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Tripletop

Will BTC top out the triple top?Yesterday BTC price followed the general trajectory of the triple top pattern before it met resistance in the Senkou Span. The run from 8.4-9.8k was followed by some strong selling off in the previous 2 hours. Chikou span is currently down crossing the price indicating we may see more selling off before the bulls are ready to move again. Tenken Sen fluctuated down with the previous selling off and is still showing a trend as opposed to the market ranging. Kijun sen is below the current price and signals there may be room to raise more. StochRSI and MACD are both indicating overbought. StochRSI is falling and could soon bounce if sellers continue to buy. The price overall is still within it's ascending triangle, triple top still in formation. A smaller formation of head and shoulders may be forming from the current price action. Potential price trajectory has been plotted in yellow with potential resistance bounces in red. Our .236 fib level is acting as support. If it doesn't hold up we have room to fall down to ~8.5 before we find support on the bottom of the triangle. If the bull can gain steam and break resistance at the 9.5k mark we have room up to the 10k level. If the bears win the current candle we could drop to 8.5 before a potential rebound.
BITFINEX:BTCUSD
by SpektreSignal
ENJ coin revving up?Enjin has a symmetrical triangle forming overall. Currently the price is consolidating and that confirms a potential triple top within the triangle. Potential price movements have been plotted in green and potential bear bounces off of resistance are in red. StochasticRSI is indicating a bullish divergence. Currently at ~62. A bounce before 80 will help to signal the triple top pattern is forming. Volume shows there is selling pressure and we are bearish after the long rally we see in the past 2 hours. Price will most likely continue to consolidate until it reaches the .382 or .236 fib levels. Watch for a break to the upside of the triangle, if the volume becomes bullish within the next few hours
by SpektreSignal
2
Crows, Soldiers, Bull, and Bears oh my!We can see that the price of BTC bounced off the lower trendline forming the ascending triangle, and has broken out from the downward channel it was previously in. This action completed the formation of the double top. Conditions are set for the formation of a triple top, we can see that in the 2nd valley. The first bounced at ~7.8k and this last bounce was at ~8.5k. Further reinforced by the rallying 3 white soldiers on our candle patterns. And we broke the .236 level but only barely. Senkou span A & B have undergone a Kumo Twist and have begun to widen since. Our Chikou span has still not made an upcross on the price, Tenkan sen tells us that the market is still trending, and Kijun Sen has taken a horizontal position under price indicating there may be a small cool off period coming up. All of these bullish indicators are confirmed on the StochRSI. We can see that it bounced off the ~55 mark with a bullish divergence taking place. Theres a small bullish divergence taking place on the MACD as well. The last time we saw a bounce at this level was 2/6/18 and it brought us from ~6.8k and didn't lose steam until we saw the 11.6k mark. All of this is backed by the increasing volume we've seen move in over the past 12 hours. If the volume holds steady I would expect to see the completion of our triple top in the next 2 days putting us at or around the 11k mark.
BITFINEX:BTCUSD
by SpektreSignal
2
USDCAD 1H Resistance Zone Reversal Trading StrategyThis Support and Resistance Zones Strategy will enable you to take trades exactly at the area price will reverse. Identifying & trading support and resistance lines & zones is critical for every trader to implement into their system. Our main indicator for this strategy will be price action and its relationship to Support and Resistance. This is, in our opinion, the best way to trade support and resistance. You should always suspect a reversal at Support and Resistance as there is a high probability that price action will reverse at those key levels. That’s because it already did that before in the past and it will continue to do so in the future as traders will always take caution on these levels so some who had open trades will exit at those levels and others will initiate new trades at these levels and that’s why it is crucial to learn to draw these Zones. The first step of this strategy is drawing those Zones on our charts so that we can easily spot where the price would probably reverse. Drawing Zones on the chart is better done on a higher time frame so that we can examine the main reversal levels and the more critical points on the chart as a higher time frame shows us the bigger picture. We begin by drawing horizontal lines on recent Peaks and Bottoms When you are doing support and resistance trading, a line with multiple touches is far better off as it is clear that it stood against the price and passed the test for many times and it will continue to do so. WHY? Because History always repeats itself and this continues to happen time and time again on every chart that you will ever look at. The second step is waiting for the price action to touch the Zone. Basically, the higher time frame takes less time and attention than the smaller time frame alternatively, the smaller time frame has more signals as the zones may get hit more frequently so you have to be more focused if you’re trading small time frames. If the price reverses that will be good as it is what we are expecting but need a strong reversal candle though to assure that price will reverse and that it will not collapse back again. On the other hand, if it breaks that level it may be real breaking or a fake breaking so we also should see a strong piercing candle that effortlessly break that level to assure it will continue on the same way. The Third step of this trading strategy is to wait for the candle which hits the zone to close as this will be probably the signal candle we are waiting so look at that candle.Is it a bullish or bearish candle, is it strong or weak, big or small, does it have long wicks or small wicks or no wicks at all, when you can identify the kind of candle then you will be able to decide whether to sell short or buy long. Knowing the type of candle is crucial to identify whether the entry is valid or not. Here are some important factors in determining a strong reversal candle because spotting that specific candle on zones makes the difference between winning trades and losing trades. The Qualities of a strong candle are: Long body;Formed after the previous touched the level but could not break it. You will see that weak candles are not able to breach the Resistance line and had long wicks and could not break that level so we wait to see what will happen with the next candle. Will the price action break that level or will the resistance win and the price reverses. The fourth step is to identify where you will enter the trade. Your entry should be slightly above or below the signal candle which is the strong candle, this way you are adding more confirmation to your trade to make sure that the price will move towards the direction you expected it to move to. Our stop loss should be placed on the other side of the zone and not too close to the level to give it some space as we said it is a Zone, Putting the Stop loss there because this the end of the trade as the price is unlikely will reverse after that point. We used a 3 to 1 RR.
Short
by Tradingstrategyguides
1
BTC forming another H&S? Be educated.Well possibly anyway. Dependant on wether or not another head and shoulders is realised on the hourly chart, it is looking fairly likely but we will have to wait and see. The left shoulder is usually formed at the end of an extensive move during which volume is noticeably high. Once the high of the left shoulder is formed, there is a subsequent reaction and prices slide down to a level which generally occurs on low volume. The prices then will rally up to form the head with normal or heavy volume and subsequent reaction downward is accompanied with lesser volume. The right shoulder is formed when prices move up again but remain below the central peak called the Head and can fall down nearly equal to the first valley between the left shoulder and the head . Volume is usually smaller with the right shoulder formation compared to the left shoulder and the head formation, from here with the right shoulder being denied, when retesting the last high, we generally have a large fall. This fall tends to be the distance from the high of the head to the neckline. This does not always happen, if volume comes back in from larger bids it can stop the slide. This seems to be more prevalent in Crypto too. The opposite is said to be true for inverse head and shoulder formations. Also if the head is lower than the shoulders, this is generally referred to as a triple top or bottom, it good to remember if you see a triple form and a rally to a fourth top is underway, it usually is a sign that it will continue to a new high or low. Good luck and Happy Trading
BITFINEX:BTCUSDEducation
by TroyByrne
EURUSD Artificial Triple Top?EURUSD went into a rally late December which continued in January as expected and hit resistance on January 25 UTC. Its strong momentum and the speed at which it was punching through each price level let one think that resistance at 1.25 would break. The first hit on January the 25th UTC was actually already a triple top on it's own, if viewed on the 5m time scale. On the scale of days this first hit looks like not more than a touch and barely qualifies to form a triple top with the tops on February the 1st and 15th. Nevertheless, both signal well trained technical analysts to believe its preparing for reversal. On February 15, 7am UTC I so happen to have my eyes on EURUSD and AUDUSD and could closely monitor the rally both went into. It was like someone had given them a kick with a hammer for a sprint to the top. Both rallies stopped and I noticed the system had enabled its price control process which in this case acted as if the market floated freely but a experienced traders often notice when it's been switch on and off. Another event that leaves me with a whole bunch of questions, such as: 1) Was it a natural interruption of the drop of the USD or was it set up by the controlled mode of the market? 2) If it was set up, then by who and why? 3) Have more corrections taken place this week and are these such as marked in the chart? 4) Were there perhaps similar corrections back in December and November? Back then significant USDJPY drops were interrupted and price was restored? 5) Are there economies that suffer from corrections like these? 6) COT data reports nearly 70% net long on EUR, which has been going on for a while. Is it possible that the USD simply had no chance to recover due to its bearish sentiment as prepped by the charts?
by Deep-Peat-Shark
EURAUD 4H Triple Top PatternPrice tried to breakout of double top resistance and make higher highs. Breakout failed and is creating a bearish candle pattern. Sell Stops are listed Take Profit is listed Macd is currently in a buy position being above the 0 level line. Bullish Continuation Trend failed Possibly will make Macd fall below 0 level line Macd will be my stop loss if below 0 level line If Macd goes above 0 level close out sell trades If Macd is below 0 level confirmation of sell trades.
Short
by Tradingstrategyguides
XLM/ETH - Tread Carefully!We are looking at a solid run from XLM after a disastrous month. But be wary since a reversal may come soon. A look at XLM's most recent pattern - the triple top reversal. Volume has been pumping since the 22nd of this month but as you can see that from the peak of the 25th, volume has been on a steady decline. Be forewarned that if we do not see volume pumping propel prices past the 00.00060814 resistance line, then we are likely to see XLM spiral downwards to 00.0055238. If prices fail to bounce off support of 00.00055238, then the triple top reversal is confirmed. We are likely to see it plummet to as low as .00048988 before it will come back up to retest the 00.00055238 new resistance line. I would stay away from entering until XLM decides which direction it will go.
by RLUM18
2
BABA - Triple-topping: What to do with the upcoming earnings?BABA’s exceptional run seems to be triple-topping. While the long-term trend remains up, the short and mid-term pictures look like they have turned to the downside. The company should announce earnings on Feb 1 before market open and I would wait for this catalyst to go long, just in case any fundamental disappointment should take us lower to confirm the poor, current technical picture. In line with the strategy I proposed on NFLX (see below), the game consists in buying synthetic upside exposure ahead of earnings. If the stock breaks out, you will be exposed to the upside. If the stock remains range-bound, you will lose a small premium. If the stock disappoints and tanks, you could decide to lose your premium or to sell a put to make your lost premium up. 1. BUY BABA Feb 16'18 $182.5 CALL = $6.90 (3.78%) OR 2. BUY BABA Feb 16'18 $192.5 CALL = $3.32 (1.82%)
NYSE:BABA
by HAL9000