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Bitcoin Bear Flag - What this means for Bitcoin's Future...Hello Traders, Today I will be discussing the formation of a Bear Flag and what this means for Bitcoin. - As you can see on the chart BTC has been consolidating in an "Ascending" parallel channel since January. 1) An ascending formation is typically a Bearish signal. 2) In conjunction with the downtrend from the highs at $69K in November, this creates a bear flag. - Now I'm sure some of you may be wondering... Well BTC consolidated last year in a channel before the massive pump to $69K, so won't Bitcoin do the same this time? - The answer is no. - Last year Bitcoin consolidated in a "Descending" channel which is typically Bullish. - As expected BTC pumped coming out of that Bullish consolidation. - This time BTC has created a Bear Flag and has a much higher probability of continuing lower before hitting previous ATH's. So what does this mean for BTC? Here are the 3 possibilities I see playing out.. 1) (Highest Probability) BTC retests the $36K support level 2) (Medium Probability) BTC retests the $29K support level 3) (Lowest Probability) BTC retest the $20K support level. I want to emphasize... Patterns have a certain probability of playing out. Bear flags have a relatively high probability of playing out and BTC has formed a textbook Bear Flag. This means the probability of BTC breaking down and even hitting $20K are still relatively high. Sometimes you have to zoom out and look at the bigger picture. I'm sure a lot of you will be discouraged by this, but think of how incredible it would be to accumulate BTC back at $20K!? Good luck everyone and happy trading!
COINBASE:BTCUSD
by natef1
4
The BTC Bart Sucks - We have better things to do with our timeDid you have been there the BART (Simpson pattern) of course bitcoin isn't new to the game on this pattern, probably as old as time itself (not scientific, don't sweat me chart champions :) ... ultimately it's the "Gartley Classic 22" pattern.. You end back where you started... if I wasn't trading with sinful amounts of leverage I wouldn't care at all.. (really care with leverage either-- other than I have to pay constant focused attention to what's happening)
FTX:BTCUSD
by Joseph_MG
XABCD Pattern, Short trader with good probabilityThis pattern indicated that the NZD/JPY could drop nicely this week, looking at the daily chart, and it could bring some decent profits. But of course, this is just basic technical analysis.. 100% accurate, detailed, and precise trades are forever available to our wonderful clients. We will update the idea on our blog's analysis section so we can help you remove stress and risk from it :) Trading by yourself carries a ton of risk, it's best to leave it to professionals to handle the risk for you.
Short
by Visit-wwwTRESORFXcom
Bank nifty long position Hi Everyone... Hope you all are doing good.... So let's talk about today's trade as you all know from last few days market gives us a gap up opening and after opening market moves in a short range.... So how we have to work in banknifty let's see... Conditions... 1. There is a strong resistance at the level of 36600 so if banknifty break this level and give us closing above the level then go for the CE and the tragets are 36800, 37000 and the last one is 37300 2. If banknifty breaks the previous day low which is 36300 then go for the PE and the target is 36100, 36000 and the last one is 35800 Hope you all are understand the levels and please follow and like for daily updates.
NSE:BANKNIFTY
by StockSelection
Bitcoin Bearish Gartley: Will it Reject 48.2?So far, this bearish gartley harmonic has been accurate to the relative tee. I assume now, we reject around the 48k area, and push further back down to retest trend... This to me, would confirm a bear market for quite some time 6-12 months is possible. If we look at VWAP and Daily/Weekly/Monthly supply levels, we should reject. We will find out soon. If you haven't longed I would not enter any trades here. If you are looking for an entry. I would short if we reject of the 48k level, and reclaim the D3 Supply lows... thats where I would enter a short. Patience Pays
by jb_skis
Daily forecast on a WC daily forecast on a WC! i see this as a good risk to take given the confluences of the higher time frame not breaking that high, so their is a likelihood of price moving back to the upside. given the structure and the price action on the higher time frame i can see a last leg forming to an ascending structure. an entry can be made out on the 4H in the form of a larger flag, its just a matter of pulling that trigger at the right moment for me now. a risk of 1% will be executed if the criteria is met to my trading plan, if im stopped out im happy with the position in this frame of mind - given the potential this move has to the upside.
Long
by connorfx96
2
Education Post: Double TopBTC has been bearish over the last week or so, but why? On the chart you can see I've attached a photo of a double top pattern, which is exactly what BTC has formed and played out the last couple of days. There's not much to say about this pattern as it's self explanatory. Looking at patterns is a really good way to predict future price movement as you can see this pattern played out exactly like the photo. You can google these patterns as there are loads of them. Now looking at the chart there's not a lot we can use to infer where BTC will move next, however the RSI is becoming oversold on D1 and is moving towards its support line. I'm looking for a small bounce here but I'll need to do some more analysis tomorrow which I will share. Hope this post helped:) Trade safely
by sebastianjohansen
2
UDATE on Triangle Pattern From Feb3Hello Traders Here IS The Triangle Pattern From FEB 3 That Has Indeed Formed. IF You Took The Buy From The Last Data Point Of The Triangle Before The Break You Would Have Caught bout 150 PIPS OFF That Trade. Currently Price Is Testing Off The Completed Triangle So BUY! BUY! BUY! You Can Set Your TP At The Original TP Or You Can Hold From The Break/Retest To However Many Pips There Are From The Top Of The Triangle To The Bottom Of The Triangle ( This Is Around Where The Breakout Will complete Its Self. Just observe its movement overtime to see this play out.This is how patterns work). If YOU ENJOYED THE PATTERN AND TO SEE IT PLAY OUT PLEASE LET ME KNOW IN YOUR THOUGHTS IN THE COMMENTS AND LIKE AND FOLLOW IF YOU DONT MIND :) ENJOY!
Long
by BeautifulTiger
The Law of 10 then 100, 10 then 100. Repeat as necessary. All is revealed in this humble chart. The plan is quite simple. I would like everyone to hold off buying any Gala until around day 10 of the oscillation period and then on the 10th day, buy Gala like mad. Out bid anyone who places an order, just buy and don't sell, because if you sell we will know. Those shorts will be happy to sell, take all they have and then when we reach the 100% profit mark, stop everthing. Do nothing and listen to the silence of the cryptoverse. The then, from far below, you will hear it, the short positions exploding like the 4th of July. It will not be pretty. Then we will wait for another 10 days, very quietly (no giggling) and I will release further instructions then. The Sublime Prince of Gala
Long
by WMWToronto
5
XAUUSD, GOLD SELL AREA. 👍👍Hi Guys, GOLD is sitting at our Sell area we where looking for. We have completed the ABCD Gartley from the Jan 26th High with a 10 day rally. This could be a start of a decent move to the downside. Target 1. 1800 - This is the 50-61.8% retracement of the current move up. This would complete a 135 Pattern and be the Bullish option. Target 2. 1750 - This is the A-B=C-D move to complete the smaller pattern. Target 3. 1730 - This would complete the Gartley Buy pattern from the Aug 2021 low. I hope this helps. Enjoy the day.
OANDA:XAUUSDShort
by L_F
4
Two Types of Elliot Wave CorrectionsWhen it comes to Elliot Wave Theory, we know of two different correction patterns . On the left you can see the classic correction, which is less common in real market situations. On the other hand, the flat correction (right) occurs more frequently in the market, since modern price action is often characterized by fakeouts . In this case, a fakeout looks like a wave B making a new high above wave A. In most cases, traders would open a trade here due to a structural break, which then runs against them (bull or bear trap). In the following table you can see how the respective correction patterns differ from each other and what you need to pay attention to. It is very important that you learn how to use Fibonacci tools correctly so that you can calculate the wavelength properly. Maybe I'll do a separate educational post on the proper use of those tools in future. Thank you very much for your attention, Your RT
COINBASE:BTCUSDEducation
by RT_Trading_
9