Wedgepatterns
ETH Wedge Pattern is formingETH Wedge Pattern — can signal either bullish or bearish price reversals
Bitcoin saved by 29k support yet again!Good Evening Traders,
I am back after TV banned me for a week. Apparently, I broke house rules by referencing a site I maintain outside of TV. Anyways, I had put out the following post to all my other SM sites this morning and it is still valid.
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I put out a potential short trade opportunity on BTC yesterday if we dropped below the 29k mark and confirmed on the 4hr. We dropped below 29k but we did NOT get confirmation! Therefore, no trades should have been executed. Now, the priority now shifts upwards. You can see resistance overhead with the 50 candle m.a. (now conquered), 30k resistance (now conquered), and the top of our adjusted triangle (adjusted due to recent price action). If we fail to break the upside of this triangle drawn on our 4hr chart, the priority shifts downwards once again. Watch closely. As always, almost all trades in the crypto space should hinge upon BTC price action and trajectory.
-Stewdam.us
More downside before upside.BTC at around $28,700 area right below what used to be a strong support level at $29,000. BTC has tried 3 times to go over $30k but it has failed to break substantially above it forming a wedge pattern. The 200ema is above the 50ema and below that the 20ema, signaling bearish momentum. The most likely scenario is that we go back down to that $27k area before we get another pump up to the $30k resisatance level and test once more.
Why is BTC down?
FED moniteray policy (intrest hikes)
Inflation
Terra (Luna) crash and UST depegging
I dont think we are going to test $25k for the moment because BTC was over sold when it hit that area due to multiple factors (mentioned above), more likely $27k is the first stop down, but if after hitting $27k we go up and get rejected at $30k again $25k becomes more likely.
Buying opportunity?
Yes. Extreme Fear rules the crypto space but if you have a little cash around it is a good time to get some BTC, I wouldnt spend all my money on t just incase there is more downside but anything under 30k right now is a good buy.
Save some cash!
Cash is King right now, its not only BTC that is down, all markets are down so be smart and invest wisely and keep some cash reserves.
Long btcusdtlot of people had lost money buying luna and investing in ust and wanted to recover their losses
This might be your last chance to buy bitcoin at the dip.
BTC had made a higher high and higher low,
This is a bullish formation given the potential of a wedge pattern.
Now , btc is doing a small abc correction before going up to the upper trendline of the wedge pattern.
This is very bullish.
Hence, btc should moon from here and target 100k.
Disclaimer - This analysis alone DOES NOT warrant a buy or sell trade immediately. Before you enter any trade in the financial market, it is very important that you have a proper trading plan and risk management approach
$SKYHSky Harbour Group Corporation, an aviation infrastructure development company, develops, leases, and manages general aviation hangars for business aircraft in the United States. The company is based in White Plains, New York.
$BRQSBorqs Technologies, Inc. provides Android-based smart connected devices and cloud service solutions in the United States, India, China, and internationally. The company offers commercial grade Android platform software and service solutions to address vertical market segment needs through the targeted BorqsWare software platform solutions. Its BorqsWare software platform consists of BorqsWare Client software that has been used in Android phones, tablets, watches, and various Internet-of-things devices; and BorqsWare Server software platform, which includes back-end server software that allows customers to develop their own mobile end-to-end services for their devices. The company primarily serves mobile chipset manufacturers, mobile device original equipment manufacturers, and mobile operators, as well as product solutions of mobile connected devices for enterprise and consumer applications. Borqs Technologies, Inc. was founded in 2007 and is headquartered in Kwun Tong, Hong Kong.
LUNA looking to break out of wedge within a wedgebig move coming here soon, one direction or another.
Weekly Bitcoin chartHere are a few of the things I am watching on the weekly TF. Of course, we need to see how the weekly closes, but those waiting for $20K may have been front-run. We need to see a breakout above ~32000 and then ~38000. Further downside may see targets of 22K and then 20K.
Bitcoin, maybe there is hope...?The falling price of Bitcoin is very scary, I know. But taking a look at the charts and zooming out, there could be some hope though. A falling wedge might be on the horizon and an oversold RSI might indicate that a rebounce can occur.
Take note that this wick down also bounced of a CME gap that was there for months.
Now there is a CME gap above us.
Now I am quitting with the hopium...
💡Don't miss the great Sell opportunity in AUDJPYHi dears
The chart appears to be moving in a flag-like descending pattern. Just like the NZDJPY chart I analyzed, the AUDJPY chart will continue to fall in the coming days. Whenever the dotted line is broken, this drop becomes stronger. Be sure to look for sales in low time frames.
For daily confirmation, see the daily chart below
🙏If you have an idea that helps me provide a better analysis, I will be happy to write in the comments🙏
❤️Please, support this idea with a like and comment!❤️
USO: Bullish Wedge UpdateNothing has really changed fundamentally in crude oil; the technical picture has been updated to a wedge to reflect the recent price action. Trade remains constructive. Buying the bottom of the range and collecting positive carry. Demand for end products remains high and will be supportive.
Prior thesis:
I think structurally (fundamentally) crude oil needs another 25% leg up anyway to be fairly priced (assuming conflict remains but doesn't escalate, and producers don't go back online). 1) The short term news of 1 million released daily from the SPR is nothing (versus the 20 million we consume daily). 2) We are also entering spring /summer/fall where oil is more heavily consumed; on top of an end of COVID lock downs (doesn't seem like we will be doing that anymore even in blue states). 3) With high inflation (houses and physical goods) I can see consumer preferences change from stuff to experiences, ie traveling. Even oil is relatively high to its spot price, inflation adjusted its significantly lower than its last peak - there is probably another spike left to go up.
I think the risk-reward is worth it to buy at the bottom of this channel before we continue heading higher to at least PT of ~96. A position is merited here to be added on the upward breakout if supported by a strong volume bar. I think the downside argument could be made that instead of a pennant this is a longer-term (beginning of) distribution pattern, evident by a selling climax. However, if that's the case USO will have some support by the current positive carry of crude oil giving some positive return (or cushion to ~3-4% monthly) while consolidating in the range. If discovered there is a longer term distribution pattern on the way - I can probably exit at flat.
GRTUSDT Ready for the breakout?The price is testing the demand zone on 0.26$ below the monthly support on 0.29$.
On the daily timeframe the price is creating a descending channel, and now the price is creating a falling wedge inside it.
How to approach it?
We need to wait the clear breakout from the supply zone at 0.35, where the market has the dynamic and static resistance.
IF the price is going to have a breakout According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
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Follow the Shrimp 🦐
SOLANABull flag on weekly, but I have my doubts this breaks out unless entire crypto market pivots. Could be merely a technical bounce here both on previous top from last May + bottom of weekly descending wedge. There's decent r/r on a bounce attempt for $100 which is a psychological level as well as where there was indecision (doji) 3 weeks ago.
Scenarios I see from here...
(a) Short term bounce back towards $100 + attempt at breaking wedge
(b) Wedge breakout + $140 test
(c) Chop + markets get bloodier over the next 2-3 weeks and we get some acceleration to the downside, in which we could get some serious capitulation where I'd be a buyer around $20-30 if it hits (flexibile with this)
(d) More blood ASAP, free fall
I think the most likely scenario is to be (c) but there could definitely be a short-lived bull rally, which I would not personally trust continues higher, rather fades and tests the lows here again. I have no position, and am open to any possibility. Just mapping out my thoughts and breakdown here.
BTCUSD/SPX - WHICH PATTERN WILL COMMENCE?On logarithmic scale.
Before we had a clear bullish flag, pennant etc.
It seems like we either bounce here or fall into a falling wedge pattern until start 2023.
BNB- A breakout might be in orderHello everyone
We all witnessed the weak bear market in the last couple of days,now we may get close to the end of this bear trend.The clues are , less selling pressure in the market and higher lows in the daily chart on BNBUSDT.
A wedge structure can be seen on daily chart and we had a rejection from 375$ four days ago,plus we can see the market starting to have higher lows and the red bars of past two days had shadows almost as long as there bodies.These all shows a possible reversal pattern, which needs a conformation.Price breakout of the bear trend line is what we need to make sure of a reversal or a weak bull trend.
For now, the support lines are, the weekly trend line , support level 375$ and resistance levels are, the bear trend line and 390$ level( it's broken but without conformation)
AirBnB breakout in the worksHello Friends!
AirBnB had a great earnings report and seems to be leading the way in travel. There might be a good trade in the works to break to the upside (wedge breakout) to it’s 1st resistance of $174.52. If it can hold above that level, I think it might have some steam to go after $189.41 and $204.96.
These days good news can flip to bad news overnight, trade with caution.
As always thanks for your follows, likes, and comments. Let’s learn and grow together. Cheers!
*This information and publication is not meant to be, and do not constitute, financial, investment, trading, or other types of advice. Do your own research.
Ethereum - Wedge pattern to a bull market hello everyone
We may get to see better market in the next couple of days for Ethereum,but that does not mean that we have to look for tops and bottoms of the markets. Staying and trading in the market context, IS our best chance to make money.
Resistance level of 2800$ seems to have some effect on today's market but we have support level of 2725$ and our weekly trend line down below; Our support level and the TL may hold the price in the current channel but have this in mind, we have a wedge pattern on daily chart and the market is giving us higher lows, so a reversal condition is in order.
If we see lower prices here the bear market will continues , and If the wedge pattern works well we will witness a break out in the next couple of days.
POUND- Bear structure, bear context .Hello everyone
In the past week we witnessed a steep bear market structure bringing us to channel that we have last been on July of 2020.In this situation we may get to see the price lose the sharp and steep momentum's of the last week for GBPUSD.
In addition to what we have seen so far , we may get lower prices for GBP. With the support level of 1.25$ and resistance level of 1.26$ ,as a channel on daily ,we may have the price stays in this channel for a while ( on the good side).If you see the full part of the glass, we may even see the price reaches down to 1.2$ by the end of the month or the end of the next week.
For those of you who want to buy here:
You have seen a pinbar( 3 bar pattern) on daily, but the context is not in your favor.
BITCOIN -Wedge,A release from weak bearHello everyone
After over a week in a weak bear trend, now we can hope for this wedge pattern to have a breakout to upper channel for BTCUSDT. Because of the doji bar of yesterday and lack of info of today it does not seems like a good time to analyze BTC, but since we have a good context and we are close to our weekly trend line it seems fine.
We have support levels of 38000$ and 36000$ down below ,plus the weekly trend line, and for the resistance levels we have 39500$ & 41200$ up ahead.Since we can see long shadows for the past 4 bars in 4 hours chart, we will witness the price reaches our support level of 38000$ and then we may have the price bounces of.
For now, scalping is my plan,until I have a signal bar that I can rely on.
cadjpy is short in 1h timeframe,i think cad dont have power now to go higher and in chart i see pattern,
Stop the panic, BTC is becoming less susceptible to stocks!I have seen so much news and discussion for the past month that the falling market will have dire consequences for crypto. And although that is possible, I just wanted to call out that ever since the market declines in late December of 2021, Bitcoin has been showing divergence from the typical indexes.
The following charts are of two common examples of how over the past year, the NASDAQ and S&P 500 indexes have been forming a wedge pattern against the price of bitcoin. However, as indexes began to decline in late 2021, and as prices of stocks continue to fall due to Fed pressure and global conditions, the price of BTC has been showing divergence (white lines on RSI and MACD) and bouncing off of a wedge pattern (bullish pennant?) whereby there is still a good possibility for a continuation upward out of the wedge.
That being said, there is always the possibility of a break downward out of the bottom of the wedge, particularly if any catastrophic drops were to occur, but I just want to point out that the doom and gloom of market indexes does not have to spell doom and gloom for crypto as well.
And of course, this is solely my opinion and is not meant as financial advice, but please like or comment if you agree or have any further thoughts!
