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Symmetrical

zoomed out 1 day chart to appreciate the chart pattern symmetry.just wanted to zoom out to show the current chessboard in its entirety and also my idea of when we may finally breakout of the bigger (for now speculative) symmetrical triangle pattern. The Adam & eve double bottom is one of the most picturesque symmetrical perfect adam and eve double bottoms I've sen in awhile...was amazing to watch the price action follow the right side of the double bottom exactly as I had laid it out as well as watching price action follow the dotted blue breakout target line up like it was magnetized to it. I think we can do 1 of 2 things here at this point...either jus continue to skyrocket up all the way to 13.1k and trigger the double bottom immediately or get rejected around 12k down a slight bit by what is currently the "hypothetical" top trendline of the larger green symmetrical triangle we may potentially be in. If the triangle is indeed valid I anticipate we will see a rejection down from its top trendline to send us back down to retest the double bottom neckline and scare people into thinking thee double bottom was a fakeout. However I believe that if we do retest the double bottom neckline ultimately it will maintain support and trigger the double bottom breakout...unless we're gonna fill the 8.5 gap afterall(slim chance but still somehow a possibility)I think if it gets rejected at first and confirms the validity of the larger green symmetrical triangle that we will then retest double bottom neckline and wait to breakout until the point where the triangle's top trendline and the double bottom neckline converge as shown here on my chart...everything else has behaved with some stunning symmetry so far here so for it to break out where they converge would only add that much more perfect chart pattern symmetry and confluence. the right half of my eve bottom played out perfectly lets see if this one does as I anticipate as well.
COINBASE:BTCUSDLong
by DrDovetail
Bitcoin: Another movement UpCurrently, in the chart presented above, there is a symmetrical triangle, something that has occurred on various altcoin charts, if bitcoin can break to the upside of this symmetrical triangle, it is likely there will be another run to the upside for the entire crypto community, however, it is important to note that most charts against BTC are bearish, so it is most likely better to invest/trade with bitcoin at the current moment. There was a symmetrical triangle within the RSI representing the symmetrical triangle of the price action, the symmetrical triangle on the RSI has broken the upper trendline, however, this break needs to be confirmed by price action, otherwise, it is likely a false break. In addition, the RSI should not be given more credence than price action itself. Another important thing to note is that the RSI bounced off of 35 which is still within the bullish range. As for the symmetrical triangle on bitcoin itself, an upward break would be denoted by a break and consolidation above the upper trendline of the symmetrical triangle or we will see a convex curve to the upside with accelerating price rise. A bearish break will most likely occur with a bull trap, or a concave curve to the downside with accelerating price fall. Generally, in most books, the symmetrical triangle has a 50/50 chance of breaking either direction. Note: I am still waiting for a retest of 14k, and my approximate analysis would give a retest approximately 16/23 or ~70% chance of occurring. The symmetrical triangle: Previous Analysis:
COINBASE:BTCUSD
by CuddlyCuddles
XRP sees bullish surge above the symmetrical triangle & 4hr200maAs we are about to close the current 4 hour candle we will likely close it above the 4hr200ma and above the symmetrical triangle both very bullish developments. If we can maintain above those we will likely go up to test the next resistance which is on the day chart shown here....it is the double reinforced resistance of the 1 day 50ma (in orange) coupled with the neckline(in yellow) of the current inverted head and shoulders pattern we are currently in. That will likely prove to be strong resistance...however, the red falling wedge we broke out of a while ago may in fact be more valid as a 3-6 day chart pattern and may only just now be triggering...if that is the case we can see the projected breakout target for the red wedge takes the price action well above the inverted head and shoulder neckline which would likely lead to triggering the inverted head and shoulder breakout as well which if that were to occur the next resistance zone would be the 1 day 200ma shown here in blue. Lastly, with the sudden big green candle on the 4hour chart the trajectory for the 4hour chart golden cross is now currently possible within 72 hours time...should we maintain above the symmetrical triangle that goldencross is almost certain to occur and help lead to more bullish action. Just my thoughts not financial advice
BITFINEX:XRPUSDLong
by DrDovetail
potential targets on XRPgot a symmetrical triangle, inside a larger symmetrical triangle on the bearish side of things...on the bullish possibilities we have a inverted head and shoulder setup and the larger falling wedge pattern....probability in the immediate term suggest a breakdown as we are currently below the inside symmetrical triangle...however there i still time left for a fakeout of this triangles breakdown so for now this idea will be neutral until I see breakdown confirmation.
BITFINEX:XRPUSD
by DrDovetail
1 day falling wedge unveiledin the shortterm I expect a break down from the current red symmetrical triangle weve been in on the 4hour chart so this idea will be short for now...however in the medium term I now see a big falling wedge in green on the 1 day chart thats apex stretches to April and believe we will ultimately break upward from this pattern. Interestingly enough the target breakdown for the red symmetrical triangle pattern lines up exactly with the bottom trendline of the current green falling wedge pattern so I may set my limit buy right around 3364 because of this. i think we break down to 3360 or so, find support on the bottom trendline of this falling wedge then bounce back up to the top wedge from there around 3632...then get rejected back down and bounce up off the weekly 200ma or so then it sends us breaking up out of the wedge at around no lower than 3421 if we break out of the wedge there it can take us to 4.1k and far above that descending dotted white line of resistance we encountered originally back when people were thinking it was a neckline to a big inverted head and shoulder pattern..however just above that is the top trendline of the bigger falling wedge we are in at around 4.2k so that resistance may provide too strong to break we will have to wait and see...there is also the chance that the 200weekly MA may not hold in which case we will likely continue further down in the falling wedge and break upward closer to the apex. I think if we do go below there the horizontal yellow support trendline I have here on the chart at that range will hold good support. so short term I expect more downward motion but mid-long term I expect a break upward from this falling wedge.
BITSTAMP:BTCUSDShort
by DrDovetail
A dominant pattern emerges in btc: a 1day symmetrical triangleThe symmetrical triangle has been growing more and more predominant with each day candle and now seems to be the most valid of the current possibilities. The symmetrical triangle itself is a continuation pattern coming off of a recent downtrend so it favors the downside. However, also still currently valid is a diamond bottom pattern(in purple) which usually favor an upward break(however bearish continuation diamonds also are a thing). For this reason alone i'm leaving this idea neutral instead of bearish. After these two patterns the next bear pattern we can see here is a potential head and shoulders pattern..currently its not as certain to play out but if we were to break downward from triggering the symmetrical triangle breakout would most likely at the very least dip under the neckline of the head and shoulder pattern with a wick. If we were to then trigger that head and shoulder pattern we are looking at 2.8k territory and possible capitulation at that point. If we are to trigger the diamond bottom pattern and head bullishly upward the target for the diamond bottom breakout is around 3850ish or so ....odds are very good at that point we would most likely eventually just form another lower high end would simply be prolonging are inevitable capitulation that much longer. I personally think a break downward is better in terms of allowing us to speed u the end of the bear market at this point so I'm siding with continuing the downtrend even though the idea will be listed as neutral. Finally though we have some clarity at the predominant patterns currently on the chart. Thanks for reading and good luck!
BITSTAMP:BTCUSD
by DrDovetail
1
bitcoin bullflag looking more like a symmetrical pennant now The breakout targets are still roughly pretty close to eachother even though price action on the flag is now looking more like a symmetrical pennant. I anticipate a break upward from the pennant no later than tomorrow but possibly tonight. That will put us above the neckline of the inverted head and shoulder pattern...I'm still not completely confident we will trigger the inverted head and shoulder breakout but plan on having a smart stop loss should a fakeout occur.
BITSTAMP:BTCUSDLong
by DrDovetail
BTC likely to breakdown from symmetrical triangle trgt=3.4kWe can see bitcoin has formed a symmetrical triangle on the 1hr and the 4hr charts which we all know is a continuation pattern...and if we look left we can see it was preceded by a big bearish drop o odds are good we will be continuing downward...I have a limit buy set up right around the neckline of a head and shoulder pattern down there around 3.4k I feel this is a safe spot to buy back in because we may have finally reached the oversold zone on the 1 day stochrsi by then and we have seen plenty of head and shoulder + inverted head and shoulder fakeouts right at the neckline of those patterns so its wise to buy back in right at the neckline with a stop loss maybe 2 -3 pips below the neckline. I have a feeling we may do a fakeout here...if we dont and we fall under the head and shoulder pattern look for bounce support on the 200 weekly MA just under that around 3.2k...if we break through that support then odds are good we will be heading to 2.8-2.9k which overall would be a great sign for the market as it would mean capitulation is coming and we can soon end this ugly bear market. I still think a fakeout at the head and shoulders(maybe caused by bounce support at the 200 weekly ma) could essentially allow us to shootback up to the bigger inverted head and shoulders pattern that if triggered could take us as high as 5.4k...of course we could see yet another fakeout once we got to the inverted head and shoulder neckline again and have a huge capitulationc rash at that point or even have a huge capitulation crash ater it triggered and took us to 5.4k....pay close attention to the impending 4hr deathcross and then look at how several other 4hr goldencross fakeouts back into death crosses in 2018 led to 50-60% drops....I think our final capitulation candle will occcur on the next 4hr death cross plummet now that we can tell our recent 4hr golden cross is not gonna be sustainable.
COINBASE:BTCUSDShort
by DrDovetail
XRP in a bullsh falling wedge vs bear break from sym triangleThough XRP has been consolidating well inside the falling wedge(which tend to break bullishly) we must still keep in mind that since we broke down from the 4hr symmetrical triangle pattern not too long ago, we may still have more room to dip seeing as how even though we reached our head and shoulder breakdown target, we didn't hit the drop target of the symmetrical triangle pattern just yet. That's not to say every pattern that breaks down reaches its exact price target, in fact, many fall short, many end up over too, but most are always pretty close to the exact target give or take a pip. To put it more simply. There is a good bull case here but also still a case for the bears. Being an optimist, I'm goin long and the longer we skirt along this current support line the greater the odds of it inverse barting upwards. Shown here on the chart are the bullish and bearish price target from each pattern. Also in blue and orange, the 1day chart 50(orange), and 200(blue simple moving averages and the current trajectory for their golden cross. Still a chance we could dip down to the next fib line under our current supprot before the ultimate bounce therefore finding away to still fulfill the bear target drop and trigger the bull falling wedge at the same time. All outcomes worth considering even though financial advice they are not. Thanks for reading!
Long
by DrDovetail
So far btc has boucned beautifully up from the bottom trendline We can see here on the 1 day chart that BTC has bounced with strong support up from the bottom trendline of the symmetrical triangle. Symmetrical triangles usually are more valid by candle bodies than candle wicks but just in case I have found the wick top and bottom trendlines as well. For now I m still long on this. Of course whatever you choose is your own doing as this is not financial advice and simply my own strategy but I still think a break up from this triangle could take us to 6.8-6.9. Thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
2
A Bearish and Bullish case for XRPThis idea will be listed neutral because while we still have the very bullish and valid Symmetrical triangle here we have also developed a head and shoulder pattern which is currently now threatening to break the neckline of. Many head and shoulder patterns become fakeouts though so if it is the case that this head and shoulder pattern is a fakeout as well I think that will highly increase the probability of the symmetrical breaking upward like continuation patterns are known to do...Keep a close eye on the head and shoulder pattern though because if it does trigger not only will it initially have the drop target I've posted here in red, but it will also trigger a breakdown of the symmetrical triangle pattern which can dip it the height of the triangle. Do not buy into the head and shoulder pattern prematurely even with it dipping below the neckline best to hodl until we see a bear volume surge to confirm the breakdown. If we break upward the bullish breakout price target is also listed here in green.
by DrDovetail
1