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Double Top

NVDA: Inside a Dangerous Trap Zone.• NVDA is trading inside a Trap Zone, between the $289 resistance and the ascending 21 ema, which is squeezing the price as time passes; • Only a breakout of one of its key points would bring something new to NVDA. Usually, Trap Zone breakouts are quite powerful; • By breaking the resistance at $289, NVDA would just resume the bullish sentiment, and the next resistance is only at $313; • The bias is already bullish, and NVDA is in a bull trend, because it is doing higher highs/lows and it is above an ascending 21 ema. Therefore, an upwards breakout is more likely; • However, what if it loses the 21 ema? In this case, the next technical target is the $272, which is the trigger point of a possible Double Top chart pattern. • There’s a Descending Channel on the 1h chart, and if NVDA breaks it upwards, it’ll just reinforce the bullish sentiment; • By losing it downwards, NVDA would probably lose the 21 ema on the daily chart as well, and the next technical target is the $272 (black line); • As mentioned above, the $272 is a trigger point of a Double Top pattern, on the daily chart, and the technical target for this pattern is the $262 area (blue line); • Therefore, it all depends on how NVDA will react from here, and to which direction the breakout of the Trap Zone will occur. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
1
Did you missed this trade? Last Week, I mentioned my plan to await a suitable shorting opportunity on the EURUSD, owing to the retest of resistance with RSI divergence. As anticipated, this move resulted in a total profit of 205 pips (equivalent to 2,050 USD/lot) based on the difference between the opening and closing prices. My strategy for this week remains unchanged, and I am still on the lookout for a new shorting opportunity. At present, I am waiting to initiate a short position at 1.0901 on the 1-hourly chart (left), which represents a key resistance level. Join me as I continue to monitor the market and strive for profitable trades.
Short
by RaynLim
4 hour Bitcoin Double Top within a potential Head and ShouldersThe top down analysis begins with last month forming an indecision month while approaching a neckline. The weekly is at a high which is a great time time to short especially since price formed a Weekly bearish engulfing followed but a doji for the re-test. Price has ceased forming Daily higher highs and instead my 8 exponential moving average has crossed to the downside of the 21 simple moving average. On 5/7/23 a new 4 hour lower low was confirmed. On 5.8.23 @ 16:14 pricer was creating an even lower low declining to $27,453.32. TDI isnt trending yet however the signals are bearish. Price needs to re-trace in order for me to take a short intraday position.
COINBASE:BTCUSDShort
by DesharedPierreJr.
EURCAD I It will retest near neckline of double topWelcome back! Let me know your thoughts in the comments! ** EURCAD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
38
Double Top by Aug or Oct | New ATH if old ATH reached soonerPreviously posted about Ethereum repeating the same pattern it made to get here (on a smaller scale - see related chart linked below). Assuming we hold above approx $1935, we can see a 1.5x measured move to around $4440 ending in August, or $4740 ending around October this year. If we happen to get back to previous ATH sooner than that, Ethereum could move significantly higher, because we'll have confirmed a failed head and shoulders having crossed above the neckline and the right shoulder.
BINANCE:ETHUSD
by dudebruhwhoa
BTC --> short and long positionshello guys... as you can see the BTC formed a double top pattern and the target of this pattern is on the green area. also, the green area is a fantastic area for getting the long position because of the QML pattern. both position's targets have been shown on the chart but if you have a question I am pleased to help you. _______________________________ always do your research. If you have any questions, you can write them in the comments below, and I will answer them. And please don't forget to support this idea with your likes and comment
by melikatrader94
31
NVDA: Powerful Bearish Rejection.• Yesterday, NVDA did what seems to be an Exhaustion Bar, a massive bearish candlestick around a support level, far from its resistance, after the pullback was already materialized; • Today, we see a bullish reaction, and NVDA is bouncing away from its support at 263, and it is breaking the 21 ema as well, trying to reject a very bearish scenario. • The 263 is a very important support level because it is the trigger point of a Double Top chart pattern. By losing this key point, the 244 would be our next stop, and NVDA would reverse the bull trend. We already discussed this possibility in my previous NVDA analysis (link below this post); • The trend is still bullish, as NVDA isn’t doing lower highs/lows yet; • In the weekly chart, NVDA has been moving sideways for five weeks now, but it has yet to hit its technical resistance at 289; • In theory, NVDA could correct to the 21 ema in the weekly chart and this wouldn’t ruin the long-term bullish bias; • So far, the situation is under control and NVDA is still above its key support line. I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
5