$SXP descending wedgeSxp in long descending wedge, it will have several updates and updates in June. we can profit a lot after wedge damage.
Wedgepatterns
OXY - could break out of consolidation soon?After trading up strongly in late February, OXY went into consolidation for the past 6 weeks, forming a right angle wedge. It is now looking like a breakout to the upside is near.
If and when it does start closing above 62.50, i will be looking at targets of around 72 (wedge breakup target) to 77 (a prior high way back in June 2018).
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Cheers.
Ripple price predictionThe Ripple price has plummeted to the lowest level since February as the stocks and cryptocurrency market fell. XRP is trading at $0.7161, about 23% below the highest point this month. It remains about 47% below the highest point in 2021, bringing its total market cap to about $33 billion. Other coins like Ethereum, Bitcoin, Solana, and Cardano have plunged.
The XRP price has plunged because of the ongoing concerns about the bond market. The ongoing bond sell-off has pushed yield prices to the highest level in years. The yields of the 10-year and 30-year are approaching the 3% mark. At the same time, there are signs that the yield curve inversion will continue for a while.
This performance has helped drag most cryptocurrencies and stocks down. The tech-heavy Nasdaq 100 index has fallen by more than 8% from this month’s highest level. Likewise, the Dow Jones and S&P 500 indices have not done well as investors anticipate a more hawkish Federal Reserve. The bank has already hinted that it will deliver several interest rate hikes this year.
Another reason why the XRP price has dropped sharply is the ongoing SEC vs Ripple case. The case is still dragging in court, and analysts expect the verdict to happen in this year’s second quarter.
The daily chart shows that the Ripple price has been in a strong bearish trend in the past few days. However, a closer look shows that this crash happened after the coin formed a rising wedge pattern ( A rising wedge is usually a bearish sign )
The coin has also moved below the 25-day and 50-day moving averages. The two have made a bearish crossover, signaling that the downward trend will continue. Therefore, the next key support level to watch will be at $0.62 ( the lowest level on February 24 this year ).
PXJ - bull or bear?Beauty is in the eye of the beholder they say... so it is with PXJ at the moment. I see an ascending wedge but also an ascending triangle. One is bearish while the other is bullish. Both are decently high-probability setups. Ok, so they're not drawn textbook style but there're reasons why I've ignored certain bars. So someone else could probably see something different too.
I think playing the bullish card is the better option since the uptrend is still robust. Even if the ascending wedge pattern holds, I'm willing to bet that the breakdown will not reach the downside target implied by the wedge.
BULLISH WEDGE on 1 HR >>? Bullish wedge seems to almost finish forming but we would need to see a bounce from this 4319-4385 zone on /ES mini... time is 11:30 now + gap to fill.
ADA short risk reward 3.0ADA forming a bearish wedge. Lot of long traders about to close their positions. Price going to fall.
DYDXUSDT 🏹see and watch :)
After breaking the downward wedge pattern, the price pullback to it and seems to be ready to up ...
Rising Wedge and Bull Trap on Bitcoin chartRising Wedge pattern on Bitcoin chart.
While price was going up, volume was going down.
So, price action could be printing a bull trap.
The support already broke down once in the Asian session.
You might open a short position.
BTCUSD Rising Wedge Pattern Formation 1hr Timeframe.BTC Appears to have fully formed a rising wedge on the current downtrend in the 1hr timeframe, and from knowledge of chart patterns ad price action, it is obvious that a rising wedge on a downtrend is a trend continuation pattern.
This downtrend would be met with a previous zone of support at the 42,400 regions. This could lead to a bounce to the top side, following a trend to the topside before meeting resistance at a previous support level at 44,391. If this resistance fails to hold, we could witness higher highs.
GBPJPY - Looking for shorts Explanation:
I'm expecting GBPJPY to sweep the highs grabbing liquidity to then see a further downside! Ain't looking for any sells right now until I see a BOS, Once this has happened I can then confirm sellers have stepped into the market and it's time to follow the move down. Will be looking for sells on the retest into a new Order Block / Area of supply !
Educational Tip: Rising Wedge
A rising wedge is when price is squeezing upwards into a potential reversal area. As you can see the impulsive are getting smaller and so are the correction. Price is distributing order ready for the next move in the market !
SOFI - Bearflag nowFailed breakout turned to a bearflag with 9EMA losing near the wedge support...not looking good here...most likely a rollover candidate next week.
UNLESS it can claim EMA and reach 10.90
Lot of work needed from the bulls to inspire confidence.
Fantom in descending wedge scaring away all evils 👻💀The price is in an interesting region on the Pitchfork fork.
And MACD is confirming uptrend.
A good time for entry I believe is at 50% of Fibo correction.
The uptrend will expand upon breaking above the wedge.
Against Bitcoin, the asset is also at an interesting moment.
We had a rejection of the last support breakout, and consequently a diagonal resistance breakout.
Bitcoin on Ascending WedgeOn the intraday chart we have an ascending wedge, which is a bearish pattern.
I believe it doesn't break the $50,000 right away, which is a psychological resistance.
Expecting a dip in the Fibonacci region for a more consistent rise.
IS BTC forming a Rising Wedge pattern?It Seems BTC is forming a Rising Wedge pattern. If the formation of this pattern is confirmed, we should expect a breakdown.
Bitcoin: Running Wedge coming up ??Possible Running Wedge, if so the target could be 70,000 for this summer
There, we would be in the selling zone, if a break up above 70k is confirmed, a new bullish phase could start again, if instead the resistance (the high side of the wedge) is confirmed, the bearish target could be 40,000.
It is interesting to note how the dotted trendlines perfectly respect trend breaks and rebounds, first on the upper side and then on the lower side ...... will it be possible to draw another one in the coming months? And guess the exact moment of bullish or bearish breakout?
ETH is identical
SILVER, D1 - Testing of the support at Fibo levelPrice reacts on support at 50% Fibo level. Possible continuation of uptrend from now or from lower 61.8 Fibo retracement. Breakout from descending wedge pattern would be confirmation of uptrend resume.
Copper looks interestingIt seems we have an ascending wedge formation on the 3h timeframe
Further confluence would be to
1.Wait for the break of the structure
2. Look for a lower timeframe structure for dirty (it could be a flag, triangle or even a smaller wedge)
It's a long way down patience pay
There's enough time to plan the trade and trade the prepared plan
FTMUSDT wants to go higher?The price is testing the confluence zone on 1.4$ zone. as you can see on the upper chart, the price is testing the daily resistance after the breakout from the falling wedge
on the lower chart, on 4h Timeframe, the price is creating a rising wedge after the flip of 1.3$ resistance as I said in my previous analysis
How to approach?
the price needs to invalidate the rising wedge (usually is an inverse pattern) and retest the upper trendline as new support. If and only IF the price is going to confirm the flip, we can apply our rules to open a new long position. The next valid resistance is 1.6$ where the market has 0.618 Fibonacci level resistance
JASMY/USDTWill go long in case of a pullback or a clear brake with above average volume , generally i like to wait for a retest of the trendline but sometimes thats just not possible. Target is the upper trendline of the wedge that was drawn on de 1h timeframe. The long forecast is just in indication of where i want to enter the position, not the exact Entry, TP and SL. If i open the trade I will update idea.
UTKUSDT is creating a falling wedgeThe price is creating a falling wedge on the daily timeframe, and the market retested the daily support on the dynamic support and static on 0.17$
On the 4h timeframe, the price is creating an ascending channel and the market is trying to have a breakout from the daily resistance on 0.26$
How to approach?
If the price is going to have a breakout and retest the previous resistance as new support, According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
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Follow the Shrimp 🦐
reopload rising wedge prespective on D prespectivei've seen many other views one the BTC market and it's more difficult to understand this one unless you look at it from the daily prespective .
hereby a reupload .
