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Wedgebreakout

USD/CAD - Out of the WedgeHi all. I am new & trying to self teach on analysis, etc., so any help/advice would be much appreciated! My analysis on this 1D chart for USD/CAD looks at the possibility of a break out of the descending wedge pattern we have been in since the first quarter of 2020. We have just seen a bull flag lead to a third tap on the resistance of the overall channel lines. I identify these two events as indicators of a break out of the descending wedge. I have accounted for an expected retrace to test the resistance line, which would turn to support, before properly impulsing bullishly. It is at this point of retrace where I would look to enter the position, with a stop loss of just below where the bull flag's support is. I also believe that this will be a large move, with plenty of opportunity to scale in - helping to maximise profits. Please let me know your thoughts. Any comments will be taken on board, as I try to learn further and progress from experienced traders.
Long
by RW21Trades
1
Bitcoin BTC Bullish falling wedge / head and shoulders pattern Hello traders, Here we see the 2 hour chart of Bitcoin and a confirmed head shoulders pattern. Target of the H-S formation is 37,000 usd. The neckline has already been retested as we saw already in my other charts. We also have higher volume in the right shoulder of the H-S formation which makes the pattern much more reliable. Interestingly, we now see the also the development of a bullish falling wedge . Target seems to me 42,000 usd ( the tip) if price continues the downtrend while the H-S formation has a target of 37,000 usd. These levels are also important horizontal key support levels which make it even more important! How can we capitalize on this development? All patterns can fail so always think one step ahead. New patterns are continuously formed and as a trader you best adapt to this. Specifically now we have 2 targets, 42.000 and 37.000 usd. If the price of Bitcoin breaks out of the falling wedge with good volume to the upside, the bearish scenario can be reversed. I don't expect it but the possibility always exists. So please keep this in mind. Please also keep a close eye on the falling wedge . If the price breaks through the lower trendline, we will probably see a parallel downward trend channel developing to the 37,000 usd level which is then the target of our H-S formation.
Short
by PegasusTechCharts
6
#CKB, #NervosNetwork Broke out of Wedge. Now what?A quick look at #NervosNetwork (#CKBUSDT, #Binance, 4HR): Price broke the upper resistance of the wedge pattern on April 11. However, since April 8, it's been going within a tight range between $0.029-$0.032 (reaching up to $0.035). It seem the , where it seems S1 is struggling to act as support. If it manages to hold and bounce off of that and break through the resistance at $0.032, we could see #CKB price move higher. If not, price may bounce its way down to the EMA200 (S2) or down at S3. What do you think? Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome. Thank you and Happy trading! ------------------------------------------------------ Needless to say, this is not financial advice!
by BitfulMind
#ETH, An update on #Ethereum after the breakout.A quick look at #Ethereum (#ETHUSDT, #Binance, 4HR): ETH has been in a wedge formation since March 20, and broke previous ATHs three times. Price has been in a tight range since April 2 and, on April 13, it broke out of the pattern. After reaching T1, it stopped at $2,548 (ATH). If S1 holds, ETH can try again to break the ATH and move higher. If S1 does not hold, price could retest the wedge or the lower resistance areas. What do you think? Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome. Thank you and Happy trading! ------------------------------------------------------ Needless to say, this is not financial advice!
by BitfulMind
#GRT, Can #TheGraph push higher?A quick look at #TheGraph (#GRTUSDT, #Binance, 4HR): Price broke the upper resistance of the wedge pattern on March 28. Since then, we managed to reach TP1, and now price is in this tight range between $2.15 and $1.90 (S1). If S1 holds as support, GRT can attempt once again to break R1 and resume its walk towards TP2. If S2 does not hold, price could find support at the well established S2 level. To read more about The Graph on CoinMarketCap, click here . What do you think? Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome. Thank you and Happy trading! ------------------------------------------------------ Needless to say, this is not financial advice!
by BitfulMind
4
#CHR, #Chromia after the Wedge?A quick look at #Chromia (#CHRUSDT, #Binance, 4HR): Price timidly broke the upper resistance of the wedge pattern on April 8, but it has also been trading within a range since March 16. CHR needs to break R1 before aiming to TP1. If rejected at R1, price should go back to the EMA200 or S1 and, if that does not hold, to S2. If you want to read more about Chromia on CoinMarketCap, click here . What do you think? Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome. But if you enjoy my chart, please like, comment or follow me. :) Thank you and Happy trading! ------------------------------------------------------ Needless to say, this is not financial advice!
Long
by BitfulMind
LTCBTC year long wedge breaks upwardsIt looks like LTCBTC has managed to break resistance of a wedge that has been forming since 2019 (blue dashed line zoomed in, see my previous posts for details about this resistance level). There is still a bit of resistance above the current ascending channel (dotted yellow line), but the target now looks to be a much longer "years-long" wedge that has been forming for quite a while. Due to the distance between these wedges, there is still quite a bit of potential for LTC to continue its push against its older sibling BTC over the next few months, so it definitely looks like a good trend to watch for anyone following LTC.
Long
by crypto_trends
UPDATE on the MOTHER OF ALL WEDGES (TESLA)What I'd like to see now: -The fill of the gap at 775 -A retrace to the broken consolidation area -The fill of the gap formed today at 700 Here is where I will add more shares to my Tesla position (trying to make Tesla 65% of my portfolio from 60%) -And then a continuation to A: break the wedge and go back to 800+. Or B: Consolidate between 720-780 range waiting for Q2-3 catalysts. What do you guys think? My portfolio was really happy with TSLA, PLTR and BTC today
NASDAQ:TSLALong
by Fed02
2
BURST about to go parabolic?Burstcoin (BURST) is a cryptocurrency based on a proof-of-space (PoS) algorithm, which uses a mining device’s available disk space instead of following other energy-intensive mining methodologies. It has been consolidating in a falling wedge over the span of 2 years and has just recently broken out to the upside. The average directional index (ADX) is greater than 25, indicating a strong trend. Furthermore, the commodity channel index is greater than 200 and rising, reaffirming the strength of this trend.
B
by otis_bagshots
1
$TRIP Bullish going into the new weekHere's $TRIP again, charts looking good and we havnt been at this support in a while. A wedging pattern formed and a breakout is imminent. ✅ Bullish Trendline with strong support levels ✅ Near the end of the wedge ✅ Red Flags = Relative Strength Index ( RSI ) divergence shown here A price entry can be made here ~0.30-0.32 and looking for confirmation(1) at $0.33. **Watch for another confirmation(2) above the strong resistance of 0.35 ________________________ Price Entry: <0.31 Price Target: 0.35 Profits: ~12% or Price Entry: <0.31 or at confirmation(1) Price Target (PT): > 0.38 Profits: ~ 20-30% **There are warrants for long holds. - Pocketfeeder
CSE:TRIPShort
by pocketfeeder