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Descending Triangle

Meta next level of support and its future metaverse prospectsCEO Mark Zuckerberg is so committed to shifting the company to the metaverse that he changed the company name to it. This in my opinion is a great play. Anytime anyone in the future mentions metaverse they will immediately link the company Meta to the conversation. Enabling Meta’s future as a metaverse centre. Meta’s Oculus and Horizon virtual reality subsidiaries will likely play a very large role in the metaverse. I suspect Facebooks ad strategy will also play a large role in pushing for advertising revenues streams in the metaverse. This will enable Meta to attract loads of companies who would like to advertise in the metaverse. Zuckerberg has already announced an initial investment of $10 billion into metaverse development. There will be many struggles for Meta in the future and this is a risky play by Zuckerberg. However, I do believe it will pay off significantly. Considering Meta’s stock has recently fallen by almost 30%. This is a very good opportunity to buy. The two orange lines represent the all-time low and high. The blue line extended to the right is the bottom trendline for the descending triangle. That chart pattern has already broken out in a very successful manner, however the trendlines still can be used for future support and resistance. I have split up the support regions for the stock into three levels. The first is the blue support line which has been broken. The second is the 200 moving average which has also been broken, however, the price may linger around here for a while so keep an eye out for that. The third last support level is the Fibonacci retracement 0.5 level. That lower level sits at around $200. It extends upwards to $245. The lower level of this 0.5 retracement does also provide past resistance and support so I would see it as a very key support level. However, I do not see the stock falling to that level. So, I see the stock remaining in a sideways movement between $200 -$245 for the next couple of weeks to months. After, I see the stock going above the $245 level by the end of the next year hopefully reaching the near of all-time high. However, watch out for any news on Meta and privacy laws. If there is another issue with Meta and privacy this could hinder its growth and so the bull movement could be restricted.
NASDAQ:METALong
by BlackbearTrader
ADA/USDHere is a closer look at this ADA 1 day Binance chart. As you can see, ADA is in a massive Descending Triangle Pattern. A Descending Triangle Pattern is potentially a Bearish Continuation Pattern. Note that ADA is still ABOVE its Longterm Pitchfork Median Line on this 1 day timeframe. ADA is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 day timeframe. Note that the Upper and Lower Bands are starting to contract and pinch inwards. At the moment ADA is above its Least Squares Moving Average (LSMA) on this 1 day timeframe. Volume is still low on this Binance daily chart and note that the last 13x daily Volume Bars have been below its Volume 20 Period Moving Average. At the moment ADA is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 12x daily candles that i have selected. If we zoom in on the chart, at the moment ADA is below its Volume Profile Visible Range (VPVR POC) for this charts visible range. If we look at the Average Directional Index (ADX DI) we can see that the Trend Strength is very weak with the ADX (Orange Line) at 16.185 and dropping below the 20 Threshold and under its 9 Period EMA (Black Line) which is at 18.559. Positive Momentum has increased with the +DI (Green Line) dropping slightly to 21.931. Negative Momentum has decreased with the -DI (Red Line) dropping to 20.268. We need the +DI (Green line) to stay above the -DI (Red Line) and move further apart. Taking a quick look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is indicating momentum is upwards at the moment and it is still above its Signal Line (Orange Line) but note that the MACD Line (Blue Line) is still under the 0.0 Base Line in the Negative Zone. Note that the MACD Line (Blue Line) has not been above the 0.0 Base Line in the Positive Zone since 20th Jan 2022 on this 1 day timeframe. Taking a quick look at the Relative Strength Index (RSI) we can see that momentum is downwards art the moment and note that the RSI (Purple Line) is still above its 9 Period EMA (Orange Line) but because momentum is downwards we need to keep an eye on the RSI (Purple Line) the close it gets to its 9 Period EMA (Orange Line). At the moment i still think it's Sideways at best or Downwards at worst for ADA. For any longterm recovery to become sustainable for ADA, we need ADA to make a higher high and CLOSE a daily candle ABOVE the $1.63 blue highlighted area. I hope this is helpful with your trading and hodl-ing.
BINANCE:ADAUSD
by TradingThroughTheLens
4
BTC descending triangle on 15minLooking into the formations and movement at the top of the range for BTC there is a definite horizontal bottom formed and a descending trend line moving lower. Still within the trading range set by the last move up so although this is beginning to compress there's no clear direction yet. Descending triangle patterns tend to break down though and the low volume currently would indicate weakness in the market. But hey its a Sunday so maybe everyone is out.
Short
by redfez
Bitcoin Technical Analysis When Bitcoin price was getting closer to the major resistance area (39500 - 41K) we already warned you 3 times that sell-off pressure could spike which can cause further price dump. Soon after our warning, BTC started to dump and fall in price, it has first broken out from the Bearish Flag pattern it created on the daily timeframe and moved downward toward the first local support area (37500), we already warned you that BTC created another Bearish Pattern (namely Bearish Rising Wedge on lower time frame) and will eventually dump even further. Soon after our second warning, BTC started to break downward from that Bearish Rising Wedge after creating a fake breakout pattern which we knew already that would most probably that will be a fakeout as we plotted on the chart), and then BTC price broken and fell below 37500 (the local support line) and moved toward the next support (36800). At this point BTC faced some buying pressure and demand. It also created a descending triangle pattern (although some might see it as a symmetrical triangle, but as you can see the buying pressure were decreasing with time until it created a descending triangle as we plotted on the chart). Since this descending triangle has a 50% chance to push the price even further down, as you can notice, we placed a question mark on the Fake Breakout text label, as we are not sure which side (bulls or bears, buyer or sellers) can win the battle and also plotted the volume profile on the triangle to indicate the buying or selling volume will determine the next Bitcoin price movement from hereon. And, we need to watch and monitor the bold green line (indicating the local support line at around 36800) to see whether bulls can defend that support line to protect BTC from further damp down the line. We hope this technical analysis can help you see the picture and understand the current situation better. Kind Regards Dr. Bestoon Jaff Chief Technical Officer (CTO) Blockchain Center Sulaimaniah city
by jaffcoins
BINANCE COIN EASY + PROFITABLE SETUP.So, what you all actually see is a Descending Triangle Pattern formed in Binance Coin. A descending triangle is a part of the 3 famous triangle patterns, namely:- Ascending, Descending, Symmetrical. All these patterns are some way or another part of Price Action Trading. In this case the upper trend line indicates lower highs and the bottom line indicates equal lows(~). And eventually, price breaks the pattern and a Bearish Breakdown occurs.(Keeping in mind that the break may vary in the other two patterns). After the price took a little support, it went back up and retested the previous support which is generally when most of the traders prefer to enter and make a position, as it's the safest entry possible in the given circumstances. With that being said... Happy Trading !!!
BINANCE:BNBUSDShort
by Fobstar
Dogecoin Long (Daily Chart Pattern)Daily Chart Descending Triangle Pattern: -First Breakout was on Jan 10th -Retest of support line was successful -> (Jan 22nd- Jan 25th) Multiple levels of resistance must be broken, First Major Area of Resistance: - Between $0.198 and $0.275 Next Major Area of Resistance: - Between $0.35 and $0.43 Strong Support Area (as of Jan 26): - Between $0.095 and $0.16 Price Target #1: around $0.55 Price Target #2: Between $0.69 and $0.80 Previous All Time High: $0.74
Long
by NicoDaCheeko
Albemarle (ALB) Is Currently At 205; Wait For Retracement At 215Last week I suggested shorting Albemarle (ALB) if it pushed through the many levels of support and closed below 215 in price. Technical analysis in the form of chart patterns like descending triangles, double tops, multiple downward spikes, an increase in volume on the uptrend, and the Fibonacci retracement along with a close below a long-term upward trendline suggested that it was poised to fall. We couldn’t for sure confirm that it was in a downtrend because it had not yet been established with the 1-2-3 method. There was also a large head and shoulders pattern that was not confirmed. However, closing at 211 (price) on the 24th of January confirmed this pattern. Your profits would have been massive if you had jumped in short 215 as I suggested and placed a tight stop just above one of my resistance levels (between 216 and 219). A bailout when the price reached its floor of 196, anything between 4.5 and a 9 to 1. Take into consideration that all the confluence pointed to a massive drop, and in these situations, I like to keep my stop-loss tight to maximize profit-taking. It is risky, and there is a chance you may get stopped out, but that occurs with every trade. I was spot on in this scenario, and a 9 to 1 win is a pretty sweet deal. Now, if you missed the trade and are kicking yourself (and you should be), don’t worry because the retracement is in progress. Using the Fibonacci retracement again, we can see that the 38% level is at 215, exactly right up against all those resistance (former support levels) levels. It is highly unlikely that Albemarle (ALB) is going to recover from this price drop in the next couple of days. We can now be on the lookout for a symmetrical triangle (created by the new low at 196) and a possible channel establishing the downtrend further. If you are brave enough, you can put in a limit at 215 and place your stop-loss at 216. If prices drops to 196, your profits will be 19 to 1. Remember that besides having all the resistance at 215, 215 is a round number where many traders are possibly holding their position. This means that price will most likely find it difficult to move higher. This also means that the price may not hit 215 because of the number of traders who have shorted there, so it's better to get in at 214. A healthier (and smarter) trade would be to put your limit in at the Fibonacci retracement level of 38% (price 215) and put your stop-loss above the 50% Fibonacci level (price 221). This will give you ample stoppage room and space for the trade to breathe when it attempts to retrace to its highs. This will prove difficult because of all the resistance in its way, though. Take into consideration that price may push to the Fibonacci 50% or 62% levels because of the channel forming before the drop continues.
CAPITALCOM:ALBShort
by DevlonJarrodHorne
Cardano ADAUSDT - Entered bearish territory + Head and Shoulders- Cardano is not looking good at this moment. - We have the lowest new weekly candle with low at 0.917, which is the lowest value since 22 February 2021. - Head and Shoulders pattern just broke down with strong momentum! - Also the impulse Elliott Wave finished with 5 waves successfuly. - The price is below the main trendline established in March 2020. - Next support is 0.39 USD, which is another drop about 63%.
Short
by UnknownUnicorn2537518
4
Massive Move Incoming for Altcoins!Hello traders, The Bitcoin Dominance has been on a large downtrend for years and is looking like it will continue. It is currently in a descending pattern (Lower highs and equal lows.) The current dominance comfortably sits at 39.83%, while the target out of this downtrend is 29-30%. This may look bearish for Bitcoin but this may be a sign that Altcoins may surge! 9% loss in Bitcoin Dominance is $180B USD. More currently we have received a weekly close below the important support level, unfortunately, this reveals BTC may go lower possibly dragging down other coins. One last thing, the MACD of the Weekly BTC.D is foreshadowing a divergence to the bearish side. Safe trading, -Pulkanator
CRYPTOCAP:BTC.DShort
by Pulkanatir