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Evening Star

A Key Support Area with Consolidation, Anticipated MOVE?We have a Key Support Area with a clear consolidation, this key area, I usually allow the market to provide me a break out and pattern confirmation for entry, there is the possibility of price breaking above and creating a Bullish move towards 36k and 39k and there could be a break below as well. if we see a break below to 24k and 21k, we should not stay too long and exit till a clear retest and break out has been confirmed in the sell direction. I a currently neutral at this key area cos the market will determine which direction I should trade.
BITSTAMP:BTCUSD
by MII1502
2
Bitcoin Evening StarsBitcoin weekly has had two evening star candles in short period of time as the markets grapple with sharply rising prices, declining sales, and a massive labor shortage. Markets are beginning to price in rate hikes, but have yet to entertain the implications of rampant, widespread inflation or the reality of an aging population with low and continuing lower birthrates. As central banks look to regime change via rate hikes and divesting bloated balance sheets, the economy is in for a significant slow down and the markets will realize major retracement. Bond yields, durable goods sales, home sales, inflationary measures... all point to a full market reversal. BTC price action will continue lower as bearish sentiment settles in and speculative risk-on behaviors curtail.
INDEX:BTCUSDShort
by R0MM3LL
FANG is not holding up.Happy Weekend Everyone. I put together a custom FANG Plus index to track the overall strength of the popular large cap growth stocks as these stocks have been the most widely held stocks for the past several years. This particular chart is a weekly candle chart using Fibonacci retracement levels taking the previous low from the past calendar year to the last high. As you can see the index retraced 100% of the previous 1 year move and then rallied back to the 50% retracement level. However that 50% retracement level proved to be hard resistance as we can see on the chart. Moreover, the last three weekly candles completed a bearish evening star pattern and the closing weekly candle is a bearish engulphing. While the two patterns are not text book perfect, the main tenets are in place IMO. Also bearish is that the basket of stocks could not hold the 30 Week EMA. RSI seems to confirm this negative setup. The RSI did get into positive territory during the rally from the low, but it failed to hold and fell back into the bearish regime. If the downtrend continues the 78% retracement level could offer support. Seasonality says that stocks should do well for April. It doesn't say that all stocks should do well. Time will tell. Anyway I found this interesting. Good luck to all. NASDAQ:AMZN NASDAQ:AAPL NASDAQ:GOOG NASDAQ:FB NASDAQ:NVDA NASDAQ:ADBE NASDAQ:MSFT NASDAQ:NFLX NASDAQ:TSLA On another note, I have Carolyn Boroden's book on Fibonacci Trading but I find it lacking. If anyone has a good book recommendation on Fibonacci please leave it in the comments below. Thank you!
NASDAQ:TSLA
by Breakout_Charts
7
BTC - WEEKLY - DOJI !WEEKLY (W1) Last week price action did not managed to breakout the clouds on a weekly closing basis for the second time in a row and as a result a DOJI pattern took place which is confirming the indecision and uncertainty I mentioned in my previous analysis published yesterday (see related idea below). The 38.2% Fibonacci retracement @ 46'721 (69'000. - 32'950) has been filled during last week with a peak as you know @ 48'234. The failure to close above the clouds increased the risk for a downside move towards the Mid Bollinger Band , currently slightly below the 44'000 area, @ 43'929. This level is roughly in the middle of the weekly clouds and a failure to hold above it would put the focus to the next important support level which is the TENKAN-SEN @ 41'279 ahead of the bottom of the clouds around the 38'000, area which hold very well in the last couple of weeks in rejecting, several times in a row, the attempting to breakout the weekly bottom clouds support area. (only one weekly closing below the clouds which has been very quickly invalidated by the next candle !) On the UPSIDE , the top of the weekly clouds remains the first significant resistance area to break ahead the VERY IMPORTANT RESISTANCE (PIVOT LEVEL) @ 50'975 which is the KIJUN-SEN and which if broken would confirm a bottom in place and would open the door for higher levels towards the 55'000 area. RSI, neutral @ 52.07 and LAGGING LINE currently testing the top of the weekly clouds... DAILY (D1) Still caught in a relatively narrow trading range moving in a sideways mode. Continue to monitor and watch closely this daily price action which for the time being is oscillating around the daily TENKAN-SEN @ 46239. A failure to hold and close above this level would be the first warning signal, calling for further downside towards the former downtrend line resistance (triangle)around 44'500. the daily Mid Bollinger Band being slightly below @ 44'270. KEY SUPPORT AND PIVOT LEVEL ON A DAILY BASIS IS @ 42'900 RSI @ 60.71 and LAGGING LINE still in a sideways mode. 4 HOURS (H4) Invalidation of the upside breakout of the H4 clouds seen yesterday triggered an EVENING STAR ! Currently still in the middle of the clouds but already below the former uptrend line support which is now around 46'500. Watch on H4 closing basis the following levels : UPSIDE : 46'750 DOWNSIDE : 45'500 1 HOUR (H1) Watch the bottom level of the hourly clouds which is currently @ 45'700 which is the SUPPORT AREA IN H1 TIME FRAME. On the upside, watch MBB @ 46'333 ahead the CLUSTER of TS and KS @ 46'616 Have a nice trading week and all the best Take Care IRONMAN8848 - Jean-Pierre Burki www.tradingview.com
BITSTAMP:BTCUSD
by Ironman8848
SHORT POSITION and Fibonacci Retracement JournayHi traders. I'm showing to you a fibonacci retracement strategy perspective w/ the 14.6% level as a good average point to take profits. The evening star at 2-day TF is a highly persuasive short signal in confluence w/ the daily overbought condition. The evening star candle makes the E-point of a triangle structure that is located at daily supply zone (100-88.6% fibonacci retracement). A 2-phase downward 50-14.6% in a 2-3-day swing is a obvious scenario to spect. This annalysis is based on daily price action too. An leveraged token like DOTDOWN can be a good choice to avoid the liquidation risky. Good day trade to us! 2-DAY SWING DOWNWARD AHEAD FROM 2H-EVENING STAR IN SUPLY ZONE DOWNTREND CONTINUATION E-POINT OF TRIANGLE STRUCTURE OVERBOUGHT DAILY STOCHASTIC 50% FIBO RETRACEMENT TP1 14.6% FIBO RETRACEMENT TP2 33K DEMAND RETEST SPECTED WEEKLY BEARISH
Short
by firmestudio
BITCOIN Evening Star!Just a quick one, main focus is on the Evening star pattern, support if we can hold support is about 37.5k-37k and bounce to 40k hopefully. Rest of the path and targets make more sense in my previous posts and video below: I want to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advice. Video: Weekly Wedge: 1H: I want to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advice. Thanks for stopping by, I hope you liked my post, and if you did, please drop a like or comment, it helps me improve and puts a smile on my face! 😃🙏
Short
by DeFeye
7
SHORT AND LONG ON EUR/CHFOn the Weekly timeframe we have a perfect (EVENING STAR) candle pattern that has formed. On the lower timeframes Daily or 4hr price is bouncing off of a small support zone and because of this price could go up a few pips. I am looking to catch this pair going in either direction but my bias is (SELL) because of the evening start pattern. Here are the plays I will be making on this pair: PAIR = EUR/CHF ORDER TYPE = SELL STOP (PENDING ORDER) LOT SIZE = Micro lot (0.01) (0.02) ENTRY PRICE = 1.03026 STOP LOSS = 1.03642 - 61 PIPS TAKE PROFIT = 1.01441 - 158 PIPS PAIR = EUR/CHF ORDER TYPE = BUY STOP (PENDING ORDER) LOT SIZE = Micro lot (0.01) (0.02) ENTRY PRICE = 1.03881 STOP LOSS = 1.03243 - 63 PIPS TAKE PROFIT = 1.04881 - 100 PIPS
by TB305