frame. It breaks down from the rising wedge-like structure in the daily time frame. RSI is also breaking its uptrend. The last two times when this happened we have seen a 30-35% drop in the price of BTC. BTC needs a daily close above $25k to invalidate this scenario else is ready for more drops. What do you guys think about this? Do you think that we again see a 30-35% downside move or do you think that this is a fakeout? Share your views in the comment section. If you like this idea then do support it with like and follow. Thank You!
Short
by CoreCrypto1
11
Analysis of bitcoin price pattern and targetThe rising wedge on $BTC is hard to ignore, therefore may appear as too easy of a play. That is suspect, but we must not overthink things. When we were ranging in June - July, I expected to at one point hit lower 17k zone. I didn't expect the rally, but am still of the opinion it is / was a bear market rally and not a turn-around of a bigger trend. So that 17k level remains - for me - on the charts. In that context, the rising wedge becomes interesting. If wedge plays out and drop is +/- equal to the 10 - 15 June drop, it'd take us to the levels I drew out in June, which is lower-end of 17k. Breakdown out of this wedge happened today and now we're hovering above the 4H 200EMA. I think we'll find some support there & maybe go up to find the bottom line of the wedge flipped to resistance. This activity could push us back to the 4H 200EMA EMA. Once we lose it for support, further breakdown is more likely, with targets set at a new low.
by mapav
3
Once again posting this scenario.I posted this analysis a while ago and someone told me I was smoking crack. But when looking at the entire way down from last ATH we can see there has not been one actual counter rally, as in a rally above recovery range after a harsh drop. All we are seeing is one bearflag after another and this leads me to believe this is actually playing out. In addition to the massive rising wedge there is the Fib Time Zone tool prediciting another year of downward pressure. This is also confirmed by the Ichimoku lagging span on the monthly, which is suprisingly accurate at marking the start of previous bullcycles after major corrections. I have drawn out the distance from the moment that the lagging span (the yellow line that 'lags' behind the chart, mimicking the form of the trend) touches the actual trend with the horizontal yellow lines. It accurately marked the start of the next bull cycle twice in the past and when overlaying it for future projection it aligns with both the Fib Time Zone 1.618 (full cycle complete) and the Ichimoku cloud rising steeply, indicating sharp upward momentum if respected.
BITSTAMP:BTCUSD
by Odalisque
Ethereum ETH - More upside is coming! | Elliott Wave | Channel People are calling for ETH to flip BTC, but this is really a serious thing. If BTC loses its #1 position, then it could be a catastrophic scenario and may cause a panic sell of BTC. Of course, this event will take down all coins. But I don't really see any reason for ETH to flip BTC. If you want to bet on it, then good luck, but the chances are really low in my opinion. But overall, Ethereum is still one of the strongest altcoins in the crypto market at this moment. I expect one more impulsive wave to the upside to complete the superior impulsive wave (as per my Elliott Wave count). Also on the daily chart, we have an ascending parallel channel with a very well respected upper trendline. There is absolutely no bearish divergence on the RSI indicator, so the uptrend is really strong and stable. Of course, there is a possibility that we will retest the parallellity of the channel from the downside. Look at my ideas about Bitcoin, alt season and BTC dominance in the related section down below. For more ideas, please hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
51
Bitcoin BTC - Explosive breakout soon! | Wedge | Elliott Wave Bitcoin is still struggling to do an impulse wave with a gap. The rising wedge is close to a breakout, but be aware of a possible fakeout first. On the daily/4h chart, we have a total of 9 waves, which is really great at this point, because this indicates a motive/impulsive structure. Generally, 5,9,13,17,21 are motive/impulsive structures. On the other hand, 3, 7, 11, 15, 19 = corrective structures. Please keep that in mind! So if we drop even lower from this point, to 20k, for example, then we can count this 9-wave structure as an impulsive wave and we can expect much more later. As per my Elliott Wave analysis, the next wave to the upside should be a massive impulse wave that all bulls want to see. The rising wedge also looks a little bit like an ascending triangle, which is, of course, a very bullish pattern. Next stop 32,500 USDT. We can also wipe out all stop losses at this level before a possible consolidation. I expect tremendous gains for selected altcoins. You can find them in the related section down below. For more ideas, please hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
74
🤖 #BTCLIVE - 15.08 - #IDEA 🤖 - Part 3🤖 #BTCLIVE - 15.08 - #IDEA 🤖 - Part 3 Hmmmmm....things are looking pretty bearish Alt Market Cap Currently in a bearish rising wedge, RSI is over stretched now and almost overbought and any further rise 75 and above will confirm a bearish divergence. Expecting a crash from here for Alts - money will flow out of alts and into primarily USDT and BETH* I feel the low caps are really going to feel the pain here. Additionally we are hitting the long term top of the descending channel as well as about to get smacked by the 200DEMA. USDT Dominance No surprise USDT Dominance is looking primed to breakout, there is a small chance capital can flow primarily into BTC although highly unlikely. Expecting USDT Dominance to pump. Currently in a long long term falling wedge - as money has been slowly buying positions in alts and BETH. We are additionally finding perfect support on the 200DEMA to bounce. BTC Dominance This is holding range well and at the lower end, expecting a large bounce here potentially to about 48% - given the other scenarios this makes perfect sense as capital will likely flow out of all crypto to USDT but out of BTC at a slower rate boosting the dominance quite fast. BTC Price Long term bullish but short term looking pretty bearish with the rising wedge, long term trendline resistance, 50DEMA resistance and the other scenarios painting a pretty bearish case. *My new short-hand for BTC & ETH, don't sue me
CRYPTOCAP:TOTAL2
by Kryptochristian
BTC/targeting $14.5k - Bearish - Raising Wedge (fibonacci)You propably have heared already about BTC dropping to price around $14.000, technicaly this is supposed to happen as Raising Wedge after "falling trend" predicts drop of a price once its gonna give up to one of the Fibonacci Retracement Level (0.618 or 0.5 or 0.382). Good option i could suggest would be observing Higher Highs and Higher Lows if they break and turn into Lower Highs and Lower Lows (that scenario would turn recent BULLISH trend on BTC to BEARISH ) Recently we have tested second - Fibonacci Retracement level (0.5) the next one is going to be (0.382) and then possible drop max drop range might reach down to $14500 Before going down to $14500 we are going to test $17500 ( strong support which stopped bearish mid term market ). Even though, with High enough market liquidity that trend could turn into something more positive, and i have little hope that recent HYPE PUMP on ETH will turn this scenario into LONG TERM BULLISH MARKET .
Short
by jambulah
Range Trading Meets Pattern TradingMany times I enter discussions where people tend to bash pattern trading... ...saying that pattern trading is not actionable, that "most reversal patterns fail while most continuation patterns succeed", that "most diagonal patterns fail while most horizontal patterns work", that you can't derive direction from them. My answer is always that direction is not derived from the pattern itself (that would be statistically based only), but instead is derived from both interior and exterior context. When searching for actionable setups, again, patterns and diagonals will mostly provide bias, signs such as exhaustion and trend shifts, while horizontal SR (Support & Resistance) levels will actually be the ones we'll be looking for actionable setups. Here's a quick example of a Rising Wedge divided in three constantly smaller ranges showing a slowing down of the trend, where we can start seeing exhaustion by the constant failed breakouts of HORIZONTAL levels, and where one can derive potential direction bias from the first DIAGONAL trend break... ...potentially expecting now a cascade effect from smaller ranges down to the larger ranges, providing larger and larger expansion gaps ultimately running the Rising Wedge pattern target.
INDEX:BTCUSDShort
by Masserra
1
[08/15] Beast Trading _ Today's Bitcoin Perspective Beast Trading _ Today's Bitcoin Perspective Bitcoin broke its previous high of 24.9k and reached 25k. After that, I thought it was going down quite steeply, but now it's rising strongly toward a new all-time high (25k). Today, from a big perspective, we will check the future direction of response, patterns, and important lines that have appeared. First, the downward trend line from 32k, which I mentioned before. (Blue trend line) It has been on the decline for a long time since 32k, and Bitcoin has recently risen and met with resistance to this line, but it seems to have been supported by penetrating it again. This is a relatively mid- to long-term downward trend, so it can be analyzed that it can be a little positive factor for the rise for the time being. The second is a purple parallel channel. I've also mentioned this countless times in the market, and both 20.7k and 22.7k, which began to rebound significantly, hit the bottom line of the parallel channel and began to shoot strongly. Through this, I think it can be interpreted as meaning that I will protect this channel without leaving it, which is also a positive factor for the rise. The third is a large wedge pattern. (Orange) The top line connecting the high points also fits perfectly, and the bottom line is clean. Breaking through the top of the wedge is likely to be accompanied by a strong rise, and breaking through the bottom line is likely to be accompanied by a strong fall. You have to check the top and bottom lines of this wedge pattern. Finally, a small wedge. (Red wedge pattern) This wedge pattern up and down seems like a pretty significant pattern, although it's not strong resistance and strong support. However, you've already crossed the top while writing your analysis. I think it's the result of empowering further increases.
by BeastTrading_Sehyun
3
Is it over? Hi everyone, Yesterday I analyzed BTCUSDT and talked about the reason that we are still bullish in the short and midterm. (link down below) Today, we are going to be analyzing ETHUSDT, and the chart looks clear and beautiful. Right now we just broke above previous resistance where we took off some liquidity that was sitting above the previous high, and we are at a really important level of resistance of a wedge that we are inside of it. We are in the narrower channel part of the wedge and the price is showing a loss of momentum and a rejection of that resistance. Even though on the H1 timeframe price is in a symmetrical triangle, which is a continuation pattern, I lean towards breaking to the downside. However a break to the upside is possible, and if does so, I will analyze tomorrow where it will go. Btw, DOGE is looking good if it closes above the resistance. Maybe take a look if you get to read this post right away. Please comment if you have any questions, I will try my best to answer them. Thank you😊
Short
by yassin_khanji
FTX FTT - Strong altcoin! Huge base + Elliott Wave FTT is a very reliable and strong altcoin that you can find on the crypto market, together with BNB. FTX exchange is growing really fast, and there is a lot of demand for the token. If you want reliable and stable gains, this is a great choice for the long term. We have a clear and very bullish structure (rectangle consolidation) and the bulls successfully defended the previous swing low. My Elliott wave analysis suggests that we have completed an ABC correction (ZigZag 5-3-5) and we are prepared for the next impulse wave from here! If we take a look at the volume indicator, we can see very low bearish pressure, so it's really good to see. Our profit target could be 0.618 FIB extension from Wave 1 -> Wave 2, but I think we can go higher. We need to wait for the price to develop. I expect tremendous gains for selected altcoins. You can find them in the related section down below. For more ideas, please hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
41
Ethereum ETH - Rising wedge is crashing! Drop to 1250 USD? Ethereum is unfortunately losing steam, according to my technical analysis. On the daily chart, the price is printing a clear rising wedge pattern that is currently breaking down! Ethereum has already made a massive 105% gain in 51 days, so I think the wedge is likely to break down rather than up. As per my Elliott Wave analysis, which is my main specialization - a major impulse wave has been completed and we are prepared for an ABC correction to the downside. Volume is generally lower during the 5th wave, and this is a textbook example here on the chart. If we take a look at the RSI indicator, we can spot a nice bearish divergence with a lower low swing on the indicator. The question is how deep the correction is going to be. We are retracing the first wave, so the correction is usually deeper. You can see 3 levels on the chart where I expect a bounce. For more ideas, please hit "Like" and "Follow"!
by UnknownUnicorn2537518
76
Bitcoin BTC - Explosive move soon! Next stop, 32 000 USDT! Bitcoin is absolutely prepared for an explosive move, with a high probability of success. As you can see on the chart, we have just finished a corrective structure (ABCDE ascending triangle) as wave 2 and now we can expect a massive third impulse wave to the upside! Triangles usually have a 3-3-3-3-3 structure as per Elliott Wave rules, and this is a textbook example pretty much. We have a first wave as a leading diagonal and I presume this makes sense from the time perspective. The next major resistance level is 32, 000 USDT, with some minor resistance for intraday pullbacks. The major EURUSD pair is breaking out bullishly, which favors Bitcoin because of the weak dollar. For more ideas, please hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
58