Btc’s big brown rising wedgeWouldn’t surprise me if price does a slow grind up this wedge for a bit. *not financial advice*
Rising Wedge
CAD/JPY - 1H - Rising WedgeCAD/JPY is in a bullish trend, making HHs and HLs and forming a Rising Wedge . The price action is currently making a pullback into the rising support which has a confluence of slow MA dynamic support.
The Bullish Bias is based on the following signals:
Bullish trend (price making HHs and HLs)
GMMA: fast MA above slow MA with separation
Slow MA acting as dynamic support
RSI above 50 and not too near overbought levels
OBV convergence with price (uptrend has conviction)
Expecting bulls to be in control above the rising support. Go short if the wedge breaks downside.
Like & Follow for more such ideas.
GOLD - New bull market has started! | All-time high next year
Gold has bounced successfully from the strong support level on the weekly chart.
As per my Elliott Wave analysis, an ABC correction (FLAT) + Wave (4) have been completed, so we can start a brand new impulsive wave!
On the weekly chart, we can spot a beautiful rectangle consolidation, which is a strong continuation pattern.
The price is above the 200 moving average. The 200 weekly MA is considered a very strong support area by huge institutions and hedge funds.
I think this will be the final impulsive wave and then we can go back to retest the rectangle from the upside.
You can place your profit target at the top of the parallel channel , but do not forget to switch to the LOG scale.
For more analysis, please hit "Like" and "Follow"!
SP500 INDEX PERSONAL ANALYSIS IN THE LONG TERM (DUMP)The overall evaluation on the SP500 index has been in a monthly bearish trend that has always confirmed itself via a monthly resistance trendline rejection ever since the apex turning point of this index from January 2022. Please be cautious on your risk management as always. The projected lines of direction (white) are not random skittles, but was produced by my experience of years of trading on how market moves work to build proper market structure. Yes, it is possible that we may even dump further than expected or pump tremendously due to some peculiar and consistent positive catalysts however this serves as a "guideline" on what to expect for the months to come.
The SP500 is very similar to the NASDAQ structure and as well as in crypto. We may not see any potential major consolidation ranges until we hit the 2020 support lines.
------------------
You like the chart? Its free!
Don't forget to like, share and comment! Bookmark it, save it so that you may add it as additional reference for your future trades. Thank you!
(If you got any spam notifications by me reposting this a lot, its because the image view or zoom is not available in tradingview upon application. You shouldn't have to adjust it yourself, just read for your convenience!)
BTC is in a Rising WedgeRising Wedges are typically bearish, but I've indicated potential 1x, 1.5x, and 2x targets for exiting both bottom or top.
Should we do the opposite of what's usually expected and exit from the top:
-- Note that the 2x target for exiting top lines up just above the 200 day EMA.
If we see a corrective rally, stopping at or a bit above the 200 day EMA is quite common in its history of corrective rallies.
bearish wedge officially broke below, watch retest of org chanas i called before, we have officially broken below the bearish wedge. i, personally, expect the price to move below the old channel, but there is a small possibility for bulls to take tower at rest (though unlikely. could short now until it retest, close, then enter a long or a short of the break below, could wait for retest to enter a position, or could short now and close at 8/9k.
SOL: Wedge Pattern!SOL/USDT is making a rising wedge pattern on 1 day chart.
There can be 2 scenarios:
1. If SOL breakout through the lower trend line below 40 then the targets are on next support areas marked on the chart (Green)
2. If SOL holds the area in the wedge then the targets are on next resistance areas marked on the chart (Red)
Share your views in the comment section.
Like & follow for more easy and simple trading ideas.
Thank You!
Bitcoin - Last valid bullish EW count was invalidated, what now?
I studied this market structure for several hours, and my conclusion is that there is no valid Elliott Wave bullish count. Simply, a valid Elliott Wave count does not exist. Is this a problem?
From the Elliott Wave perspective, there are 2 possible options:
1) If we want to stay bullish, we have to accept the fact that a third impulsive wave can sometimes be a diagonal, not only an impulse. which I think could be true.
2) This was a huge WXYXZ corrective structure and we must go below 17622 USDT to confirm this count, make a new low, kindly by a wick, and then we can start a brand new uptrend or continue lower to 13-15k.
Which one of these options do you see? Let me know in the comment section what you think about it!
This technical analysis shows an impulsive wave with a non-standard diagonal third wave.
We still have a total of 9 waves, which indicates a bullish movement as per the simple rule that 5, 9, 13, 17,... waves are generally impulsive structures.
Market structures are not perfect. Sometimes you can see a weird triangle or a weird wedge, as well as a weird impulsive wave.
I don't trade Bitcoin, because my strategy and system is a strict pattern that occurs only sometimes in the market. That's why I watch 1000+ altcoins and pick only the most promising ones as per my strategy. But I do have Bitcoin for the longterm hodl.
For more ideas, please hit "Like" and "Follow"!
Bitcoin to $19200 ?Bitcoin to $19200 ?
Rising Wedge Breakdown
Short Target 19200
Let me Know what you think
Bear for Bitcoin, Short!As of the rising wedge, there has been a breakout as expected, So going short rn will be osm!...
⚠️NOT A FINANCIAL ADVICE
Not nowHi everyone,
I mentioned last time that liquidity would be taken after showing 3 bars with rejection on a failed support. We are on a resistance that just turned out to be a support. Although, I think that we are going to fail it since we broke the trendline that used to form a rising wedge (a bearish pattern). So, we are going to reach the 6.5 level on DOTUSDT.
Instead of shorting the market, I would usually trade the leveraged of this asset. (small secret)
Another possible scenario that might happen, but is less likely, is that the price might bounce since it is facing a double confluence level, where it is meeting the 200 EMA and the strong support that we just talked about.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
GOLD SELL IDEA Looking selling entry in GOLD. rising wedge breakout and now retesting. manage your risk and reward.
BTC: BREAKS DOWN! LOOKS BAD HERE!!Hello everyone, if you like the idea, do not forget to support with a like and follow.
Welcome to this BTC update. In my previous BTC update, I told you that BTC is at resistance and if it breaks the resistance then we see $30 soon but BTC is unable to break the resistance and got rejected badly.
Now, BTC is not looking good in the daily time frame. It breaks down from the rising wedge-like structure in the daily time frame. RSI is also breaking its uptrend.
The last two times when this happened we have seen a 30-35% drop in the price of BTC. BTC needs a daily close above $25k to invalidate this scenario else is ready for more drops.
What do you guys think about this?
Do you think that we again see a 30-35% downside move or do you think that this is a fakeout?
Share your views in the comment section.
If you like this idea then do support it with like and follow.
Thank You!
Analysis of bitcoin price pattern and targetThe rising wedge on $BTC is hard to ignore, therefore may appear as too easy of a play. That is suspect, but we must not overthink things.
When we were ranging in June - July, I expected to at one point hit lower 17k zone.
I didn't expect the rally, but am still of the opinion it is / was a bear market rally and not a turn-around of a bigger trend. So that 17k level remains - for me - on the charts.
In that context, the rising wedge becomes interesting.
If wedge plays out and drop is +/- equal to the 10 - 15 June drop, it'd take us to the levels I drew out in June, which is lower-end of 17k.
Breakdown out of this wedge happened today and now we're hovering above the 4H 200EMA.
I think we'll find some support there & maybe go up to find the bottom line of the wedge flipped to resistance.
This activity could push us back to the 4H 200EMA EMA.
Once we lose it for support, further breakdown is more likely, with targets set at a new low.
Once again posting this scenario.I posted this analysis a while ago and someone told me I was smoking crack. But when looking at the entire way down from last ATH we can see there has not been one actual counter rally, as in a rally above recovery range after a harsh drop.
All we are seeing is one bearflag after another and this leads me to believe this is actually playing out.
In addition to the massive rising wedge there is the Fib Time Zone tool prediciting another year of downward pressure. This is also confirmed by the Ichimoku lagging span on the monthly, which is suprisingly accurate at marking the start of previous bullcycles after major corrections. I have drawn out the distance from the moment that the lagging span (the yellow line that 'lags' behind the chart, mimicking the form of the trend) touches the actual trend with the horizontal yellow lines. It accurately marked the start of the next bull cycle twice in the past and when overlaying it for future projection it aligns with both the Fib Time Zone 1.618 (full cycle complete) and the Ichimoku cloud rising steeply, indicating sharp upward momentum if respected.
The Great Rising Wedge potential playout.When analyzing this enormous wedge that stretches back to 2014 and applying the rule of thumb that the target is the 'first pivot', a fall to the 0.786 Fib line would be possible.
I'm not saying this has the highest likelyhood and I do not expect this to play out, but I found it interesting to sketch it out.
BTCUSDT 1D 17/8/22BTC is at a crucial level here. It is still showing some lower time frame bearish price action.
It is showing a perfect rising wedge pattern on daily time frame and is moving inside the pattern sill.
This pattern is a bearish biased pattern.
If it breaks below the lower trendline we could be heading way deeper south before another bounce. The next support areas are around $19324 and $19820.
BTC needs to break above this trianle ($24000) for a bullish momentum.
Ethereum ETH - More upside is coming! | Elliott Wave | Channel
People are calling for ETH to flip BTC, but this is really a serious thing. If BTC loses its #1 position, then it could be a catastrophic scenario and may cause a panic sell of BTC. Of course, this event will take down all coins.
But I don't really see any reason for ETH to flip BTC. If you want to bet on it, then good luck, but the chances are really low in my opinion.
But overall, Ethereum is still one of the strongest altcoins in the crypto market at this moment.
I expect one more impulsive wave to the upside to complete the superior impulsive wave (as per my Elliott Wave count).
Also on the daily chart, we have an ascending parallel channel with a very well respected upper trendline.
There is absolutely no bearish divergence on the RSI indicator, so the uptrend is really strong and stable. Of course, there is a possibility that we will retest the parallellity of the channel from the downside.
Look at my ideas about Bitcoin, alt season and BTC dominance in the related section down below.
For more ideas, please hit "Like" and "Follow"!
SOL rising wedge#SOL/USDT
$SOL broke out from descending trend line and it is inside a rising wedge.
🐮 price holds the curved ascending trend line and if success breaks out from resistance of $44.9, I think it's possible to continue its upward move toward resistance around $53.
🐻 rejection from resistance zone can drop price and break down from curved trend line and drop more to touch support zone around $40.
Bitcoin BTC - Explosive breakout soon! | Wedge | Elliott Wave
Bitcoin is still struggling to do an impulse wave with a gap. The rising wedge is close to a breakout, but be aware of a possible fakeout first.
On the daily/4h chart, we have a total of 9 waves, which is really great at this point, because this indicates a motive/impulsive structure.
Generally, 5,9,13,17,21 are motive/impulsive structures. On the other hand, 3, 7, 11, 15, 19 = corrective structures. Please keep that in mind!
So if we drop even lower from this point, to 20k, for example, then we can count this 9-wave structure as an impulsive wave and we can expect much more later.
As per my Elliott Wave analysis, the next wave to the upside should be a massive impulse wave that all bulls want to see.
The rising wedge also looks a little bit like an ascending triangle, which is, of course, a very bullish pattern.
Next stop 32,500 USDT. We can also wipe out all stop losses at this level before a possible consolidation.
I expect tremendous gains for selected altcoins. You can find them in the related section down below.
For more ideas, please hit "Like" and "Follow"!
🤖 #BTCLIVE - 15.08 - #IDEA 🤖 - Part 3🤖 #BTCLIVE - 15.08 - #IDEA 🤖 - Part 3
Hmmmmm....things are looking pretty bearish
Alt Market Cap
Currently in a bearish rising wedge, RSI is over stretched now and almost overbought and any further rise 75 and above will confirm a bearish divergence. Expecting a crash from here for Alts - money will flow out of alts and into primarily USDT and BETH* I feel the low caps are really going to feel the pain here. Additionally we are hitting the long term top of the descending channel as well as about to get smacked by the 200DEMA.
USDT Dominance
No surprise USDT Dominance is looking primed to breakout, there is a small chance capital can flow primarily into BTC although highly unlikely. Expecting USDT Dominance to pump. Currently in a long long term falling wedge - as money has been slowly buying positions in alts and BETH. We are additionally finding perfect support on the 200DEMA to bounce.
BTC Dominance
This is holding range well and at the lower end, expecting a large bounce here potentially to about 48% - given the other scenarios this makes perfect sense as capital will likely flow out of all crypto to USDT but out of BTC at a slower rate boosting the dominance quite fast.
BTC Price
Long term bullish but short term looking pretty bearish with the rising wedge, long term trendline resistance, 50DEMA resistance and the other scenarios painting a pretty bearish case.
*My new short-hand for BTC & ETH, don't sue me
BTC/targeting $14.5k - Bearish - Raising Wedge (fibonacci)You propably have heared already about BTC dropping to price around $14.000,
technicaly this is supposed to happen as Raising Wedge after "falling trend" predicts drop of a price once its gonna give up to one of the Fibonacci Retracement Level (0.618 or 0.5 or 0.382).
Good option i could suggest would be observing Higher Highs and Higher Lows if they break and turn into Lower Highs and Lower Lows (that scenario would turn recent BULLISH trend on BTC to BEARISH )
Recently we have tested second - Fibonacci Retracement level (0.5)
the next one is going to be (0.382) and then possible drop max drop range might reach down to $14500
Before going down to $14500 we are going to test $17500 ( strong support which stopped bearish mid term market ).
Even though, with High enough market liquidity that trend could turn into something more positive, and i have little hope that recent HYPE PUMP on ETH will turn this scenario into LONG TERM BULLISH MARKET .
Range Trading Meets Pattern TradingMany times I enter discussions where people tend to bash pattern trading...
...saying that pattern trading is not actionable, that "most reversal patterns fail while most continuation patterns succeed", that "most diagonal patterns fail while most horizontal patterns work", that you can't derive direction from them.
My answer is always that direction is not derived from the pattern itself (that would be statistically based only), but instead is derived from both interior and exterior context. When searching for actionable setups, again, patterns and diagonals will mostly provide bias, signs such as exhaustion and trend shifts, while horizontal SR (Support & Resistance) levels will actually be the ones we'll be looking for actionable setups.
Here's a quick example of a Rising Wedge divided in three constantly smaller ranges showing a slowing down of the trend, where we can start seeing exhaustion by the constant failed breakouts of HORIZONTAL levels, and where one can derive potential direction bias from the first DIAGONAL trend break...
...potentially expecting now a cascade effect from smaller ranges down to the larger ranges, providing larger and larger expansion gaps ultimately running the Rising Wedge pattern target.
