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WTI Near Term Topping FormationWTI: USOIL West Texas Intermediate Unlike on Brent chart there is only one clear and true reverse head and shoulders evident on the WTI chart (left shoulder not 'true' on the smaller one, yet so clearly evident on the Brent chart, please see companion forecast for UKOIL for comparison). So this chart is still forecasting longer term upward pressure to the eventual minimum upside target implied by the RHS at 84.82. However, in the nearer term WTI continues to flip within the 150 pip forecast range but due to Brent reaching a significant target point the lower end of the range at 71.30 on WTI is likley to give way at some point quite soon. If you've been playing this range over the last week it's holding right now at 150 pips off the high pretty much but not worth buying again here. It should fall away to 69.69 and if that then fails to the lower parallel at 66.81. Any subsequent failure from here on to hold on to that lower parallel will tip WTI back into bear territory - can then follow short again if we see it further out in time.
FX:USOILShort
by sumastardon
BTC possible short - First target 8600 Hey, this is my first idea ever published. Please note that I might be completely wrong, and that It's made just to add some idea on where the price might go. I will be really glad for any comment reagrding anything wrongly interpreted in my idea since it's my first idea since I started learning TA. Right now there are two scenarios that I can see happening in the near future. Either we will break above 11500 level, which would indicate further growth to price point of 16222 measured from the bottom of the inverse H&S to the neckline projected upwards from the neckline. So far I see this scenario less likely due to the fact that volume should expand on the break from the inverse head and shoulders. It is still a possibility though, and it should be taken into consideration. In this case I would recommend to enter the market on the retracement move of the breakout from the inverse H&S since you want to avoid getting caught up in the failed break out. If the inverse H&S doesn't play out, we can see a big drop to the first support level of approximatelly 8600. From there I would expect it to form a possible falling wedge that could bottom close to the recent 6000 low. Falling wedge is a bullish continuation pattern, and sucessful break above could as well mean the end of the correction. As you can see from the RSI, we broke already broke above bearish 28day RSI. If this scenarion would be about to happen, I would enter the market on the retracement move of the break out of the possible falling wedge confirmed both by RSI, and by completion of the pattern. Hope it made sense, and I hope that I didn't scare you off with my poor english, since I'm not originally from the english speaking country. Enjoy, leave a comment and have a great day!
BITFINEX:BTCUSDShort
by CryptoFlows
Counterparty and the mickey fractal. A "LONG" lovestory.As I would prefer to keep this description box clean, and let my fellow traders figure it out themselves I will keep it short but powerful (dutch expression, lol). To be seen in the chart; a massive "mickey fractal" to which I will share a link in the appendix that refers to this magical fractal that is to be spotted frequently in cryptocurrency. Charts become wisdom when specific mighty fractals are spotted- this is one of them. Counterparty has been accumulating for years which can be seen in my previous XCP chart, and now- on weekly/monthly basis a breakout is very near; perfect in line with the massive altcoin breakouts that WILL be happening STARTING this/next week. Bear in mind, this is a logarithmic chart- VERY rapid huge movements will occur. As I would say; Anticipate the movement, The end is near. When bulls remain bulls and bears become bulls, Pull the trigger or all shall lose. Be careful, be long, but not too long. Kind regards, Gabriel Molenkamp APPENDIX Mickey fractal comparisons; 1. twitter.com 2. twitter.com PS: This is my trade, and is not meant as advice.
XLong
by GABSBY
15