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Wpattern

Etherum's different potential W pattern outcomesIntroduction Ethereum's price action has been concerning for some time now.  Generally speaking the more something goes up the more of a cooling off period it needs and Ethereum has been over-performing a lot of the older crypto currencies for a while now.  At the same time it has shown quite a bit of resilience compared to the Other coins and how their W patterns have played out. W pattern Analysis The top chart shows Ethereum, Monero, bitcoin and bitcoin all with a double bottom or W.  We are being a bit loose with the terminology because strictly speaking in traditional markets a double top or a double bottom is suppose to have at most a 5% difference in the lows for a double bottom and 5% difference in the tops for a double top. Ethereum and bitcoin both set higher highs with their W patterns but the structure of their Ws was different.  We can see a clear amount of white space on the Ethereum chart between the green and blue zones and that space is not present in the bitcoin chart.  Bitcoin had a much tighter consolidation pattern than all the other tokens. Monero and Litecoin basically double topped in 2021 and have been consolidating ever since. They both returned to the green zone and found support there.  Monero found continued support there while Litecoin bounces and is now being potentially rejected by the green zone.  That is quite a bearish set of circumstances and Litecoin is one of the least attractive looking OG coins at the moment based on that weakness. My bais and conclusion My bias towards Ethereum is that it will return to the green zone.  That is about a 80% drop from here.  The chart below shows that the situation with the gaussian channel and keltern channel seems to be quite similar to the middle of the last bear market.  the situation pairs well with the Log MACD situation. For me, the main question is how much of this potential drawdown of the Ethereum ecosystem will drag down the broader crypto market.  I suspect we will see lots of risk off and draw down in other crypto which will then pump due to people rotating out of the Ethereum ecosystem. while it trend sideways. There will be some pumps here and there while people take profits in eth pairings. For example, I see ETHBTC in a head and shoulders and I suspect that at each fib level people will be taking profit on ethbtc shorts and we will see bounces in ethusd when that happens. 30-40 percent bear market rallys happen all the time. I don't see the ETH ecosystem being a target of investment until it reaches the ethbtc target and then we will see strong hand come back in.
COINBASE:ETHUSDShort
by This_Guhy
18
How To Trade Double Bottom Pattern? ✅In the world of forex trading, understanding patterns and trends can make all the difference between profit and loss. One popular pattern that traders often look out for is the double bottom, also known as the "W" pattern. ✅The double bottom pattern occurs when the price of a currency pair reaches a low point, bounces back up, dips again to the same level, and then bounces back up again, creating a "W" shape. Essentially, the market has twice failed to break through the support level, indicating a potential reversal to the upside. ✅This pattern is often seen as a bullish indicator, as it suggests that buyers are stepping in and pushing the price up. It is important to note, however, that the second bounce should not dip below the first one, as this could indicate a continuation of the bearish trend. ✅So, how can traders take advantage of the double bottom pattern? One strategy is to enter a long position once the price breaks out above the resistance level created by the two bounces. This breakout confirms the reversal and can signal a potential uptrend. ✅It is also important to combine the double bottom pattern with other technical indicators, such as the Relative Strength Index (RSI) or Moving Average Convergence Divergence (MACD), to confirm the potential reversal. ✅However, as with any trading pattern, it is important to approach the double bottom with caution and to always have a solid risk management strategy in place. Traders should also be aware of potential false signals and market noise that could obscure the true trend. ✅In summary, the double bottom pattern can be a useful tool for forex traders looking to identify potential reversals and enter profitable trades. By combining it with other technical indicators and practicing proper risk management, traders can improve their chances of success in the ever-changing and unpredictable world of forex trading. I hope this post was helpful to some of our beginner traders😊 Dear followers, let me know, what topic interests you for new educational posts?
BITSTAMP:BTCUSDEducation
by SignalProvider
8
GBP/USD BUY "W PATTERN" (DOUBLE BOTTOM)OANDA:GBPUSD HI , TRADER'S , OUR PREVIOUS ALL PREDICTION'S ABOUT GBPUSD REACHED TARGET As you can see in chart market is making W pattern , which is also known as double bottom chart pattern It's a bullish pattern in which market make 2 bottom's , and from second bottom buyer's push market up Now 20,50 and 200 ema is supporting market , and more 150 + pip's expected Take your entry if any dip come. ❤️ Please, support my work with follow ,share and like, thank you !❤️
Long
by INVESTRONE
W for the Win QQQOk I waited for this and really doubt it would pan out. We have a W pattern in the brink of a breakout. Now, lets take the political spectrum. We are not in the climate for expansion after the dwarf star called the stimulus pack from 2020. Even if it was not a recession it is hard to be bullish. So lets get to it Bullish View - Earnings report was interesting. There was very little that showed stock weakness including the massive move by Tesla. I can see $300 level being a big barrier from getting the W pattern to play out. Be vigilant that it can turn back around as quick as it ran up. Bearish View - Lets be serious... how this run up still here? Being below the 0 line in the weekly does not bold well for enthusiasm to take this to 300, let alone the measured move of 310. Look for reversal patterns and exhaustion. Time to take this down, been months since a new low was formed.
NASDAQ:QQQLong
by JDTheGreat
EURSGD - W patternHello traders! We can spot a similar formation on EURSGD as on EURJPY, about which I discussed in my previous post, and which has already reached the take profit. EURSGD also seems to create a strong impulse downwards, completing to the neckline the W that was formed on the daily timeframe . We can see that the MACD is below 0 and EMAs are crossed, showing us a bearish environment. From here, there is a high probability of reaching the neckline of the daily W, going to at least at 1.425 OANDA:EURSGD FOREXCOM:EURSGD
Short
by m_maia14
1