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Potentially breaking above the falling broadening wedgeThe price action is once again peeking above the top trendline of the falling broadening wedge (in turquoise). If we can sustain this and close 2-3 4hr candles above it then I expect a big move upward. We will at the very least form another higher high in our higher low/higher high series to keep the bulls in control if we break above but I anticipate a confirmed break above this wedge(which has been acting as the handle to the Eve cup) will take us as high as 8k and potentially all the way up to the neckline of the adam and Eve double bottom...need the confirmation closes and a boost of bull volume first though to confirm the breakout though. Things are looking good and we've had a few good bullish news stories about ETFs and the SECs comments about bitcoin not being a security today so I have a feeling the sentiment will remain bullish. Because of these factors I'm gonna go ahead and list this as long...however I'm still keeping an eye on that potential head and shoulder pattern I have much more faith in the bulls. We also have consistently bounced upward off an upward slanting support line on the 4hr rsi as well and have once again bounced up from it this time around the 42 range.
BITFINEX:BTCUSDLong
by DrDovetail
BTC forms another higher low; testing top line of faliing wedge.BTC continues its higher low/higher high pattern by forming another higher low on the 4hr chart. and is now testing the top trendline of the falling wedge again. To continue its bull pattern we will want to look for it to reach a higher high than the last higher high of $7777 I personally think we will be heading up to 8k before the next retrace but are currently finding resistance at the falling wedges top trendline. I see enough room on the 4hr rsi to overcome this resistance though...so I'm listing this idea as long. You make your own choices though as this is not meant to be taken as financial advice.
BITFINEX:BTCUSDLong
by DrDovetail
BTC has broken above the inv h&s & falling wedge A good sign for the bulls as BTC has now broken upward from the bull flag it was in on the 1 day chart which has allowed it to break above both the inverted head and shoulder pattern and the falling wedge as well. It is still seeing resistance at the 4hr charts 60 line on the RSI but as soon as we can break above the 60 on the 4hr rsi and flip it to support I think the real bull run will begin...lots of bullish signals all around including the developing golden cross on the 1 day chart which is still probably a week or 2 away but worth keeping an eye on. If the inverted head and shoulder breakout is legit we should see the price action go up to around 8k and test the top trendline of the larger triangle pattern that we have been in since the beginning of the year. Our series of higher low/higher highs is still in tact as well so I still am a firm believer in "To the moon in June!"
BITFINEX:BTCUSDLong
by DrDovetail
3
BTC attempting to breakout of falling wedge/form a higher high Very positive signs as of late for BTC as we can see on the 4hr chart we have already formed a higher low at $7270 and are now setting our setting our sights on following that up with a higher high which we will need to get above $7661 to reach. If we do achieve this higher high and then follow it up with an additional higher low then I am confident we have gone back into bull mode...So we need to watch for both a higher high and an additional higher low to be confident we are going bullish. However it appears we are attempting to break bullishly upward from the current green falling wedge pattern I have on the chart and if we trigger that breakout I think a higher high is pretty much a certainty. We will need an additional 4hr confirmation candle to close above the triangle as well and a nice surge in bullish volume to go with it. Another good indicator will be if we can finally climb above the 60 line on the 4hr RSI which has been putting up solid resistance so far. If we trigger a bull breakout from the falling wedge we will certainly be getting over the 60 resistance line on the rsi and hopefully flipping it to a line of strong support as well....If we can flip the 60 line on the RSI to a strong line of support then we should see a nice bull run with only higher lows, higher highs, and sideways consolidation for a good portion of June. Very encouraging signs.
BITFINEX:BTCUSDLong
by DrDovetail
ETH - Bitcoin DROP Happened ON SCHEDULE... here is what's nextI needed to publish this update ASAP Please NOTE The BIG RED ARROW is what is coming We did NOT bounce of 400 on the last dotted black line (we bounced off 500 ETH) It mentions the drop that happened at 2 am (Not room there to fit everything, sorry) On the far left, you see a note about a little rise That's what WILD THEORY is all about History repeating Team Evils AI bots will try to force that same rise and fall.. Forthcoming is a checklist on HOW to use Wild Theory to supplement - TA (as done by yourself or others on Trading View - Sentiment - Price Indicators - Dynamic Forecast Tool (It's online and free) My followers have DOUBLED Must be a reason, thanks to all who follow me Remember, I don't do the charts.. I just anticipate the plans of the manipulators
KRAKEN:ETHUSD
by TradeClass
2
7263 seems like it could be the handle bottom. I was thinking any lower than 7350 would greatly decreases the odds of our cup and handle pattern because usually the handle does not go down further than half the height of the cup. However a cup and handle as wella s the double bottom for that matter is not truly invalidated until the price action has dipped well below the bottom of that patter so with are current low of $7263 (which is not all that far from $7350) We still very much have a chance of triggering this cup and this double bottom if we can go upwards from here. You'll notice the price action is currently inside a falling broadening wedge which is inside another falling broadening wedge..those patterns tend to break upwards..Of course we must keep in mind that the head and shoulders pattern we broke down from the other night should have sent us to the 6300s and hasn't reached that price drop target yet meaning there's still a chance that could happen. I hope not because it would essentially invalidate the Adam and eve double bottom we've been following since April if it dipped that far but we must still be prepared if that were to happen. Bulkowski gives the head and shoulders pattern a 55% chance of meeting it's price target so this could also just be one of the times where it is in the 45% and doesn't meet it's target. If so now is a great time to get a discount and add to your position but I would wait until we see the next clear break one way or the other then choose what to do as far as exiting or adding goes. One other positive sign that I think will ultimately bring us up out of this mess is that on the 1day chart(not shown here), the 200MA is finally starting to turn downward and change its trajectory while the 50ma is on it's way up...if the 200ma and 50ma maintain or increase these trajectories we should finally get our golden cross on the 1 day chart within the next 2 weeks which should jumpstart the market again and allow us to climb back up to the adam and eve neckline which currently sits in the 9400s and because of its downward slant, is going to be easier to reach as each day passes. So despite us going below $7350 I'm still confident we can find a way to validate the cup&handle, and the adam and eve double bottom, but also fully prepared if the head and shoulders reaches its projected target. I hope you are too in whatever path you choose, and that choice will be yours alone as this is not financial advice. Best of luck and thanks for reading!
BITFINEX:BTCUSD
by DrDovetail
2
Breakout from falling wedge confirmed! Target 9.5-9.6k and UP!As I said in the last idea as long as we could flip the buy/sell line from resistance to support on the 50ma we would confirm our breakout from the falling wedge, and this is exactly what has just happened. There are a few potential price targets we could reach from this breakout with the safest guesstimate being around the 9.5-9.6k range. What's more by reachung that price range we will also beak the slanted neckline of both the adam and eve double bottom and the eve's cup and handle pattern which if that were to occur then are next destination is 15k! I accidentally called the falling wedge a rising wedge in the last idea and it is too late to edit that but I'm sure most of you could infer that I was talking about the falling wedge consider the few ideas before it I was referring to it properly. Brainfarts like that can occur because even though I know the wedge itself is falling I'm focused on the fact that the priceaction will be rising out of it and sometimes accidentally say rising when I mean falling. Anyways breaking up from this wedge is Huge because it can allow us to break the neckline of the double bottom and shoot to 15k possibly as soon as June. My new mantra is "To the Moon In June!" There is a slight chance that because that neckline is so pivotal that we may see a slight bit of resistance again once we connect with it and we may see a slight bounce downward from there but I believe at most it will only form a new higher low and then bust through it the 2nd or 3 rd time it tests the neckline. For this reason it may be wise to maybe set a limit sell around $9477 with a stop buy set up a pip or 2 above the slanted neckline of the double bottom/c&h combo. If we break above it and then make are way to 15k....it likely won't stop there folks. Let's remember that we broke up from a much larger falling wedge on the weekly chart all the way back at the beginning of April that had a projected upward target of around 18.8k I highly anticipate we not only reach that by this quarter or next...but that we will climb even slightly higher than that and may see aroun 25k or so before the next big downtrend occurs. Of course, along the way we will experience some sideways consolidations and retracements that create higher lows but I don't foresee any major downtrends again until late July at the earliest and more likely not until september. Of course this is just my impression I could be wrong so make your own decisions and dont consider me a financial advisor or this financial advice.
BITFINEX:BTCUSDLong
by DrDovetail
6
EOS Technical Analysis - FALLING WEDGE + OVERSOLDHello traders, I bring you another daily trade... :D Not easy trading these last days with BTC doing manipulated moves... But leets look at EOS....We are looking at the 4hr Chart, EOS is on falling wedge, and found support on the 0.5 - 50% FIB level, RSI is currently oversold and a move up should be occuring on the next hours! We can always go a little bit down, blue box is the buy zone/support zone! I will update this trade soon,when we reach 10 likes! Feel free to follow me or like for more trades ;) Mr.TTT
Long
by RodrigoFAC
9
Bitcoin Technical Analysis - Time to go higher?Hello traders and followers, Just updating you on BTC moves,and bringing you a new trade, wich should only be entered after confirmation (breakout), cause you know, btc makes weird unexpected moves all the time... We are looking at the 1hr chart, and price is forming a falling wedge, wich is a bullish pattern, and should be breaking out soon! Trades can be entered if we breakout with some good volume, and for now its not safe to enter! There is also the possibility of we go down to the 7800$ support, but for now doenst seem like it... I will update this trade soon!! Be sure to leave a BIG like and comment your opinion below! See you soon, Mr.TTT
BITFINEX:BTCUSDLong
by RodrigoFAC
BTC - Possible Falling Wedge ReversalWe have a falling wedge forming pattern (reversal) on the 4h chart here wolves, the end of the wedge landing in a heavy support zone with 2 main supports at 8120 and 7850 creating a breakout zone. We have just bounced off the first support, however, with vol still low we are expecting to be rejected from the wedge resistance and move down to the second support where we will gain the volume needed and breakout from the wedge and test the 10k mark once again. Here is a look at the bigger picture -
KRAKEN:BTCUSDLong
by CryptoWolfPack
2
Another Bear Pattern Cloaked Inside A Bull Pattern So far the bigger bearish head and shoulders pattern on our chart has had the price action bounce upward off of it each time it's connected with the neckline...Considering how the larger pattern the head and shoulders is inside is a falling wedge pattern which is bullish and tends to break upward, my presumption is that any time the price action reaches the neckline of the head and shoulders pattern probability favors that it will continue to bounce upward off of it, faking out bears until it eventually breaks upward out of the falling wedge....based on potential angles of the spine of the falling wedge I have 3 possible price targets listed should the wedge find a way to break upward today, I also have a price target should we break fdown from the head and shoulders in the near future....if we stay inside them those targets will change slightly with each additional day that passes. I believe we will eventually break upward but we could potentially stay inside the current falling wedge until it's apex on the 24th of May. If we continue until it's apex then the price could dip as low as the 7800 before finally breaking upward. So there's a chance we could have a slight bit more dipping to do here in the next few days but overall this idea is long so I will mark it accordingly. You choose which of the 2 patterns you think are more likely to trigger for yourself of course because this is not meant to be financial advise nor I your advisor. Thanks for reading and best of luck!
BITFINEX:BTCUSDLong
by DrDovetail