$3K DROP: WAVE V of (V) of ((a)) to target area 27558 - 27330!!!BITCOIN is going down in a corrective (X) wave of sub-millennium degree, and is being divided into waves ((a)),((b)), and ((c)). This WAVE 4 (divided into a WXYXZ correction and please notice the rising wedge) retraced almost 100% of WAVE 3, and now BITCOIN is about to DROP $3k again into a WAVE 5. BITCOIN is heading to a very significant PIVOT POINT which is the end of WAVE 5 of V of (V) of ((a)). Then is UP in a WAVE ((b)) of (X)!!!
Wedgepatterns
BTC/USD Monthly Chart - Volume POC AnalysisBTC/USD Volume Analysis - Bitstamp 1 month chart.
BTC is still in a massive Ichimoku Y-Wave Pattern, which is like a western Broadening Wedge Pattern.
BTC is also in a massive Ichimoku P-Wave Pattern, which is like a western Symmetrical Triangle or Pennant.
BTC is also in a massive Rising Wedge Pattern.
I have also added in various Support and Resistance lines on this chart as highlighted by the thin dotted straight white lines.
Here is a closer look at this Bitstamp monthly chart:
At the moment of typing this, BTC is still being hampered by its Key Resistance Area located with the dotted straight white lines with yellow shading.
Note that on the month of 1st Feb 2023, BTC broke out of its Falling Wedge Pattern and successfully re-tested it as support, 1st on the month staring 1st Feb 2023 and 2nd on the month starting 1st Mar 2023.
Looking at the Bollinger Bands we can see that the price is still under its Bollinger Bands Middle Band Basis 20 Period SMA on this month chart. Note that the Lower Band has started to curve back around straight.
I have added a few FRVP (Fixed Range Volume Profile) indicators to every group of 3 one month candles on this visible chart, you can clearly see the various Points of Control (POC) for all those 3x one month candles which are indicated by the straight white line on each 3 month FRVP indicators. Looking at the month starting 1st Feb 2021, we can see that our Point of Control (POC) for those 3x one month candles is located at our UPPER Resistance/Support line of our Key Area of Resistance. If we look at the month starting 1st May 2022, we can see that our Point of Control (POC) for those 3x one month candles is located at out LOWER Resistance/Support line of our Key Area of Resistance.
Looking at the Visible Range Volume Profile (VRVP), we can see where the Point of Control (POC) is for this charts Visible Range as highlighted by the Dashed straight white line.
Looking at the Volume on this Bitstamp 1 month chart, we can see that this month’s Volume Bar ended above its 20 Period Moving Average.
If we take a look at the Moving Average Convergence Divergence (MACD) we can see that the Red Histograms have consistently degreased in size since Sept 2022. The MACD Line (Blue Line) is indicating momentum is upwards and the MACD Line looks very likely to cross back ABOVE the Signal Line (Orange Line) on this monthly chart. If/when the MACD Line (Blue Line) crosses back above the Signal Line (Orange Line) it will create a new Green Histograms and a buy signal on this monthly chart for this indicator. When that happens it will be the first new Green Histogram since the month of 1st Dec 2021.
Looking at the Up/Down Volume Indicator for this Bitstamp chart, we can see the difference between the buyers and sellers as indicated by the Delta Line in the Volume Bars. Note that this useful indicator takes into account the whole Candle Wick so the full Open and Close price and not just the Body of the Candle.
If we take a look at the Average Directional Index (ADX DI) we can see that the Trend Strength hasn’t turned upwards yet with the ADX (Yellow Line) at 21.11 and note the DAX Line is still under its 9 Period EMA (White Line) which is at 26.34. Positive Momentum is sideways at the moment with the +DI (Green Line) at 22.05 and Negative Momentum is also sideways at the moment with the -DI (Red Line) at 19.06. A good sign to look out for on this indicator is when the ADX (Yellow Line) starts moving upwards and an eventually cross back ABOVE its 9 Period EMA (White Line) as well as an upwards trajectory for the +DI (Green Line) and a downwards trajectory for the -DI (Red Line) diverging apart form each other on this 1 month chart.
As stated in my previous BTC post, the Price needs to successfully CLOSE ABOVE its Key Resistance Area and turn that area into Strong Support. So it seems there might be very interesting times ahead for BTC and the whole Crypto market, especially if we get a Buy Signal on the MACD Indicator if/when the MACD Line (Blue Line) crossing back ABOVE the Signal Line (Orange Line) on this 1 month chart.
I hope this post is helpful.
NIFTY WAS DESTINED TO GO UPWARDS TODAY - 27/04/23
nifty had taken support twice from a very strong resistance zone formed since the last 2 days after the market opening today
nifty had formed an ascending wedge pattern since yesterday which was broken out later in the day and consequently nifty went upwards by the same amount as the width of the wedge
Wealth Unleashed: Wedge Pattern Power - Hidden Gem Revealed!Introduction:
Are you looking to skyrocket your trading profits? Look no further! Today, we will uncover the hidden gem of trading patterns: the Wedge Pattern. This powerful tool has the potential to transform your trading strategy and help you achieve financial success. Let's dive into the world of wedge patterns and explore how you can capitalize on their power.
What are Wedge Patterns?
Wedge patterns are popular among traders due to their high probability of forecasting trend reversals. These patterns appear when the price of an asset consolidates between converging support and resistance lines. There are two primary types of wedge patterns: the rising wedge and the falling wedge.
Rising Wedge:
In an upward trend, the rising wedge is considered a bearish pattern. It forms when the price consolidates between an upward-sloping support line and an upward-sloping resistance line that are converging. As the price approaches the apex of the wedge, the upward momentum weakens, signaling a potential trend reversal to the downside.
Falling Wedge:
Contrary to the rising wedge, the falling wedge is a bullish pattern. It appears in a downward trend when the price consolidates between a downward-sloping support line and a downward-sloping resistance line that are converging. As the price nears the apex of the wedge, the downward momentum loses strength, indicating a possible trend reversal to the upside.
Trading Strategies:
To capitalize on the power of wedge patterns, follow these steps:
✅Identify the pattern: Observe the chart for converging support and resistance lines to spot a rising or falling wedge pattern.
✅Confirmation: Wait for a breakout from the wedge pattern, either above the resistance line (for falling wedges) or below the support line (for rising wedges).
✅Entry point: Open a long position after a breakout above the resistance line in a falling wedge, or a short position after a breakout below the support line in a rising wedge.
✅Stop-loss and take-profit: Set your stop-loss order below the breakout level (for falling wedges) or above the breakout level (for rising wedges). Establish your take-profit target at a level that aligns with your risk-reward ratio and trading plan.
Conclusion:
The wedge pattern is a hidden gem that can potentially boost your trading profits when used correctly. By mastering the art of identifying and trading wedge patterns, you can strengthen your technical analysis skills and increase your chances of success in the market. Remember, no single tool guarantees success, so always use additional technical indicators and maintain a disciplined approach to risk management. Happy trading!
DXY potential moveDXY is having bearish trend in general while creating descending broadening wedge in 1H timeframe.
I am predicting two scenarios:
1. DXY will move upward temporarily to 102 and continue to go to 100.5
2. DXY will have reversal to break the resistance of the descending broadening wedge and continue to reach 104 (Fibonacci retracement 1.618)
NASDAQ TO CONTINUE BEING BULLISHGOOD day traders nex week i will be looking at NASDAQ, what i am expecting is the market to give us a pullback after hitting our TP1 hopefully the pullback will lead us to the to the third touch of our wegde pattern so that we can join the trend by executing our buy trades.
Bitcoin - Bullish Falling Wedge #Bitcoin 4hr #TA at #KuCoin
At Present #BTC moves as per #Bullish #FallingWedge Pattern to complete it's cycle around 31st March to 3rd April, if it follows pattern properly, then next target is going towards $30k, but if any news arrives in market then signals will be change fast as per market panic #FUD.
Trend breakout chance on goldWedge formation. Trade the breakout on the upper or lower line. I'm leaning more bearish, 1960 for a short sell. first TP at 1930. 2nd at 1900.
📉DXY returns to the wedge pattern?📈TVC:DXY
INDEX:DXY
TVC:DXY
⚡These two scenarios are expected to occur in the dollar index. A break or resistance of the 102.598 level is very important to determine the continuation of the trend.
Please share ideas and leave a comment,
let me know what's your idea.
CrazyS✌
NZDUSD, Potential Short to Double Bottom Price action has been moving within a falling wedge structure which as we know is a reversal structure in nature. We may get another leg down to a double bottom area before price climbs up as we can see a corrective movement after a strong impulse this past week.
I will wait to see if price is able to retest the upper boundary of the wedge structure to give a sell opportunity.
Thanks
Trade Safe
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Amazon Can Be Finishing A CorrectionAmazon is still in downtrend, but support can be near, as it can be finishing a potential ending diagonal (wedge) pattern within wave (C) of an (A)-(B)-(C) correction from the highs. We are tracking final stages of wave 5 of (C) that can ideally stop somewhere in the 80 - 70 area. Any earlier rally back to 130 level might be signal that bulls are already back in the game.
MKRUSDTHello dear friends
Due to the negative divergence of the RSI in the daily time frame, the possibility of completing the bullish wedge pattern at the end of the uptrend has been strengthened.
🔍 If the range of $719 is completely consumed, the possibility of reaction to the range of $806 will be strengthened and we can expect the continuation of the downward trend to the range of $605 and $536.
❗️❗️❗️ Note that if the $932 resistance range is completely consumed, the above view will expire.
We would be happy to hear your comments
NZDUSD, Bulls to take control from the weakness of DXY!NZDUSD has failed to push any lower as price was moving correctively In a falling wedge structure which we know in nature is considered a reversal pattern.
Price created a double bottom and impulsively broke upwards creating a bullish continuation.
Looking for more growth as DXY shows weakness.
Thanks
Trade Safe
NZDCHF 2H, Long Opportunity with Bullish Price ActionPrice action has been shaping up for another push upwards as we see price was moving correctively In a falling wedge structure which we know is a reversal structure in nature.
Price made a double double which impulsively broke upward forming a continuation correction which we should see further growth on NZD.
Find a entry that meets your trading plan.
Thanks
Trade Safe