Get started

Price-action-predictions

Review BitcoinLocal triple bottom structure is promising, with no more fud this week I believe we've just witnessed a local bottom 👀 I hold BTC and tend to believe that you also hold it, if I am wrong - it's time to buy.If $58k support is lost, bulls are no more in control and we'll see some distribution or accumulation in $54k - $58k flat zone. If $54k level is broken, bears are in control and I'll sell my crypto. Note that it doesn't mean I have a stop loss just below this level! A fakeout is always possible and it would be absolutely stupid to place a stop loss a bit below support! I hope this dump didn't affect you too much, don't fall for emotions!
by softcoflix
11
DVN uptrend - What to expectI took some time this morning to go over the chart for Devon Energy. It looks like there is a lot of room for potential. 35 Analysts say 86% BUY. Trend continuity is in perptual uptrend. There's a steady diagonal line there. Earnings report coming up in July. There are some good short squeeze positions at the pinnacle of those bounces as well however if you buy now and hold until the end of the year there is a good potential for gains at just under 50%.
NYSE:DVNLong
by cleverfoxinbox
The psychology of price patternsWe have said before that changing attitudes determine price and price moves in trends that tend to perpetuate. So, how can a trend be defined? Simply, it is the movement of price in an irregular but persistent direction. When you zoom out your chart and watch price movement, whatever is obvious is the trend. The USDZAR chart below illustrates some trends you will encounter. For those that are familiar with watching charts, then we can say price moves in either of 3 ways: upwards, downwards, or sideways. When it is moving upwards or downwards, people say either the buyers are greater than the sellers, or the sellers are greater than the buyers. But thinking this way has errors. They are saying that the market is not in equilibrium. The correct interpretation of such upwards or downwards movement is that the buyers are either more aggressive or enthusiastic than sellers for uptrends, or the sellers are more aggressive or enthusiastic than buyers for downtrends. For the third case, the sideways movement, we can say that this is a transitional period, a period where the aggression of buyers and sellers are evenly matched. It is at these periods that price patterns develop. This is a period of consolidation between both sides of the market and it is of two types: a. Consolidation or continuation patterns: this is where the preceding trend before the consolidation is seen continues after the consolidation. That is uptrend to consolidation to uptrend vice versa. The chart below shows an example. b. Reversal pattern: this is where the opposing trend to the preceding trend before the consolidation is achieved. This pattern separates an uptrend from a downtrend, and a downtrend from an uptrend. These patterns are the bread and butter of the setups we trade in price action. These patterns sometimes don’t work in line with the fundamental news such that they might appear unbelievable. That is what makes them powerful. I have seen so many traders who saw a reversal pattern in an asset but who read that the fundamental news says the trend will continue. Because they chose to follow the crowd, rather than listen to price, they placed a trade in line with the fundamental news only to lose money in the process. This is why in my trading I don’t follow the fundamental news or what the crowd is saying. I listen to the crowd but don’t follow them. I follow price and the patterns that price gives. This is because every news in the market is already factored in the price. Therefore, it is better to follow price.
Education
by Emekadavid
Litecoin. New pattern idea. Will we coil again before breakout?It looks as though Litecoin may be forming a new triangle. I have a suspicion we will begin to coil yet again in this larger triangle before finally punching through our ATH with another long green candle much like the one we saw yesterday. This next coil process, if it proves to be true, could take up to a month to form before we see our next big punch through. Should this idea be correct, I see us bouncing up and down between our support levels of $48.90 and $50 AND our resistance trendline (downward sloping orange) which will pressure us slightly down on a daily basis. Don't be discouraged Litecoin traders. This is an extremely healthy process. One of the reasons I have fallen in love with Litecoin lately is because of it's healthy charting patterns and stability. Our next big punch through should take us through our ATH of $57.75. Target remains $75.00+. Stop out remain anything below the upward sloping GREEN trendline and should be adjusted daily. Keep the faith in Litecoin traders and as always, happy trading!
COINBASE:LTCUSDLong
by stewdamus
2