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Tripletop

BTC Short-Term UpdateGood Evening Everyone! 😃 My short-Term view remains the same as last week despite a decent performance in the markets the last couple of days. Here I broke down the what I expect from Bitcoin in the coming days! Fibonacci: The 0.382level at 37k forms the current local support. The 0.5 area just above 38k is the level that we are yet to see a candle close above. The local Fib. retracement shows us the golden pocket (0.618-0.65 ) just below 40k. if we manage to break above the 0.5, we have to watch out as the area between 0.5 and 0.618 is common territory for bull traps. If we were to break above that area, macro targets such as the bull market support band and the 200 sma come into play. On the downside we can see perfect alignment with the Fibonacci retracement levels and our horizontal support lines. Double top, broken channel and lower low: Here you can see my post from the past weekend where i posted about a potential double top for BTC which later was comfirmed and BTC broke down from the ascending channel which resulted in the first lower low on the 4h since Dec. 24th. Volume: The double top was formed due to lack of volume in the area just below 39 and upwards from there. (See the VPVR bars on the right side) Until we see more volume at the levels above 38k, I remain short-term bearish as far as breaking above 39k goes and I think it's more likely that we move down to the 33k support level in the next days/weeks and maybe get a local rally before we eventually drop down to 29k. Stock Markets: The recent mini ralli was iniciated by a strong performance and close from the US stock msrkets, that mini rallie is continuing today after stock markets are showing strength again. Although Bitcoin and the crypto market also have been looking healthier in the past week or so, in the most recent weeks and months we have seen that the close correlation between the price movement of Bitcoin and the US stock markets has been derailed at least temporairly as Bitcoin has dropped 36-40% more than those markets in the last 3 months. Let's see if recent history can repeat itself and things hopefully turn around soon. If you would like to know more about Bitcoin and larger timeframes, stay tuned for my weekly update video 🎬 tomorrow and until then you can check out my last Bitcoin update here below👇! Thanks for stopping by, I hope you liked my post, and if you did, please drop a like or comment, it helps me to improve my ideas and puts a smile on my face! 😃🙏
by BitcoinEasyIO
1
KOG - BASIC CHART PATTERNSThis is our first post in a series of posts about chart patterns. Followers of KOG will know we are technical traders so we are always looking out for candlestick and chart patterns as part of our trading plans and analyses. These are what we feel the 6 most common and basic chart patterns that you will find almost daily on the smaller time frames. During the course of this series we will look at each and everyone in more detail and give you live examples of how they work. TIP: When trading chart patterns its always best to wait for the neckline of the pattern to break, this confirms the movement in the chosen direction. Chart patters also work best at key levels of support and resistance and at the top or bottom of trends. For example, if you see the price is at the top of the trend and a Head and Shoulders pattern is forming, this is the first sign of a reversal on price. Below is a live example of one of our favorite chart patterns, the Adam and Eve. You can see how we identified the pattern and looked for the neckline to break which confirmed the movement in the direction we wanted. Hope this helps traders. As always, trade safe. KOG
TVC:USOILEducation
by KnightsofGold
8
BITCOIN... WERE ARE YOU GOING ?The Market was all red this afternoon but bitcoin held up his position by staying green today - I am still believing in the head and shoulder scenario I have shown before. Here on the chart we can see: - a small support that keeps bitcoin up - lower day highs for the past week. I think that bitcoin is for now not ready to get out of this zone, but if the support stays, we will (hopefully) see bitcoin shoot up to complete his second shoulder and then undergo a huge correction. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ If you enjoyed this post and agree with me, a like and a sub would be very nice : ) Stay updated for more content Have a nice Day : ) Bye! ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Long
by xtekky
2
Possible Head and shoulders *LONG* Keep an I on the possibility of this being an outcome for Chainlink. Even though it has been on a pure uptrend testing it's highs and lows and pushing forward. There is always another side to every success story. No matter what I believe, Chainlink will push through eventually. Keep an eye on resistance levels through the week. $27 specifically, if we find it causing resistance it is possible we can end back up we we are currently sitting at $22 - $22. 40 . Which in turn if this forms the infamous H&S , this may in turn push us further down to the $19- $17 range. Just hypothetical but possible. Good luck and Happy Tuesday!!
BINANCEUS:LINKUSDLong
by Brother-Doug
GBPJPY | Perspective for the new weekA hawkish BoJ rate hike amidst a strong UK GDP and Industrial Production figures might propel the Yen to new heights as the Pound looks set to end the following week(s) in the trenches. Technically, with the sight of reversal set-up (triple top look-a-like) at the JY156 zone, It is becoming obvious that the demand zone has lost the momentum to push the price above JY157.5 and the successful breakdown of Key level @ JY156.5 during last week trading session gives a significant clue to the strength of sellers at this juncture in the market. This could be as a result of "quick sell" activities from traders who took advantage of the bullish run... Let's see how it goes!😁 Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Reversal pattern (Triple Top) Observation: i. With a 5.5% growth in the value of the Pound; It has been a Bullish run in the last 3 weeks and the price appears to have found a peak at JY157.8 - an area that has a memory for selling opportunity (as far back as 2013 - see weekly or monthly chart). ii. And since price hit peak @ JY157.8, we have witnessed multiple rejections which culminated in a breakdown of Key level @ JY156.5 during last week trading session to signal a downtrend continuation. iii. The appearance of a reversal set-up in the form of a Triple Top pattern - three peaks moving into the same area @JY156, with pullbacks in between indicates a possible slide in price in the coming week(s) after the price moved below pattern support (key level). iv. In this regard, I have created a new supply niche around JY156.5/157.0 should the price climb in the early hours/days of the new week with the objective of looking for reversal set-ups for a signal. v. Below Key level @ JY156.5 remains a comfortable area to open a short position with the option to add to our existing position at a breakdown/retest of JY155.5. CAUTION: Considering the bullish momentum in the 3 weeks, it is appropriate that we remain open to the possibility of a significant breakout of JY157.5 which shall be enough to negate the bearish narrative... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:4.5 Potential Duration: 5 to 12days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
TRIPLE TOPHello everyone Today I want to share with you a figure of technical analysis called the TRIPLE TOP. This figure occurs quite often and brings excellent profit. What does it look like? The figure looks like three maxima, approximately at the same level. These peaks are formed because the buyers' forces are drying up and with each new peak, the bears are getting stronger. Very often, the third peak will be higher than the previous two - this is the last gasp of buyers, before capitulation. How to trade? The main criterion is the formation of three peaks, after a strong uptrend. After that, the price makes the last spurt (the third peak) and breaks through the support. This breakout is the first possible entry point . Often you will observe how the price makes a retest of the level, after which it turns down. The second possible entry point will be this retest of the level. To calculate the potential profit point , you need to measure the height from the minimum to the maximum of the vertices. This value, plotted below the breakout, will be a potential profit point. The stop loss is set above the maximum of the vertices. Conclusion The figure is very profitable and often found. In addition, you can find a triple bottom on the chart, which trades in the same way as a triple top, only in the opposite direction. Very often, after a triple top, a strong downtrend begins and holding a part of the position can bring big profits. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩
Education
by Lingrid
16
GBPSGD on a triple top 🦐GBPSGD on the 4h chart after the triple top is testing the 4h support. The price is trading above the 0.382 Fibonacci level but if the price will break below and satisfy the ACADEMY rules we will set a nice short order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Short
by InkyGrip
4
NASDAq on a short move 🦐NASDAQ on the 4h chart never broke above the highs and created a triple top below the resistance area. The price melt to the lower support and according to Plancton's strategy IF the market will break below and satisfy the ACADEMY conditions we can set a nice short order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
OANDA:NAS100USDShort
by InkyGrip
4
Triple Top Incoming?Projection IF Three Drives leads to a Top, a breakout above ATH. Pure guess, a worst case scenario for the shorts. Insane rallies happen in endgame. NOT saying this WILL happen; just that it certainly COULD, a blowoff ultimate ATH might be the last charge of the Great Bull, running since 2010. 2022 will certainly be challenging for equities IMO, all future growth is already discounted for thirty years, lol. Buffet indicator at an ATH, PE near 30. Divergence in volume, small caps, AD, market internals getting soft even as the price rises... a parabolic blowoff may be imminent. Although markets appear to have formed an H&S pattern, notably this can rarely lead to a continuation; on same page read Triple Tops as Variation of H&S, rare patterns: ref, J Murphy, "Head and shoulders as a consolidation pattern: p. 115: cdn.preterhuman.net
TVC:SPX
by DaddySawbucks
17
SPY Bearish Divergences w/ Potential Triple Top$SPY S&P500 ETF. SPY is currently hesitating near all-time highs which has led to a potential bearish triple top formation(upper red arrows) on the daily chart. As price has stayed relatively the same since early November, the lower indicators have all been declining(lower red arrows) which has created a bearish divergence. The lower indicators all show that the internals behind the recent rally in price from October to November have weakened, but have not flipped bearish yet. The PPO indicator shows the green PPO line trending below the purple signal line. This indicates a short-term loss of upward momentum in price. This indicator isn’t considered bearish until both the green and purple lines are below the 0 level. What we would need to see going forward in order for price to continue moving higher is for the green line to cross back above the purple and for both to continue moving higher. The ADX indicator shows the green DI and purple DI lines overlapping which means that the short-term trend in price has flatlined. When the green line is above the purple line the short-term trend in price is up, and when the purple line is above the green line the short-term trend is down. The histogram behind the DI lines is declining which indicates weakening trend strength. What we want to see here is for the green DI line to cross back above the purple DI line, and then for the histogram to begin rising which would indicate a short-term bull trend with increasing strength. The TDI indicator shows the green RSI line rolling over after finding resistance at the horizontal 60 level and the middle of the RSI Bollinger Bands. The intermediate momentum behind price can be considered bullish based on the fact that the RSI is above the horizontal 50 level and so is the center of the BBands. When both are below the 50 level the short and intermediate momentum in price can be considered bearish. What we want to see in this indicator is for the green RSI line to cross above the center of the BBands and then rise above the 60 level to give us a strong indication that the short-term and intermediate-term momentum behind price is bullish. Worth noting is that as price rose this week, volume declined. This indicates that less traders were in the market moving price back up to test the all-time high near $470 after the previous double top. Should price continue to hesitate and rollover over from here, local lows can be looked at for potential levels of support. The two most recent local lows to watch are at $450 and $425, those were the last two levels of demand prior to new all-time highs being made. If the market is still mostly bullish, those two levels will hold, with $425 being the critical level. #sp500 #spy #spx #stocks #equities #trading #investing #chart #analysis #technical #indicators #candlestickchart #pricepercentoscillator #ppo #averagedirectionalindex #adx #tdi #tradersdynamicindex #rsi #relativestrengthindex #trend #momentum #tradingview #price #etf #divergence #bearish #bearishdivergence
AMEX:SPY
by PrepForProfit
XAUUSD | Perspective for the new week | Follow-up detailsIt is over 10,000 pips in our direction since my last publication on this pair ( see link below for reference purposes) and it appears the price is at a juncture in the market where a correction phase is anticipated. Right now traders will need to see what happens over the next couple of weeks before having a strong conviction on the yellow metal and this indecision time is expected to be represented on the chart as a correction phase in the coming week(s). In this regard, I envisage that the price of Gold may reverse to downtrend movement provided the support level of $1,850 was finally broken to the downside during last week trading session. Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Reversal pattern (Triple Top) Observation: i. Since the beginning of November 2021, Gold recorded an enormous 6.68% growth to hit a "temporary" peak at $1,877 before the emergence of lower highs on the chart. ii. It appears that the current buying pressure in the market is unable to push the price above $1,870 and this could signal the beginning of a correction phase. iii. The appearance of a Triple Top look-a-like which can be seen on the chart as a formation of three peaks moving into the same zone @ at approximately $1,870, with pullbacks in between can be considered complete after the price broke down pattern support @ $1,850 on Friday, hereby indicating a possible further price slide in the nearest future. iv. With signs of Bearish momentum building around the Key level @ $1,850; the early hours/days of the new week might see a price climb into the new Supply level identified around $1,855/1,865 to incite further decline. v. Below the Key level remains a comfortable zone for my fellow conscious traders with an opportunity to add to our existing position at a Breakdown/Retest of $1,840... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 3,500 pips. Risk/Reward : 1:4 Potential Duration: 5 to 12days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
OANDA:XAUUSDShort
by darcsherry
EURUSD Completed a Triple Top PatternThe price action of the EURUSD pair recently completed a Triple Top pattern, which implies the likely continuation of the downtrend. However, for the time being, the price action continues to be consolidating in range between the 61.8 per cent Fibonacci retracement level at 1.15794 and the 38.2 per cent Fibonacci at 1.16138. If the price action manages to break down below the support level at 1.15970, underpinned by the 200-day MA (in orange), decisively, this would likely highlight the beginning of a new downtrend towards the previous swing low at 1.15400. The convergence of the 50-day MA (in green) and 200-day MA (in purple) with the upper limit of the range underpins the strong selling pressure in the market.
Short
by Trendsharks