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Descending Triangle

ADAUSD Pushed Out of Channel Important things to note: BTC has reached oversold levels on the 1D, RSI making its way up. BTC looks to have formed a diamond bottom, this can break and just be continuation of falling wedge. BTC liquidations tomorrow. ALTS are on sale. Everything is oversold, or near oversold and in bullish patterns. Some alts have already broken out, others close, some still hit my target despite pullback (ILVUSDT). ADA has found a strong support that seems to keep the buying going. This has created a descending triangle which can be a reversal pattern. FOMC meeting is behind us with news already priced into market. There should still be end of the year harvesting going on so there still might be sell pressure. Holidays are upon us, which means very low trading volume, which means price can easily be pushed. Best case scenario BTC makes its way up to 53 before the holidays, so sentiment is bullish during low vol. Medium case scenario, we go sideways, range bound throughout the holidays. Worst case scenario, we retest 42 going into the holidays. Important dates to note: Evergrande payments (largest payment of 2.1B due March 23, 2022). Hey everybody! I have used this opportunity to rebalance my portfolio because I have been doing quite a bit of buying. I am at about 20% cash right now just in case. I have entered assets that I missed previously and doubling down on assets that I hold which at now at an extreme discount. This has been very generous to the alt market. You should be very happy about this, unless you just prefer buying tops I suppose. So BTC has reached oversold RSI levels on the 1D and is coming back from the bearish divergence which pushed it down. The BTC price has formed a falling wedge, however I can see it becoming a diamond bottom, either way that looks pretty good. Options liquidations are tomorrow so prepare for volatility. Almost all alts are on sale right now (except MATIC LOL). The RSI is frequently oversold and this has created a great buying and rebalancing opportunity for me. Almost all alts are showing bullish patterns (frequently falling wedges). ADA has found a lot of buying demand in blue area on the chart. This has pushed the price out of the channel and created a descending triangle (it may get stretched forward a bit). This may seem like a bad thing, but descending triangles can also be an indication of a reversal (which is what I believe will occur). However, this is up to BTC. The fact there was not much upward retracement leads me to believe there will be a push upwards soon. This demand zone and the bottoming of the 1D RSI is the first indication of that. This has been the case with a lot of altcoins and we have seen some bounces already (SOL, AVAX, etc). We will need to get past the main green trendline to be in "bullish nothing to worry about" territory again. This won't happen overnight. Thanks again everyone! So, tell me what you think! This is not financial advice. Do your own due diligence.
Long
by mysticalwalrus
16
Chart Patterns | Triangles & ChannelsChart Patterns | Triangles & Channels 1- Ascending Triangle :- An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows. 2- Descending Triangle :- In descending triangle chart pattern, there is a string of lower highs that forms the upper line. The lower line is a support level in which the price cannot seem to break. 3- Symmetrical Triangle :- A symmetrical triangle is a chart formation where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle. 4- Parallel Channel :- A Parallel Channel is a chart pattern formed when the price is bounded by parallel support and resistance levels. 5- Ascending Channel :- An ascending channel is a chart pattern formed from two upward trend lines drawn above and below a price representing resistance and support levels. 6- Descending Channel :- A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. Please like the idea for Support & Subscribe for More ideas like this and share your ideas and charts in Comments Section..!! Thanks for Your Love & Support..!!
BITSTAMP:BTCUSDEducation
by Faibik
4
BTC Descending TriangleBTC forming a classic Descending Triangle formation. Typically 5 touches of support/resistance (combined) would be considered confirmation of the pattern, we're currently sitting at 7/8 touches (depending on your view), for a fully formed pattern of lower lows and a support line that is holding so far. This is generally considered a continuation pattern, where we would expect that as the lower lows continue and we keep testing the support line, eventually it would break and continue lower. However, as is the nature of Bitcoin, a bullish surge is always a possibility and a bullish break of this pattern can be a catalyst for a significant move to the upside. A break above the dashed green line would represent a new high in the pattern and a bullish break, I would look to go long if we break this point with momentum. Conversely, a break below the dashed red line would be the more expected outcome, leading to a continuation of downward trend. Please like, follow and share your opinion below.
BINANCE:BTCUSD.P
by HayeTrading
BTC - Descending Triangle on the 4hrBTC is in a Descending Triangle Pattern on the 4hr. A Descending Triangle is a Bearish Chart Pattern. Note that BTC has bounced off the base of the Descending Triangle 5 times as support. BTC is still under its Bollinger Bands Middle Band Basis 20 Period SMA for this 4hr timeframe. BTC has dropped under its Least Squares Moving Average (LSMA) and it looks like BTC will close this 4hr Candle below the LSMA which will be a sell signal for this indicator. The Moving Average Convergence Divergence (MACD) has also gone negative into a sell signal. If you are waiting to go long with BTC, I would tread very carefully as there could potentially be much lower prices coming up if BTC breaks below and more importantly closes below the Descending Triangle. I hope this is helpful with your trading and hodl-ing
BITSTAMP:BTCUSD
by TradingThroughTheLens
BTC Is gonna Reach 39k?Or Fake Break out Is gonna Happen?Hello every one BTC /USDT BTC is in a Descending Triangle. This means The Price is gonna Be bearish If The Expected Bearish Break out Happens Soon! It can Fall Up to 40.5K! There is No break out yet So There is no Confirmation!There is a Small Chance That a FAKE bearish Break out Happens And Than The Bulls Would Take over! if this Scenario Happens, BTC can reach 52k Pretty Easily! Summary: -BTC is in a Descending Triangle -No Break out yet -FAKE bearish Break out Might Happen -40.5K Is The Support & 52k Is The Resistance 💎Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad. Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!! Thank you for seeing idea . Have a nice day and Good luck
by CobraVanguard
15
BTC bearish, descending triangle broke down (41k Target)Hello, as you can see on the 2 hr chart, the descending triangle is broke down. The potential target is 41k, and there is a support around 41.6k, so the target should be around the 41to 42k for the descending triangle. If u zoom in, there is also a ascending broadening wedge inside the descending triangle. The ascending broadening wedge is also bearish by itself. The potential target for the ascending broadending wedge is 44k. see below for the ascending broadening wedge for detail.
Short
by ChrisZDC
BA Descending Triangle Weekly Options PlayDescription BA has been working this Descending Triangle from its post-covid crash high around 278. There was one false breakout to the upside on 15NOV, which I traded, related idea linked. Descending Triangles are bearish in nature, and the implied move carries BA down to 137. Intermediate supports are at 194, 179 and eventually 144.5. The immense amount of short triggers I am getting in this market is alarming, indicating institutional liquidation has been going on since around JAN - FEB. The "new strain scare" from last Friday shows a perfect of example of investors looking for excuses to sell, not reasons. In reality, the market is not worth its current valuation. Good News = Rising rates = bad for earnings = bad for stock market And bad news is just bad news. Long Put Levels on Chart SL > 205.8 PT : 179 *Stops based off underlying stock price, not mark to market loss The Trade BUY 12/31 180P R/R & Breakevens vary on fill. The long put is placed at a reasonable midpoint between current stock price and eventual price target utilizing available strikes. I do not expect BA to reach this price target in a month. Manage Risk Only invest what you are willing to lose
NYSE:BAShort
by BarnardR
4
Bitcoin Update - THIS CAN BE A TRAP!!!Hey guys, listen to this quick update. We're going to get straight to the point. Everyone is bearish about Bitcoin, right? If you look at the fear and greed index, you can see that there's a lot of fear. Yesterday, there was extreme fear around 21. And today there's still fear, around 28. But that's the good news. If everyone is talking about a bearish Bitcoin scenario, then where's is your EDGE? If the whole world is thinking the same thing, then YOU as a day trader don't have an edge anymore. And in order to have an EDGE, you must do and think what other people don't. I hope you get the point. This is the same scenario when Bitcoin was going up and it hit 69K on 10 November 2021. Everyone was SCREAMING: "Bitcoin to 100k" Everyone was thinking and saying the same thing, so that means that there was no edge anymore. And what happend? The exact opposite! Bitcoin went down to 42K! Right now, everyone is shitting their pants. Almost everyone is talking about bitcoin making lower prices. Right now, people are fearful, they're anxious, and they don't know what's going on. So guess what? The exact opposite can happen. If you look at the 4 hour chart above, there was a bearish candle that closed right into support. As long as Bitcoin doesn't break that support level, there's no need to be bearish! The moment Bitcoin breaks that support level then we can begin looking for short positions. Conclusion, I'm not saying that we will see 100k Bitcoin. I'm just saying that if everyone is saying the same thing, then there must be another way. When everyone is greedy, be fearful. And when everyone is fearful, be....
by EliteTradingX
10