SLV back to 29$This one is quite straightforward, good RRR and keeping my stop tight in case we follow through with the double top. Entry during todays open.
Double Top or Bottom
Possible Double Bottom on FET/USD Daily ChartIf you're seeing a double bottom pattern forming on the daily chart of FET/USD, it could be a sign of a potential trend reversal. Here's what a double bottom typically indicates:
Price Decline: The price falls to a support level (bottom 1), then rallies but fails to break significantly above a resistance level.
Retest and Support: The price declines again (bottom 2), ideally retesting the previous support level (bottom 1) or forming a slightly higher low. This retest demonstrates buying pressure at that price point.
Breakout: If the price breaks above the resistance level (neckline) connecting the two bottoms, it suggests a potential trend reversal from downtrend to uptrend.
Target Price Based on Double Bottom:
The technical analysis concept suggests a price target can be projected by measuring the distance between the neckline and one of the bottoms and adding that distance to the breakout point. In your case, if the neckline breakout occurs and the target is $3+, then the measured distance between the neckline and the bottom would be the difference between the target price and the current breakout price.
BTC FRACTAL - 20% Correction PossibleLet's do a quick recap on Bitcoin.
I rediscovered a fractal from a post I made a few months ago, which compared BTC price action to NVDA price action after making an ATH.
Currently, there is another Bitcoin fractal based on the M-Pattern and we take a deep dive into how far this correction could go.
I'm labelling this post as "short" simply for the lack of better options. I do believe the price will correct lower, but I wouldn't take a leveraged trade so close to the a new ATH.
Link to the earlier comparison with Nvidia:
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COINBASE:BTCUSD BINANCE:BTCUSDT
BITCOIN (BTCUSD): Bullish Outlook For Today
Bitcoin may bounce from a key daily structure support.
After its test, I see 2 strong bullish confirmations:
the price formed a falling wedge pattern and a double bottom.
Both the trend line and the neckline of 2 patterns were broken.
It indicates the strength of the buyers.
I think we can see a pullback at least to 66500
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Ichimoku Watch: Blackrock Testing the Mettle of Ichimoku Cloud RDouble-Bottom Pattern Neckline and Ichimoku Cloud Resistance
Blackrock Inc. (ticker: BLK) recently established what many chartists would recognise as a double-bottom pattern from around $753.83. The neckline for the pattern is seen at $789.08, which has yet to be breached, so the pattern’s formation has not been completed.
Once, or if, we see a daily close form above this neckline, this would prompt chart pattern traders to apply a profit target derived from the lowest low in the pattern to the neckline and extend this value from the point at which price broke above the neckline.
Price action also recently traded above the Conversion Line from the Ichimoku Indicator and is fast closing in on the Base Line, now trading at $785.33. You will also see that the Ichimoku Cloud recently formed resistance between the Leading Span A and Leading Span B at $777.94 and $781.95, respectively. If price should venture above this area, this would add weight to the break above the double-bottom’s neckline and signal movement towards the pattern’s profit objective. What bulls will also be watching for here as additional confirmation is the Conversion Line crossing back above the Base Line.
Price Direction?
Overall, this stock’s direction depends on how price reacts at the double-bottom pattern’s neckline if it is tested. A close higher signals increased prices could be in store above the Ichimoku Cloud resistance and might be enough to drive bullish interest. Alternatively, dominantly defending the lower side of the neckline, which, as you know, is located within the Ichimoku Cloud Resistance, may trigger bearish action.
ASSAPrice bounces on the ascending trendline . Most likely the chart will form a double bottom pattern . We will also find the possibility of forming a morning star chart pattern in a monthly time frame.
Short AUDCHF Idea based on Classical chart patterns on a short time frame(4H chart).
abbreviations:
M/W/D/H = Month/Week/Day/Hour
TL: Trendline
DT: Double Top
DTr: Descending Triangle
The chart goes from Monthly(top left)/Weekly(top right)/Daily(bottom left)/4 Hours(bottom right)
1st from the monthly chart you can see the pair in a steady down trend, and maybe one could say that it is sitting at the low ends of the down trend.
zoom into the weekly chart and you see that indeed there was a DTr that took 17W to form indicating a break lower, which never happened. A failure of this pattern led to a move to the target derived from the pattern @0.6055 level. the market now hit the target. And the heat seems to be waning.
in the daily chart, near the 17W DTr failure target the market has now attempted to form patterns indicating topping out of the moves, 8W DT and 4WDT. While the former turned out to be a failed pattern, the former, at least for now, seems like a pattern completion.
all this in mind, the 4H chart now seems to be forming a 1W DB, which could mean that the market is still strong, and the bullish move may continue, or this is a failed attempt to consolidate and the trend turns.
based on the target derived from the 1W DB, the risk return looks more favor for a short AUDCHF, looking for almost 7:1 risk reward trade.
Entry : 0.5938 or above
SL : 0.5953 (-0.25%) / TP: 0.5835(+1.7%)
(as always, not investment advise or prediction)
Buy GBP/CAD Double BottomThe GBP/CAD pair on the M30 timeframe presents a Potential Buying Opportunity due to a recent breakout from a Double Bottom Pattern. This suggests a shift in momentum towards the upside and a higher likelihood of further advances in the coming hours.
Possible Long Trade:
Entry: Consider Entering A Long Position Above The Broken Trendline Of The Double Bottom After Confirmation. Ideally, This Would Be Around 1.7433.
Target Levels:
1st Resistance – 1.7520
2nd Resistance – 1.7573
Stop-Loss: To manage risk, place a stop-loss order below 1.7395. This helps limit potential losses if the price falls back unexpectedly.
Thank you.
Long BTCUSDIdea based on Classical chart patterns (Daily Chart).
Abbreviations:
M/W/D/H = Month/Week/Day/Hour
TL: Trendline
DT: Double Top
DTr: Descending Triangle
FW: Falling Wedge
Rct: Rectangle
We are still close to the all time highs, and we have also seen a breakout from a 4W FW on the weekly chart indicating some buying interest left near the relative lows.
When you look at the daily chart, there is a 6W DT which seems to be complete, but the downside breakout bar is with a long wick. And the closing bar was up.
This leads me to suspect this might be a fake breakout. Support is seen close to where we saw the 4W FW pattern completed, with levels close to the last bar acting as key bar to watch. Also, we can see the current market as inside a 20W Rct pattern and we are right around the middle of the box.
if the 6W DT fails the first target will be @ 77363, if completed, the target will become the 4W FW target @ 81678.90, and ultimately 20W Rct target @ 84001.60
the problem with this trade is that we still don't have a confirmation of a failure, so i need to place the stop loss at lows level within the formation of this DT pattern which is May16th low @ 64548, being fully aware that this trade might be one that could cause me to enter multiple times.
Risk reward calculated against capital using the first target is
Entry : 66330 or below
SL : 64548 (-0.73%) / TP: 77363(+4.50%)
RR: Apprx. 6:1
(as always, not investment advise or prediction)
UNFIUSDT: Bullish Move or Breakdown? Key Levels to Watch Now!Yello, Paradisers! Have you been watching UNFIUSDT? If not, now's the time to pay attention. The market has formed a descending channel, often considered a bullish pattern, and the price is currently sitting in a demand zone. This combination increases the probability of a bullish move from here. Let's break it down:
💎UNFIUSDT has formed a descending channel, a pattern typically seen as bullish. The price is currently in a demand zone, adding to the potential for a bullish reversal.
💎For confirmation from the demand zone, we need to see an Internal Change of Character (I CHoCH) towards a bullish market structure. This would solidify the potential for a bullish move.
💎If the price doesn't give any bullish confirmation from the demand zone but starts moving up and breaks the resistance level, we could see a "W" pattern forming. This pattern often indicates a strong bullish reversal. However, it's crucial to wait for candle closing and a retest of that zone for better confirmation.
💎If the price breaks down and closes below the demand zone, it will invalidate our bullish idea. In this case, it’s better to wait for more favorable price action to form before making any trading decisions.
Stay vigilant and keep your trading strategies disciplined, Paradisers. Patience and careful observation will guide you through the market.
MyCryptoParadise
iFeel the success🌴
Bitcoin AnalysisIf the $61,000 support is broken, there is a fair value gap down to $42.00. All traders should be cautious as volatility may reach maximum levels in this gap. This is also a sign that the double top pattern is working. The $61,000 support is very important.
Trading Idea: GBPJPY Buying Opportunity and Bullish OutlookIf you're looking for a buying opportunity on GBPJPY, focus on the double bottom retest zone between 199.62 and 199.37. Overall, I maintain a bullish outlook on GBPJPY.
Key Levels:
- Double Bottom Retest Zone : 199.62 to 199.37
Strategy:
- Buying Opportunity : Look for entry points within the double bottom retest zone between 199.62 and 199.37.
- Bullish Outlook : Given the overall bullish sentiment, consider holding long positions for potential gains.
Stay cautious and trade wisely. What’s your trade plan for GBPJPY? Share your thoughts in the comments!
NZDUSD forms double top patternOn the daily chart, NZDUSD has formed a potential double top pattern in the short term. Currently, we can pay attention to the support around 0.610. If it falls below, it will hopefully open up downside space, with the downside target looking at the support around 0.598. The short-term resistance level can be around 0.614, and short selling can be considered if the rebound is blocked.
MRO Weekly Double BottomMRO has been forming this double bottom for weeks now. It looks primed and ready to test previous high of 32.50 and has room till 36
Sweep these bottoms, big pumperAll based on technicals and not fundamentals.
Large volume and divergences tell me we will see a pump, along with option calls holding there value regardless of todays large drop. Means there is interest and buying of them.
Small cap June is here and large caps will do nothing.
USDCHF: Pullback From Support 🇺🇸🇨🇭
USDCHF formed a tiny double bottom pattern
after a test of a wide key intraday horizontal support.
I think that the price may pull back from the underlined blue area.
Goal - 0.893
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TOTAL 3 - Can do +30% move versus #BTC pre halving #ALT runThis chart Total 3 minus the 3 biggest stablecoins
OVER the price of #Bitcoin
If this number is going up so are your #altcoins
We have a clear double bottom forming
just a matter of clearing the neckline to confirm.
Also interesting to note how the 0.786 Fibonacci was front-run by eager investors looking for Risk assets.
AMS Seeking Long-term LowAngloplat chart shows that price is in long-term decline and we are getting close the COVID low price. Price action has respected the Pitchfork and we see an area where there will be expected to be strong support, the intersection of the Pitchfork support and the horizontal support line. Before we get there we might find a turning point where the lowest price of the COVID low closed.
The blue trendline is the line defining the weekly low, this we know when price close above this line and the 10 week moving average, whereas the green trendline represents the yearly low price.
Early entry triple topTriple top, not confirmed yet but looks very bearish. I opened a short position, I'm not waiting for a break down of the support at 0.66. I like to keep my SL as tight as possible. SL trigger if the pair breaks up the uptrend line with a daily candle and closes above ti.
NAS100 BUY OR SELL STILL WAITING?Nas100 is still consolidating, moving in on direction playing around giving us choppy candlesticks which took out many traders out of the market who entered early trades and it gave us a W formation which however, we are waiting for a break and retest on the upside then we go for BUY enrties or SELL entries on the downside of our consolidation zone.
DOW JONES - DOUBLE TOPHello Traders !
On Friday 7 June, The dow jones reached a resistance level (39114 - 39217).
The price formed a double top pattern.
At the moment, The neckline is broken !
So, i predict a bearish move📉
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TARGET: 38115🎯
EURCAD: Your Trading Plan Explained 🇪🇺🇨🇦
EURCAD looks quite exhausted after a strong bearish movement in the morning.
The price is currently testing a key daily support.
I think that the price may pull back from that.
Your confirmation to buy will be a bullish breakout
of a neckline of a double bottom pattern on 1H time frame.
An hourly candle close above 1.4723 will confirm a violation.
A bullish movement will be expected to 1.4745 level then.
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ARE THE BEARS REALLY IN CONTROL 4 GOLD OR ITS JUST A FACADE ???Gold is looking to make a lower high before eventually falling
If price action really confirms a sell on my supply areas
Then I'll be looking to place some short positions
And take note that price broke out of my bullish trendline
and pulled back up to do a breakout retest before falling further down and
the fact that gold seems to be making lower highs and all this
is just further confirmation of a downtrend taking place.
