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Descending

ABC as easy as 123... Descending Triangle - ETH Short Potential I have been following ETH price movements for months, now, however, I am more actively trading and while I have only been active and published on trading view for nearly two weeks, I am very confident in this trade. Part of that confidence is from TA, some is from experience in the industry and the other bits are pure speculation and hopefully a little luck. One thing I've learned is that no matter how good your analysis is the market can stay irrational longer than you can stay solvent. In a few trades over the past couple weeks I have gotten washed going in early, this made me determined to be more patient and wait for the trend to become very clear before trying to get in on top of it. I've noticed that the more patient I am with entries the more success I've had in trades. More recently I was able to enter this trade at point B: This was a quick in and out trade for me between 223.50/ETH to 217.50/ETH, while only 2.68% at 25x leverage I netted a decent 66%+ gain on a 20 minute trade. Now we are in new territory. My earlier calls were mostly too early but I hit the Bear Flag Breakout pretty spot on, after my exit I haven't traded ETH until today's breakout. Unfortunately my most recent post, the bearish descending triangle; was too early. However, I didn't enter until today when all my alerts were triggered. Unfortunately I missed my alerts and the bulk of this trade, for now, I really think there is more room for ETH to decline. My original descending triangle analysis was based off of the 8hr chart and missed the timeline, again no trade was entered as I was waiting for a moment like today. My chart is now based off of a 1 day view, and the descending triangle pattern seems to have proven itself. As you can see at points "A" and "B" on both the descending triangle and the MACD, when ETH price crossed the lower bound of the pattern it also presented a solid MACD cross. From each of these points ETH declined for several days. Looking at our current position "C" we have broken the triangle bound and we are encroaching upon another MACD cross. It is for this reason I believe we could see a couple days worth of downward pressure if ETH does not recover promptly. That means that even though I, and maybe you, missed the bulk of this first drop, there is more to come. I am actively trading this right now. I have already opened and closed one position in the past hour or two. I entered a derivative position at 203.00 and exited at 197.50, the derivative is trading at somewhat of a large discount to ETH. This trade was in and out in under 10 minutes, I already missed most of the action, and while it was only a 2.71% gain, at 25x leverage I netted a decent 67%+ gain, almost identical to my other trade mentioned earlier. Currently ETH is near 206.00, and I have a position opened again at 201.00 and for reference the derivatives are trading near 201.80+ I think this will be a crucial moment for the longer term direction of ETH. Bulls need some real upward momentum here, otherwise I think bears will have a field day. Happy trading mates!
BITFINEX:ETHUSDShort
by Captainsmugglebutt
4
Bitcoin trying to form a bottom againAfter some time waiting for Bitcoin to eventually retest the 6k line of life level, it actually did not retest it yet. Bitcoin has formed local higher lows, and it is forming a particular Bottom. The situation is tricky : a rare form of bottoming process is beeing created around this 6k area, but this bottom is trapped inside a very important bearish descending triangle that gives a BTC T= around 3.000$. -Will the descending triangle overtake the bottom formation to create new lows? => scenario C -Will Bitcoin break through resistances like butter and go above 7.500$? => scenario A -Will Bitcoin progressively form a 6.900$ higher high, followed by a 7.500$ higher high? => scecnario B Nothing prevents you from purchasing some strong Alts and some Bitcoin right now for long term purposes, as Bitcoin is trying to form another bottom, squeezed inside the acute angle of the triangle, with a stop loss if Btc breaks below 6.000$. This long term trade could be interesting as there could be a lot of upside for Alt coins if Bitcoin is bottoming successfully. But again, remember that this situation is very tricky, as the descending triangle is huge and might destroy the bottoming process of Bitcoin for the nth time. This is a risky market, and Bitcoin could break below the 6k level.
BITFINEX:BTCUSD
by Giovi6969
8
Xrp could be entering its next bullrunI'm long on XRP and expect to make some big waves in the near future...here's a look at the weekly chart. If this is a valid descending triangle pattern it could very potential skyrocket. Not financial advice and no guarantees but if it does trigger this pattern the price target is not too far off the ath. I remain always slightly skeptical of patterns with this big of a breakout but would be overjoyed if it came to fruition. Can't wait to see how this develops. Of course a pump and dump is always a possibility as well so be prepared for that but with all the encouraging news about XRapid going live in a month or so I'm thinking we wont see much fo a dump.
Long
by DrDovetail
2
BTC appears to be forming a higher low on the 4hr chart.The target breakdown ended up being lightly shy of hitting its mark this time before turning around although I had anticipated a potential pump fake back up to the 4hr 50ma so thee's still a chance that this could be that pump fake. I am much more hopeful that we will simply achieve a higher low from here because if so, odds are very good that we can maintain price action above the weekly charts descending triangle pattern. This is the 3rd time we have had price action above that pattern and if we can maintain above it for 6 more days it will be the first time we've closed a follow up confirmation weekly candle above it without falling back into the triangle which would be extremely bullish. Knowing how we fell back into the triangle at the last minute the 2 times before I'm not gonna get my hopes up on that until the close is complete but with the apex of that triangle pattern at hand odds are much better now that we have broken above it for a 3rd time that this time we will close above. For now we will have to wait and see an also still have a gameplan prepared should it once again dip back into the triangle. The new potential higher low on the 4hr however is a very encouraging sign.
BITFINEX:BTCUSD
by DrDovetail
2
A dangerous descentThe price was able to overcome the next level without problems and continues to decline. At the current time the next level of support is the mark of 6.200. Given the fall in the value of the cryptocurrency, mining becomes less profitable and may soon become unprofitable. The only winners in the fall are traders. In case of falling volumes of mining, prices may again rush down. Since our technical indicators point for a sale, we believe that at the current moment it is worthwhile to take short positions and consider the point for fixing of the profit at the mark of 6.200.
BITFINEX:BTCUSDShort
by SuperForex
Amlook at the weekly chart.We can see last after being knocked down by the 50ma on the 1 week chart that last week's candle has closed back inside the descending triangle pattern invalidating the previous week's breakout...we also seem to have formed a nice handle for a 1 week chart cup and handle pattern however we don't want the handle to dip much lower than it already has or we will be less and less likely to trigger a cup and handle. Look for this week's candle to maintain the 1 day chart's 50ma as support. If it can then we should hopefully be able to break right back upwards out of the descending triangle pattern and hopefully maintain the breakout this next time. If we fall under the 1 day 50ma and it flips to resistance we could prolong our fall to 6.5k or even 6-6.1k but I'm trying to remain optimistic for now.
BITFINEX:BTCUSD
by DrDovetail
Bull's Vs. Bears all or nothing, FINAL EFFORT FOR BULL MARKETAs you guys can tell, I have been extremely excited lately, and watching bitcoin in good health and strength is really satisfying. Although you can make money at greater speed shorting, there is nothing that satisfies the spirit as a strong bull market. This is the last and the final battle for bitcoins longer term future right here, and its exciting. IF you have been following my channel, then you do understand that I have been talking about a double bottom and a descending triangle, well, I have taken a macro picture of the last 6-7 months, because right now is a good time for a macro picture, so we can understand what is happening and what could happen in bitcoin's future. In the off color blue circles, I have highlighted the points of the bottom, the purple trendlines are the trendlines of the descending triangle and the light blue trendline is the trendline of the symmetrical triangle that bitcoin fell out of. The red bars are a point of strong resistance and the red line is a point of strong resistance. Understand that supports do become resistance, and vice versa, currently bitcoin's price is under the previous support of the symmetrical triangle which is now resistance, in addition, it is also around a point that was its previous support and a good amount of trading had taken place there. In addition, the 100 day simple moving average will be converging on that position as well. So my point is there will be an extraordinary amount of resistance there. Generally speaking, a head and shoulder pattern has an 85% chance of hitting its price objective in addition to being a trend reversal pattern, so this will be a battle to be felt and seen. Key Points: 1.) A lot of different points of resistance are converging around the 7500 and the 8000 region. This includes the 100 Day MA, Symmetrical triangle both the resistance and the previous support. 2.) The Bulls look strong and they have a strong probability of hitting 7800-7900 and they have a determined trend reversal pattern. 3.) Rejection or significant penetration of 7900-8000 levels will determine whether we remain in the bear market or whether we enter a bull market. Trade smart, hedge risk, and make some money! Previous Analysis
COINBASE:BTCUSD
by CuddlyCuddles
SYSBTC descending wedge bounceThe market has a good potential to touch the upper edge of the falling wedge. After breaking out of the triangle further growth is expected. The price will touch the first target then it will roll back a little and will go up again. The price touched Fib 0.786 support level and is ready to bounce, indicators confirm it. Moreover the price is at the lower edge of the triangle and BB channel, if the price maintain this level there should be upward movement to the upper edge. If the price goes below our STOP LOSS mention in the signal (the daylight candle will be closed below this level), we recommend to close the position and open it again with the same amount once it consolidates (we will inform you about it). However probability of the negative scenario is low
Long
by Skyrexio
A possible completion of a descending triangle.Hi all! I believe we are watching the completion of a 6 months descending trianlge as seen in the graph. Breaking the bottom, horizontal trendline at 6k could open the road to ~4300 (0.786 fib level from 99 to 20K). On the other hand bounching back up at 6k would create an RSI reserval signal and if this would be followed by a breaking of the above descending trendline, could open the road to check 20k (longterm). Of course all these are just my thoughts. Trade wisely.
by Dreigon
2
GameStop falling wedge, LONG TERM HOLDGamestop seems to be among the most hated stock out there. It is tanked so low that is unbelievable. However, what is surprising is that the stock is trading far below its book value and it has a PE ratio of 4 which is also unbelievable. The reason was mostly because the company was not run in an optimal way. However, that is about to change. New CEO has just been appointed and things are going to become much better for the GAMESTOP. Plus we are just bouncing off the support line and when we break this wedge we can potentiallly go to 30 USD level without any problems. RSI on a month chart is saying that we are heavily oversold. In any case, make sure that this is a very long term trade. It will take a year or two but you will almost triple your money.
NYSE:GMELong
by nnxx
8
BITCOIN And The Road To 10,000 USD - THE Most likely Scenario!!Take a look at my Rocket, guys! Its on fire - D4rkEnergY has also been on FIRE lately! I have nailed every single Bitcoin-update lately - Every single day! D4 told you we would go up again after we went just below 8,000 USD! I told you exactly about 8,640 USD. I told you yesterday, that we had to take a detour! Boom. O.k., no more bragging. Back to business - And let's take a look at the 4h BTC/USD Chart! So far nothing has changed. We are still following my waves inside the descending wedge! - I'm still bearish - short term - before we will reach my target. As I see it - We need to go lower than 8,000 USD - 7,650 USD seems like an optimal reversal point - seen from a psychological point of view, and it also matches our Elliott Waves. We want more buyers and build up that bullish momentum to push us up to 10,000 USD! I know for many people out there it has not always been super fun out there lately with all the uncertainty with Bitcoin just below 10,000 USD. It has also affected the altcoin market a lot. Its always easier to navigate in a market we can identify as either bullish or bearish - and for quite a long time we have been in this annoying zone in between due to the 10k Key Level. I've said it for a while now - I think you very soon will see a new bull market, and the altcoin season might begin very soon. We are just below a Total Global Crypto Market Cap on 400 Bl USD! Be prepared - fill your alt bags, guys - The rocket will soon take off!! D4 Loves You <3 Please leave a like - it is indeed appreciated :)
BITFINEX:BTCUSD
by D4rkEnergY
351