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Symmetrical

Inverted cup and handle spotted priceaction testing necklineIn dark turquoise here I ahve drawn an inverted cup and handle pattern...the price action has sent a wick to the neckline...should we not climb back into the symmetrical triangle by the time this candle closes probability is very high that we could trigger this cup and handle pattern...if so the target drop would be down to the bottom trendline of the weekly descending triangle pattern...I think we could see nice support there around 5845 or so. This may of course though be a bear trap and we still have time to climb back into the symmetrical triangle pattern before the candle closes...try to be prepared for both outcomes.
BITFINEX:BTCUSD
by DrDovetail
Great sign for bulls we've achieved a higher high on 4hr chartWe seemed to have confirmed the bullish break upward from the symmetrical triangle we were in (in pink) the target for a breakout from this pattern is in the 7.3k range. However Now that a higher high has been achieved if we were to have a sudden downside here before reaching that breakout target it would likely only form a higher low and then continue going upward. Immediate lines of resistance to keep in mind that could prevent us from reaching the breakout target is the 4hr 200MA (shown here in blue) and the 1 day charts 50ma represented here by the orange hyphenated line, as well as the psychological resistance of 7k. All 3 are worth considering and keeping a close eye on price action once the candle tries to test any of these 3s resistance. However should this breakout be confirmed I think we will see a climb to the 7.3k region before the downturn occurs...we may even send a wick above the old inverted head and shoulders neckline before hand too. Must be ready for bullish or bearish outcomes to play it safe though.
BITFINEX:BTCUSDLong
by DrDovetail
Inverted Head & Shoulders on 1 Day Chart Still Very Much In PlayWe got very close to the original projected price target of the lavender wedges projected breakdown, but jut broke upward from the latest bear flag just before the new day candle started. What's a very encouraging sign is that we dropped to almost the exact same height as the left shoulder of this inverted head and shoulder pattern...always good for the validity of a h&s pattern when the shoulders are that symmetrical...not a necessity but usually when its that picturesque it gives the pattern much greater probability of playing out. For the price to turn around at that exact height increases my expectations of the inverted head and shoulder pattern triggering after all...so wise to keep a close eye on that. You'll recall in my laat idea titled two outcomes...one of the outcomes I saw was the price turning back upward to continue the right shoulder...the other outcome was that we would bounce off the bottom trendline of the pink symmetrical triangle we are in...that outcome is still in play too, and in fact both could happen...reaching the bottom trendline and bouncing up off it would not invalidate the inv h&s pattern....however it's much more encouraging pattern if it stays to the upside now based on the symmetry of everything. Wise to still be prepared for both outcomes though. I'm leaning more towards it going up from here but will keep this idea listed neutral since both outcomes are still in play. I also projected it reaching the neckline of the inv head and shoulder pattern around the 28th just because I'm fundamentally factoring in when the Futures contracts are set to expire on the 27th. Considering how that's still 15 days away that still gives us plenty of time to have another dip again before reaching the neckline so be prepared.
BITFINEX:BTCUSD
by DrDovetail
Still flirting w/ inv. h&s neckline; nearing 4hr golden crossWe continue to form a bull flag at the top trendline of the pink symmetrical triangle which also doubles as the neckline of the inverted head and shoulder pattern. We can see the we are on the verge of a 4hr golden cross too with the 4hr 50ma(in orange) nearing the 4hr 200ma (in blue). A golden cross on the 4hr chart is very often followed by an uptrend. I feel that based on how close to over extended the 4hr rsi and stochrsi are though that we may need to consolidate inside this bull flag for quite a bit longer with maybe even a bearish fakeout or two to reset them enough to sustain the breakout that will come from breaking up out of the inverted head and shoudler pattern and the the pink symmetrical triangle pattern at the same time. I've placed a green dotted line on the chart to illustrate the expected breakout target of the inverted head and shoulders pattern, and a pink dotted line to illustrate the projected breakout target from the symmetrical triangle pattern. The only thing holding the breakout back currently is how close to overextended the rsi and stochrsi indicators are. Despite that I believe we can find a way to consolidate too cool them off then achieve the breakout...especially if a 4hr golden cross occurs. We still have the lavender rising wedge we have been bound to though as well which may maintain resistance so while I believe we will break upward I am prepared for a fakeout as well. We currently have a 230 btc coin sell wall right at 7k on coinbasepro so that may be a hard resistance hurdle to overcome as well. Overall my sentiment currently is bullish though so I will lable this idea long, while anticipating a bearish fake out or 2 before the breakout. Thanks for reading and good luck **not financial advice**
BITFINEX:BTCUSDLong
by DrDovetail
We hit our initial triangle breakout target; also hit resistanceAs I anticipated in my last idea, we would likely meet resistance once we reached the top trendline of the symmetrical Pink Triangle. This has now happened and we are currently consolidating into a bit of a potential bull flag or bart pattern. I exited as close tot he top as possible and have a stop buy back set up a few pips above the top trendline of the pink triangle. We also have the 4 hour 200ma (in blue) teaming up with the pink triangles top trendline to add more resistance into the mix. There's a decent likelihood here we could bart simpson back down to the bottom trendline of the pink triangle (creating a higher low) before bouncing up again. Also a good chance we could once again break upward from our current consolidation bull flag style. By exiting with a stop buy back a few pips above the triangle, it enables me to avoid any kind of dip back down, and the best opportunity will be if I can buy back in right at the bottom trendline of the triangle. If it decides to continue breaking upward however I have only lost a very insignificant amount by the time my stop buy is triggered and then I have far more confidence at that level we will continue to go up from there as we will have jumped most of the immediate sell wall hurdles. Just my own strategy and not meant to be financial advice of course. Good luck with whatever strategy you choose to employ and thanks for reading!
BITFINEX:BTCUSD
by DrDovetail
Bull pennant/symmetrical triangle reaching apexWe can see the stoch rsi is nearing the bottom again as we are about to reach the apex of the current symmetrical triangle/bull pennant pattern we have been bound in on the 4hr chart for the last couple days. Probability favors this continuation pattern breaking to the upside, and we have to potential bullish targets. One that factors in the height of just the triangle and the other which factors in the height of the pole of the bull pennant. Both are reasonable targets, the triangle only one seems to find resistance from the 4hr 200ma(in blue) and the bull pennant seems to hit resistance at the psychological resistance of 7k. I say be ready for both but my strategy is going to be once we hit either to pay close attention to the price action and the rsi/stochrsi levels at that point. If both seem exhausted I will exit at that point with a stop buy set up a few pips above that line of resistance. I anticipate once we do find that line of resistance we will dip again but only enough to form a higher low and continue our higher low/higher high pattern. My goal will be to time it just right so that I can hop back in near that new higher low...but if for some reason it doesn't dip my stop buy will prevent me from losing any significant amount of btc. This is just my strategy and not meant as financial advice. You do you, and best of luck in whatever you decide. Thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
2
Disney Daily: mapping swings in the consolidationWe see a thick Kumo Cloud on the daily within the current upward trajectory. We may see a cloud rejection and perhaps a some slow, upward movement along the current low ascending trendline to bypass the cloud, and then a bullish move toward the top of the interior (violet colored) descending trend line. We may also see a more direct rebound through the daily Kumo Cloud up to--and rejection at--the interior descending trend line (violet). If we break through the interior (violet) descending trend line, we may well see an advance to the top of the symmetrical triangle at which time, I expect a highly probably rejection barring any positive fundamentals. A breakout above the symmetrical triangle would indicate a possible bullish run up to the next resistances as shown by horizontal lines coming from prior peaks within the symmetrical triangle.
NYSE:DIS
by algocowboy2030
Bitcoin BTC June-July Prediction : Bearish Symmetrical Triangle!Bearish Symmetrical Triangle continuation to the downside pattern playing out!! Watch for the 6th of every month for a key pattern direction change. Lower highs and higher lows with a break to the downside. COUNTDOWN TO JUNE 6th! Target of 8000-8200 was my original target, but looking at this chart it might have a lot more room to go upwards of 9000 range. Once we change direction we are looking at a downtrend towards target of 6k to 5k bottom. I am still not clear on the time frames but we might be looking at an extended time frame of 60 days max. If so there might be a lot of consolidation for this pattern to play out each way with the 6th of each month changing the movement as we go towards the end of the triangle. Also, notice on the 18th of every month it puts the 'breaks' to that continuation from the previous 6th. This usually lasts two to three days. So for example if Bitcoin its going down on the 18th it will go up or stop the downtrend for two to three days and then see continuation again. Another pattern to look for is on Friday evenings every week. Whatever movement Bitcoin is in, there's a boost towards more of that movement. Then it slows down a bit on the weekends. I am currently long, raising stop limits on the way up. I will be going short if there's confirmation to the downside. If the 6th of each month pattern plays out, we might deduce then that we will see a lot of consolidation at some point. During this sideway movement I will be looking into alts. Look out for updates. *** This is not Financial Advice. I am making these charts for myself to create a strategy on how to play my next moves. I am choosing to share it so I can hold myself accountable. ***
COINBASE:BTCUSDShort
by dreamsound
1
Bitcoin (BTC) - Symmetrical Pattern Bit of non-aligned charting of Bitcoin, we know patterns and interpretations don't make trades on their own but symmetrical patterns?...still No but it is interesting to see another view of bitcoin pricing using symmetrical patterns. If there is a breakout of the neckline channel, this could be potentially be seen as completion of the lead up and exit of the downward slope, predicting future price moves in this environment is fraught with issues so quick cap on indicators: MACD shows positive signs of upward movement, still vulnerable to price drop at this stage 50MA will see slight improvement over next few days (late Feb rise) but wont recover till signs of major price support. 50/200 MA convergence is indicative of the long road ahead. RSI has moved out of oversold territory and up to 45 which over the past few months has lead to continual downturns in price. StochRSI overbought although volatile in this environment, is looking bearish although positive aspect of the overbought line being fluid, its seems to stay there for period of time, this situation prominent during the $6000 rebound and should be expected regarding trend reversal, this overall seems to signal a slight pullback which would fit the pattern above. Notice how the volatility has been taken out of the market with longer less intense price action, it does appear a price squeeze is happening from above graph, breakdown of the final predicted channel in red would happen if drop below $6000 were to occur. So looking at the recent red zone with an Logarithmic Scaling view we can see that the channel created by the black main trend line & channel line is narrowing, limiting the amplitude but increasing the frequency, this is typical of an reactionary response, in being no volume has lead to consolidation, we can assume any volume for the time being will be towards the net-long side more than short, at least until $6000 as this level would allow traders to cancel positions and move to lower stops. While people are looking for similar volume to the Feb rally, this is highly unlikely as previous rebounds have been set at 24HR volume of 7 billion, even traders now have to work harder for their money which increases risk, which is a tight ask with consolidation. A view would be the retail HODLers that were inclined have reentered at the $6000 bottom hence no fluctuating volume to pressure an upturn. Underlying, these may be long term views which you wont profit from today but thoughts like these will save your portfolio later. Anyways take look for yourself, give me some thoughts/views, Up/Down or a market with serious problems? BTC is seeing some tough times , so I should write this: ***Education Purposes only***
BITFINEX:BTCUSDLong
by CerealTrader
1
bearflag morphs into symmetrical triangle; waitin for higher lowMy stop loss was triggered earlier and the current bearflag that was forming on the 1hr seems to be now morphing into more of a symmetrical triangle about to reach it's apex...probability favors a downward break but if we notice on the 4hr the previous 4hr candle was a long legged reversal doji which may be enough for a trend reversal....so far there has been hardly any volume which is normal when reaching the apex of a triangle. A symmetrical triangle is a continuation pattern and since it iws happening in a downtrend probability fgavors a downward break...however the long leegged reversal doji on the 4hr is the one thing keeping this idea neutral instead of short. We shall see which way it breaks in the next 2 1hr candles or so.
BITFINEX:BTCUSD
by DrDovetail
BTC USD just for entertainment, I don't believe in this happeninHi there. I have read some popular threads about BTC patterns here on TV. People say that bitcoin is forming symmetrical triangular and it will go bullish up to 1.618 fib which is at around 15k. What I want to say is that, if BTC is forming symmetrical triangular it is going to dip, Why? because in my knowledge symmetrical triangular in downtrend means bearish price action and taking fibs from All time high, 1.618 is right at the support which is at 4.5k. Anyway I did this research only for entertainment and personally I do not believe that this is going to happen, I'm positive in BTC and still see 50k this year. Learning new things everyday and people having smart advices or who want to share their ideas feel free to comment. Its just my opinion, don't take it to serious. This is not financial advice nor a fact that this pattern is going to happen. (If it would, I would drink till I'd be dead)
BITSTAMP:BTCUSD
by UnknownUnicorn1587964
Verge - XVG - Symmetrical Triangle Pattern We see here a symmetrical triangle pattern after an uptrend. It can either break it upwards and go bullish or break it downwards and go bearish. I made an analysis supposing that it will go bullish. After the C wave, it may go up to 1:1 with the A wave to the 1 Fib Point. If it rises up as the difference of the triangle it comes in the zone between 0.786 and consisting with the 1:1 analysis. Thus I've chosen a final target zone around those areas. Other target points along the way could be 0.382, 0.5, 0.618 FIB points if you'd like to get some profits along the way. The stop-loss would be just under the triangle as breaking it downwards would mean that it'll drop good. I'm still a newbie and trying to learn TA, so this is mostly educational for me, don't take me serious and do your own analysis. If someone has something to add, I'd be more than willing to hear them out and learn! Happy trades to all!
XLong
by matchgrip
1