Likely BTC trend for upcoming months!Descending right triangle is still in play. Recent Rising wedge gives increased odds that BTC will get rejected at 7,500/yellow trendline and retest 6k or go down lower.
Classicalcharting
Has BTC found THE bottom, or more pain ahead?Whenever you see a large sell-off and the price dropping without any meaningful retracements or relief rallies in between the drops, you can be almost certain there will be a sharp and fast move to the upside sooner or later.
The price has been moving in a falling wedge for a few days now. A falling wedge is a bullish reversal pattern and indicates exhaustion of sellers.
If you've followed my charts so far, you know I like to trade wedges due to their reliability (you can look at the ones I posted previously and how they played out).
Even better if the wedge forms on a larger timeframe such as 4h+ chart.
The wedge pattern currently formed has met the minimum required conditions (two touches to the support line, each with less volume than the previous one). Ideally three reactions on the support line increase the reliability (which means another small drop to make a lower low is not out of the cards, but not as likely at this point).
Notice also the black dotted lines next to the wedge . This is the downtrend channel which has contained the price between those two parallels for 8 weeks now. Breaking out of it will be a very good sign. Getting rejected at those lines will also be a very bad sign, since it woud indicate further drop and possibly making new lows.
If the price breaks out of the wedge , then the active targets are:
1. 6419
2. 6560 (conservative take-profit area)
3. 6617-6670 (main take-profit area)
4. 6799
IF the momentum is so strong that it manages to break 6800, then we're likely going to see 7000+. Still too early to call that at this point. But I've marked the resistance levels on the chart in case it gets there, so those can be used as targets.
We might see a pullback down to 6100-6000, area (should not close below 5950-5900 support zone , or else this move will turn into a fakeout and the momentum will lose its power).
Note also that the breakout of the wedge must happen before 7th of July (that's the latest, but ideally it should happen by the end of June), otherwise the wedge will fill and lose its power. If that happens, we won't be able to rely on the wedge anymore.
To answer the question in the title above:
It's too early to call THE bottom here. But it's most likely the bottom for now, and at least for the next days of price movement.
We will see more clues as we go. For now, let's see how this plays out.
Classical charting on CDT 15 minLearn it. Stop using indicators. People only use them to trick noobs into thinking TA is hard when its really very simple.
APH - Inverse Head and Shoulder PatternAPH forming a Inverse head and Shoulder pattern to continue the bullish trend of Canadian MJ sector.
#ZIL classical charting and trade plan#ZIL has respected classical charting patterns very nicely. Right now we see ZIL falling below an ascending line and is looking to find support. We have 3 minor supports drawn and 1 major. I doubt we fall below the second support but if we do I am prepared. Wait for a breakout of this downtrend line.
EURUSD - Head & Shoulders BottomSomething to keep an eye out for on the $EURUSD this week is the formation of this head & shoulders bottom pattern. A violation of the neckline line would offer a price projection to the 1.1850's & 1.1950"s level in my opinion.
Akil
Has anyone else noticed that the Ref's in the NBA finals are wearing Golden State Warrior uniforms
Ethereum setup - sell to rebuy lowerToday guys i bring you my setup for eteherum.
I think it will keep dropping and bounce at 500-520usd for a bulls relief and bears tp to continue dropping to the low 400's forming an eve hopefully.
stay safe.
#TRON TA based on only classical chartingClassical charting only on #TRXBTC . Sometimes its important to not get caught up on fancy indicators. Simple wedges, supports, and resistances can draw the picture perfectly. STUDY THIS
BTCUSD - Symmetrical TriangleI keep my plans simple. Chart patterns are my most reliable trading strategy. I consult the pattern first, then look at other indicators to see if they support my opinion of which direction it will breakout. In bitcoin's case, average volume is slowly decreasing. This is typical of patterns as price action narrows and consolidates. "The calm before the storm." Eventually, the market will decide a direction and breakout. Ideally, with large volume to confirm the move.
If the price goes down, I will place buy orders near the bottom of the symmetrical triangle. As price action develops, I will update this chart to show my buy target prices.
If the price goes up, I will buy when the upper boundary line is breached. My first target would be resistance at 11.7k.
Note: The blue arrows I plotted are just randomly placed along the boundary lines to show where I would buy. They are not where I think the price will touch.
WedgeWatchVolume looks encouraging today. If close above wedge today, long entry will be available when tomorrows candle starts trading above todays high.
Happy Trading
The 5th Elliott wave on the hourly chart of TRXAfter reaching the level of 0.00000314 the price has started a new bullish trend while crossing the FAST MA (EMA15), SLOW MA (EMA35) and HEAVY MA (EMA100). Also, the EMA15 is currently above EMA35.
Current bullish movement can be described with Elliott waves cycle, as the price has finined the 5th wave. 3 Elliott Wave reached the price of 0.00000458, after which a divergence was formed on the AO indicator of the 4th correctional wave, which reached 50% Fibo. The outcome of this can be stated about the end of the correctional wave and the transition to the 5th. The target zone for the fifth wave will be the level of 0.00000477 - 0.00000495
ADABTC - Long 4HR ChartADABTC - Long 4HR Chart - similar pattern formation.
Flat until the correction is over.
May drop a bit more.
Must see heavy volume increase before buy.
BitShares/BTC Binance 10% REALISTIC 30% Optimistic-Based on 'Classical Charting' we can see multiple possible trade opportunities. REALISTIC 10%+ Optimistic 30%
-We have also hit what I would consider the "the bottom" (around 50% retrace) So a possible 30% jump coming to the old support?
-I have placed a dotted line where we should have seen a bounce and where my first sell orderwill be placed.
-Does the extra retrace give the upcoming trend reversal more steem?----- (Bad Dan Larimer joke)
-Zoom in, Check out the trades and remember, we work in possibilities.... Multiple POSSIBLE trades upcoming.
-I have bought in and will continue to buy if I see a repeat of the previous 3 opportunities
(Jan 2nd, Jan 5th and Jan 10th.)
-It is now 8pm GMT, Jan 16. I expect to sell around 0.00003500 in 2 days maximum. I will then evaluate the position if I consider us moving towards 30%
-Not unlike BTC, we could see 3 bounces sideways before we know the future of BitShares. (More bounces, more trades.)
DGBUSD - Long - Descending Triangle Reversal DGBUSD Long Descending Triangle
More often a continuation pattern than a reversal, but potential for reversal.
DASHUSD - Long - Symmetrical TriangleDASHUSD - Long - Symmetrical Triangle
On break of symmetrical triangle, if pattern morphs, then plans will change.
Need to see volume action as well.
BTCUSD - Entering the Buy Zone BTCUSD - Entering the Buy Zone - This is an idea, a speculation on possibility. Not a projection.
Bitcoin could very well correct down further, we will need to see additional evidence for a buy.
Currently the case for a buy is 50% fib. Bitcoin has corrected 40% multiple times. It has bounced heavily off the 50 ema before.
The downside looks to be a head and shoulders and no reversal evidence has been proposed for a buy yet.
Volume is still heavily bearish, major pattern still playing out.
We are in a down trend/correction until further evidence.
