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BTC 4hr 50ma trying to lift price action out of fallingwedge It's come down to the strong support of the 4hr 50 ma vs. the strong resistance of the 1 day 50ma...who will win? We can see here on the 4hr chart that the 4hr 50ma is doing its best currently to hoist the price action up out of the falling wedge for a breakout but each and every time it tries to breakout the 1day charts 4hr 50ma gives it a strong rejection back down into the wedge. For now I'm bullish until both moving averages get slightly closer to eachother once price action is finally getting squeezed between the 2 like a pair of chopsticks I will be more neutral, however, btc may have gained enough bull momentum from the breakout of the wedge to help the 4hr 50ma muster the strength to overcome that resistance and actually solidify it as support for once. I've been consistently saying this whole time that we need to solidify the 1 day 50ma as support in order to sustain any further bullish upside. That remains true...so in the short term until we get back up to the 1 day 50ma I'm bullish then when we get there I'm neutral until I see it flip to solidified support...if it can do that then I'm definitely long. Mainly for the immediate future I think the 4hr 50ma is powerful enough to at least reach the 1 day 50ma before potentially solidifying as any kind of resistance.
BITSTAMP:BTCUSDLong
by DrDovetail
Siamese Falling Wedges & a 4 Hour Golden CrossWe can see we will likely be getting a 4hr golden cros on the 4hr chart roughly 2 hours from now on Bitstamp(shown here). A quick look on the Bitfinex chart(not shown here) shows me a 4hr golden cross has already occurred on that exchange which could be why we are already seeing 3 nice green candles in a row here.Of coure it could also be in anticipation for the golden cross as well. Other bullish elements include the current falling wedge we are in(in yellow). It is nearing its apex and we can also see that it is overlapping with another falling wedge(in white). This overlapping wedge effect I haven't seen talked about before but the term I'm coming up with for it is siamese falling wedge because they are kind of fused together. Currently the most valid of the 2 wedges I believe is the yellow wedge and it is exciting to see price action trying to break above it...unfortunately right at the top trendline of the yellow wedge we currently have the historically strong teal horizontal teal line overlapping the trendline and creating a double reinforced resistance. Ultimately the kind of patterns eventually resolve bullishly so I anticipate we will inevitably break upward here...the 4hr stochrsi ah plenty of room to go up. However, I now think the breakout target is gonna be more for the wedge than it is any kind of long poled bull flag so I don't believe we will be breaking out of the bigger wedge above it necessarily but I do believe we will at least test it and we will hopefully finally break above the 1 day charts 50 ma for a bit which has been incredibly powerful resistance for a long time. Whether or not we will be able to sustain priceaction above the 1 day 50ma and flip it to solidified support I will have to wait and see how things look once we get there. For now I am at least in the immediate and semi short term long. Just my position though not financial advice by anymeans. Thanks for reading!
BITSTAMP:BTCUSDLong
by DrDovetail
Total Crypto Market Cap Weekly Chart Update.Things are getting exciting here as Crypto may have now closed 2 weekly candles above the weekly falling wedge pattern and could b poised for a breakout at anytime...however where the latest weekly candle has closed has also opened the door for the ossibility of the top trendline of the wedge to be considerably higher than originally thought (shown here with the dotted green hypothetical trendline)..either way we also have a smaller 1 day chart falling wedge(shown here in red) that price has currently been consolidating in as well and that pattern has already cleared the solid green top trendline of the wedge...it should clear the hypothetical dotted green top trendline too by the beginning of March. If the solid green topt rendline is the legitimate trendline we should see a significant breakout upwards sometime within the next couple weeks...if not and the dotted trendline is the valid one we should see a significant break out upward around the first 2 weeks of March...either way you lice it though I'm confident we will be breaking out soon....and if not until march the price target will be even bigger than if we break out in the next week or 2 so it really is a win win situation no matter which top trendline is most valid. Just my opinion though of course and not financial advice. Thanks for reading!
CRYPTOCAP:TOTALLong
by DrDovetail
BTC breaks up & closes candle @ exact target of projected brkoutAlthough the falling wedge lost its 4hr chart validity when the red candle closed green giving it only two wick touches on each trendline, the break upward that has occured has conveniently closed its breakout candle at the exact breakout target the wedge would have had. I've yet to see a wedge this long breakout this prematurely so I think it may more likely be simply an inverted bart that has occurred shortly after a bearflag breakdown fakeout but the confluence of the breakout target of the inv bart with the wedge target is very synchonicious. Very curious to see how often a falling wedge has broken up this early on other charts on the past.
BITSTAMP:BTCUSD
by DrDovetail
Potential 4hr chart falling wedge confluence w/ h&s drop targetThe current price action is starting to form a potential falling wedge on the 4hr chart...interestingly enough the apex of that potential falling wedge is at the exact same point as the drop target from the 4 hour chart head and shoulders pattern we recently broke down from. I find that confluence very interesting and something that gives more credence to this four hour wedge being legitimate. However with such a big support line as the weekly 200ma just below I'm not gonna be trying to do any limit sells or even shorts here because that support could easily bust us up out of this pattern logn before it reaches the wedge apex/h&s drop target. For this reason this idea will be left neutral.
BITSTAMP:BTCUSD
by DrDovetail
6
AUD/USD - All eyes on SHORT!Hello traders, We are looking at AUD/USD 4HR chart, where we can see price just broke out of a Rising Wedge Pattern. Overall the trend is still Bearish so looking for continuation and for a sell opportunity on the Wedge Re-Test. Wait for Re-test and then a Bearish Candle confirmation and we can enter this trade with great risk-reward. I will update this trade soon, when we reach 5 comments! If you like my work be sure to leave a LIKE or comment below!! See you soon, Rodrigo FAC TEAM
Short
by RodrigoFAC
XRP falling wedge longer than originally thought…no breakout yetWhat started as a 4hour falling wedge that appeared to breakout but hit nowhere near its projected target is now seeming more and more valid as a considerably longer 1 day falling wedge instead of which we have not broken out of yet. If this is indeed the case then it's possible that we may not see xrp break up from this wedge until we revisit 28 cents r possibly even as low as 23 cents which would be a zone that could provide a massive double bottom along side the falling wedge breakout. we will have to wait and see but at this current time it does appear the adjusted trendlines here for the longer wedge are now more valid than the previous wedge. Of course we also currently have a potential Inverted head and shoulder on the 4hour chart that could play out as well as a descending triangle on the 4hour that comes just after a nice bullish green candle making that pattern bullish....both of these patterns could potential send us upward and nullify the chances of a longer falling wedge but the 1 day stochrsi suggest we will be headed slightly further south still and this new longer wedge does seem to line up with btcs falling wedge timeframe a lot better too.
BITFINEX:XRPUSD
by DrDovetail
3
XRP Triggers 1hr IH&S pattern breaks up out of Falling WedgeAs expected XRP has busted upward form its inverted head and shoulder pattern on the 1 hour chart. The breakout target of that should have been right at the top trendline of the 4hr chart falling wedge but the price action has exploded well above that and seems like it will very likely trigger the falling wedge breakout as well. So now the price target we are looking for next is 39 cents. We are quite overextended on the stochrsi though so we may consolidate sideways in a bull flag first before continuing upward to the 39 cent target. The current 4hr volume candle is absolutely massive which is a great sign for the bulls. Expect exciting fundamental developments from xrp in the coming days/weeks.
BITFINEX:XRPUSDLong
by DrDovetail
1
a look at the weekly charts 200 SMA and the impending grindown Keep in mind the falling wedge is a 4hour/1day chart pattern so its gonna look slightly strange here on the weekly chart but we are on the weekly chart to show just how close we are to making contact with the weekly 200 simple moving average. This MA provided ample bounce when we first hit it around the 3.1k region. I think we are about to slowly grind our way down over the next week or so straight into that Moving average again maybe even around $3333 or so but I anticipate a big bounce once we do enough of one to send us back up towards the top trendline of the current falling wedge we are in on the 4 hr and 1 day charts (shown here in green) I think we may bounce back and forth one or 2 more times after that inside the triangle before finally breaking bullish for a target of around 3.8k assuming the 200 weekly sma isn't enough to break us up out of the falling wedge prematurely. I'm gonna see if I can play the bounces of the pattern to my advantage before a breakout. Just my plan and not financial advice. Best of luck in whatever you choose to do.
BITSTAMP:BTCUSD
by DrDovetail
Bounce found right at bottom trendline of falling wedge: here is a link to the original falling wedge I initially charted on coinbase: s3.amazonaws.com you can see the bottom trendline when at this trajectory is the exact bounce spot our current price action has found good support at...I anticipate we will move back up to the top trendline of the wedge again before any kind of capitulation. We may test the bottom trendline a couple more times before that bounce towards the top trendline but I personally dont think capitulation will be until after we've bounced down once again from the top trendline of the wedge...however if we do retest the weekly 200ma that may be enough of a bounce to confirm capitulation so I'm still waiting to see how price reacts once we revisit that range which has gone up a little since we first visited it back around the 3.1k area. So for now I anticipate a bounce back up but am keeping this idea neutral because we may do a slow grind downward here and retst the bottom trendline of the wedge a few more times first before we head back to find resistance at the top trendline of the wedge.
BITSTAMP:BTCUSD
by DrDovetail
1 day falling wedge unveiledin the shortterm I expect a break down from the current red symmetrical triangle weve been in on the 4hour chart so this idea will be short for now...however in the medium term I now see a big falling wedge in green on the 1 day chart thats apex stretches to April and believe we will ultimately break upward from this pattern. Interestingly enough the target breakdown for the red symmetrical triangle pattern lines up exactly with the bottom trendline of the current green falling wedge pattern so I may set my limit buy right around 3364 because of this. i think we break down to 3360 or so, find support on the bottom trendline of this falling wedge then bounce back up to the top wedge from there around 3632...then get rejected back down and bounce up off the weekly 200ma or so then it sends us breaking up out of the wedge at around no lower than 3421 if we break out of the wedge there it can take us to 4.1k and far above that descending dotted white line of resistance we encountered originally back when people were thinking it was a neckline to a big inverted head and shoulder pattern..however just above that is the top trendline of the bigger falling wedge we are in at around 4.2k so that resistance may provide too strong to break we will have to wait and see...there is also the chance that the 200weekly MA may not hold in which case we will likely continue further down in the falling wedge and break upward closer to the apex. I think if we do go below there the horizontal yellow support trendline I have here on the chart at that range will hold good support. so short term I expect more downward motion but mid-long term I expect a break upward from this falling wedge.
BITSTAMP:BTCUSDShort
by DrDovetail
BTCUSD Supply/Demand Zones, Going to Retest Local HighFirstly, I'm in no position to teach anyone. The only reason i make this public is so hopefully more experienced traders can weigh in and hopefully help me if they would be so kind :). Anyways i won't really be able to describe it in a way that would really help most and i lack a lot of the verbage still, so on to what I'm seeing. On the chart you can see the Fibonacci levels from the most recent wave up, as well as where i believe the supply and demand levels are for a longer time frame. If this were the stock market, this is where the banks are buying. For crypto they are just called whales. I'm using the most recent downwave's fibonacci levels to project where i think price will meet strong resistance, which the 3.618 level matches up with the most recent high further strengthening my view. I think bull flags will start to succeed and reach the new local high, we may dip back into the demand zone a bit. I have the stop set at what seems to be the local low. You can see on the DMI a divergence of bullish pressure to the upside and bearish divergence on bearish pressure. If we go below that level my view is negated and i think we will retest lows. What do you think?
BITFINEX:BTCUSDLong
by Silvertoe
XRP Falling Wedge Pattern repeating?There seems to be a recurring bullish falling wedge setup. I have marked my accumulation zone and will place scaled buy orders there. This will partly be for long term positions and for short term trades should the pattern breakout of the wedge. Pay attention to false breakouts and don't be fooled. First target where I will sell a bit is at 0.55$ (0.6 fib retracement) Second target is at .78$ (1 to 1 fib retracement. Good luck * not financial advice
KRAKEN:XRPUSDLong
by onchain_edge
A look at the entire cryptomarket marketcap's falling wedgewe can see here on the weekly chart of the entire crypto marketcap that the market is very much so inside a falling wedge...one that seems to reach its apex in the middle of march....but as with most falling wedges a breakout from the wedge tends to happen very soon after 3/4ths of the wedge has completed so a breakout can be anticipated sometime within the next few weeks. we can see the 200 weekly moving average in blue for the cryptomarket has been holding very strong support the past few weeks...if this 200 week simple ma holds then we could breakout of the wedge in the next 2 weeks...if that's the case then the bottom is essentially already in...if it doesn't hold and dips below the next likely target is a double bottom on the horizontal teal trendline we have already touched once. Any dip that could happen below that would likely just be a big bounce up off the bottom trendline of the falling wedge. Once we trigger a break upward from the wedge the bottom of the bear market will almost certainly be in. A breakout fakeout candle followed by capitulation is also a possibility to consider so its wise to make absolutely sure the breakout is validated before jumping to conclusion.
CRYPTOCAP:TOTALLong
by DrDovetail
1