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Consolidation

Signs of strength... Continuation?Checking in on LUNABTC. After the Bearish Divergence, price appears to have taken the more bullish consolidation path and is approaching Channel Support. There's no buy signal for me on the Daily chart, however, the 4-hour suggests a possible entry here. If you're holding LUNA, there's good reason to expect more upside as we might be starting a Wave 5. If you're looking for LUNA exposure, a *small* position here seems like a good gamble, however, these aren't the kinds of calls I like to make with the way I trade. Good luck. ---------------------------------------------------------------- These are my personal views and not financial advice. Please do your own research before investing. I'd love to hear your thoughts, ideas and feedback. Feel free to Comment and I'll try and get back to you quickly. If you appreciated this analysis, consider Liking or Following . Thanks!
LLong
by mercury_rising
BITCOIN Trapped In A RANGEBOUNDThe price of BITCOIN has been trapped in a well-established trading range between $45.5k and $52k for exactly one month now. The price of bitcoin is still in a state of consolidation and nothing has changed in general as the price moves inside the range. However, if the price breaks to either side of the boundary, traders can enter in the direction of a breakout or breakdown from the trading range. To confirm the move is valid, use other indicators, such as volume, bollinger bands etc along with price action. Let's go over the two key scenarios : - The first possibility involves a squeeze around the trading range's upper boundary ($52k-51k) and a breakout, which could present a strong buying opportunity. - A renewal of the key level of $42K is the second scenario where the wick gets filled. It might be an excellent selling opportunity if there is a breakdown of the trading range's lower boundary ($46k-45.4k). There's a high possibility that buy orders at $42k-40k zone gets filled from where the price may finally bounce back to the upside. Not a financial advice. Do not forget to DYOR. Feel free to share your thoughts on BTC in the comments below.
by Wolf_Of_Alt_Street
1
AVAX/USDT Consolidation -> Trend Continuation [Inverted Chart]Note: I avoid directional terms like "downside" or "upside" and instead use terms like "price growth", "trend continuation", "price decay" to avoid confusion when referencing the inverted chart. "Support" still means supportive of price growth and "resistance" still means resistance against price growth. Running through a scenario with the inverted AVAX/USDT chart with new ATHs in a trend continuation as the eventual conclusion. Local structure supports trend continuation, within the context of an ongoing consolidation. This is one of many potential consolidation patterns, why did I scenario cast this and not a wedge or something of that sort? Markets tend to pick patterns they "like" and repeat them over and over (fractals). The previous consolidation from Sept-Oct 2021 formed something of a pennant, thus I outline how a similar scenario could play out within the bounds of the downward slide we have been in since August. Note the VBP zones formed since we began forming the recent consolidation: 86-93 (surrounding .786 fib), 104-110 (between .618 and .50 fibs), 114-120 (surrounding .382 fib). How could this go wrong? If price action were to decay to the point where it broke out of the slide and the 86-93 volume zone became resistance rather than support, that would be a signal of trend decay. Coupled with technical structure and BTC price action at that point, a breakdown of current trend structure signals a much more prolonged consolidation to come (and potentially, bear market).
Long
by Derivati-Capital
ITW finally ready to move higher?Note: I've mentioned this stock a couple of times before but both times it pulled back to an expected level due to the market conditions at the time. * Excellent earnings * Very strong up trend * High 3-month relative strength of 2.61 in the Industrial sector * Breaking out of a ~9 month base with higher than average volume * Tried to break out a couple of times before but failed due to market conditions at the time * Now breaking out again with higher than average volume * The recent price action did make a double bottom and the price has confirmed a break of the double bottom as well. Trade Idea: * Now's a great time to enter as the price is just breaking out and is close to the broken level * If you're looking for a better entry you can look for a buying opportunity near the $242.52 area
NYSE:ITWLong
by HaseebKhan_90