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Tripletops

Bitcoin Triple Top Theory (ATH @71'300$ - 71'700$)What Is a Triple Top? The triple top is a type of chart pattern used in technical analysis to predict the reversal in the movement of an asset's price. Consisting of three peaks, a triple top signals that the asset may no longer be rallying, and that lower prices may be on the way. Triple tops may occur on all time frames, but in order for the pattern to be considered a triple top, it must occur after an uptrend. However, the opposite of a triple is a triple bottom, which indicates the asset's price is no longer falling and could head higher.
by minos8
USDCHF shortALOHA traders! Hope you all had a dominating and profitable end of April! Here's a two trades, one that that I missed getting into but was able to capture a second minor move down where I was hoping for it to break down. The position I got in only lasted for less than a day, 14 hours with a manual close of +.73%. I was okay with closing it as I didnt want to hold through the battle of high spreads and instead wait for a pullback for a better, long term short entry. However, if price continues to move upward and meet the 4hr 50ema, we may see a bull but not consireidng entering any bull positions at this time as other pairs are looking better. This is what I saw at the beginning of the week that was so beautiful I had to share an ascending triangle in action! Daily - had a beautiful ascending triangle with a triple top at a resistance area. 4hr - Within the ascending triangle, and ascending channel with lower highs took place creating a correcting pattern that had potential to break up or fall out of the acceding channel. A break of the 4hr 50 ema was a good sign for me to get in. 1HR - As price was hovering around the 1hr 50ema and still hovering within the ascending channel, I placed a virtual entry order(not on my real account). original entry was at 50 pips and potential target of recent significant low level for 2%. Will be keeping my eye on this one for this week as well. Other than that, I've been slow with my trading with only 10 trades this entire month ending at just over Break Even for the month which I am indecent about. There's always profit left on the table but t the same time, very happy with how I've performed over this entire coronavirus situation. I hope this provided some encouragement, enlightenment and down right motivation for you all reading. Mahalo! May you have a profitable week and even better month! Let's do this MAY!
Short
by Reid_Hicks
If You're Not Short, Don't Be Long Either...After we had the spectacular upward moves to ~8,300.00, BTCUSD seems to be out fuel. Every time the price attempted to rise above this level, it failed. As a result, it's formed a Triple Tops pattern. A declining volume after the formation of the first top is another characteristic that suggests Triple Tops for the formation. For this chart, the breakout occurs if the price closes below the confirmation line, about 7,000.00, on the 4H chart - This is still pending. In addition to the pattern, ~7,500.00 and ~6,600.00 are two critical support level that could prevent a decline for the price. Momentum indicators suggest that the bearish momentum is slightly decreasing in the shorter time frames. On the daily chart, nevertheless, MACD just flashed a sell signal. Another thing to mention is the strength of bulls in the market; the 4H MACD histogram shows that bulls' strength remained the same since the price was about 7,000... For updates, stay tuned...
BITFINEX:BTCUSDShort
by UnknownUnicorn2339202
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