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Wedgepatterns

PXJ - bull or bear?Beauty is in the eye of the beholder they say... so it is with PXJ at the moment. I see an ascending wedge but also an ascending triangle. One is bearish while the other is bullish. Both are decently high-probability setups. Ok, so they're not drawn textbook style but there're reasons why I've ignored certain bars. So someone else could probably see something different too. I think playing the bullish card is the better option since the uptrend is still robust. Even if the ascending wedge pattern holds, I'm willing to bet that the breakdown will not reach the downside target implied by the wedge.
AMEX:PXJLong
by pete9564
BTCUSD Rising Wedge Pattern Formation 1hr Timeframe.BTC Appears to have fully formed a rising wedge on the current downtrend in the 1hr timeframe, and from knowledge of chart patterns ad price action, it is obvious that a rising wedge on a downtrend is a trend continuation pattern. This downtrend would be met with a previous zone of support at the 42,400 regions. This could lead to a bounce to the top side, following a trend to the topside before meeting resistance at a previous support level at 44,391. If this resistance fails to hold, we could witness higher highs.
BITSTAMP:BTCUSDShort
by Blaqkarho
GBPJPY - Looking for shorts Explanation: I'm expecting GBPJPY to sweep the highs grabbing liquidity to then see a further downside! Ain't looking for any sells right now until I see a BOS, Once this has happened I can then confirm sellers have stepped into the market and it's time to follow the move down. Will be looking for sells on the retest into a new Order Block / Area of supply ! Educational Tip: Rising Wedge A rising wedge is when price is squeezing upwards into a potential reversal area. As you can see the impulsive are getting smaller and so are the correction. Price is distributing order ready for the next move in the market !
Short
by Ryansanalysis
2
Bitcoin: Running Wedge coming up ??Possible Running Wedge, if so the target could be 70,000 for this summer There, we would be in the selling zone, if a break up above 70k is confirmed, a new bullish phase could start again, if instead the resistance (the high side of the wedge) is confirmed, the bearish target could be 40,000. It is interesting to note how the dotted trendlines perfectly respect trend breaks and rebounds, first on the upper side and then on the lower side ...... will it be possible to draw another one in the coming months? And guess the exact moment of bullish or bearish breakout? ETH is identical
COINBASE:BTCUSD
by dan68608
FTMUSDT wants to go higher?The price is testing the confluence zone on 1.4$ zone. as you can see on the upper chart, the price is testing the daily resistance after the breakout from the falling wedge on the lower chart, on 4h Timeframe, the price is creating a rising wedge after the flip of 1.3$ resistance as I said in my previous analysis How to approach? the price needs to invalidate the rising wedge (usually is an inverse pattern) and retest the upper trendline as new support. If and only IF the price is going to confirm the flip, we can apply our rules to open a new long position. The next valid resistance is 1.6$ where the market has 0.618 Fibonacci level resistance
FLong
by InkyGrip
2
UTKUSDT is creating a falling wedgeThe price is creating a falling wedge on the daily timeframe, and the market retested the daily support on the dynamic support and static on 0.17$ On the 4h timeframe, the price is creating an ascending channel and the market is trying to have a breakout from the daily resistance on 0.26$ How to approach? If the price is going to have a breakout and retest the previous resistance as new support, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
8
ROSEUSDT is going to create a falling wedge The price had a huge bearish impulse, bounced on the weekly support on 0.3$ and had a new breakout. The price retested the previous support as new resistance and the market went to test again the previous weekly support on 0.2$. Connecting the lows and the highs, the price is creating a falling wedge exactly on the weekly support. How to approach? We are monitoring the price, we could see a double bottom on the weekly support. IF the price is going to have a breakout from the falling wedge and 4h resistance, and turn the previous resistance into new support, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
LTCUSDT is creating a falling WedgeThe price bounced on the monthly support of 100$ after a false breakout from it. On the daily timeframe, the price is creating a falling wedge exactly on the monthly support. In 4h timeframe, the price is testing the resistance on 115 after a first breakout. How to approach? If the price is going to have a breakout from the 4h resistance and dynamic daily resistance and retest 120$ as new support, according to Plancton's rules we can look for a new long position. A breakout is not enough, you need a strategy ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
6
OCEANUSDT is creating a falling WedgeThe price got rejections from the descending dynamic resistance on the daily timeframe and bounced on the weekly static and dynamic support on 0.4$ On the daily timeframe the price is creating a falling wedge on the weekly support and now the price is trying to have ha breakout from the upper trendline and static resistance on 0.52$ On the 4h timeframe, the price is creating a rising wedge inside the main structure. The rising wedge is a bearish pattern, but, if the price is going to create a false breakout, we could see a breakout from the daily resistance. The setup is valid only after the daily breakout with retest and according with Plancton's rules –––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure.
OLong
by InkyGrip
12