Get started

Double Top or Bottom

ETHUSD → toward $3274hello guys. Let's analyze ETH! ✎ Current Price and Structure - Current Price: The current price of Ethereum is approximately $3,158.24. - Trend: The chart shows Ethereum in a descending parallel channel, indicating a bearish trend. ✎ Key Patterns - Double Bottom: At the lower end of the chart, a double bottom formation is seen around the $3,110 level. This is a bullish reversal pattern suggesting that the downtrend might be losing momentum. ✎Trendlines and Targets - Descending Trendline: The chart shows a descending trendline that Ethereum is currently attempting to break. This line represents the resistance level in the ongoing bearish trend. - Target Line: The target line, marked at $3,274.48, is a significant resistance level that Ethereum might aim for if it breaks above the descending trendline. - Bottom Line: The bottom line of the descending channel acts as a support level. - Target Line: Extending below the bottom line, it suggests further potential downside if the support is broken. ✎Indicators - Price Action: The price action suggests a potential breakout from the descending channel. The price is approaching the target of $3,274.48 after forming a double bottom, which is a bullish signal. - Resistance Levels: The significant resistance levels to watch are the descending trendline and the $3,274.48 target. Breaking these levels might indicate a reversal of the bearish trend. Conclusion - Bullish Scenario: If Ethereum manages to break above the descending trendline and reach the target of $3,274.48, it could signal a bullish reversal, potentially leading to further upward movement. - Bearish Scenario: If Ethereum fails to break the descending trendline and drops below the current support levels, it might continue its downtrend within the descending channel. Overall, the chart suggests cautious optimism with key resistance levels needing to be broken for a confirmed bullish reversal. Traders should watch these levels closely and consider the patterns formed for making informed trading decisions. ___________________________ ✓✓✓ always do your research. ❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them. ❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Long
by melikatrader94
8
BTCUSD CFD Shot Call No. 1Trading currently on just "I've seen this before". This is traded in the same account, so p&l will be listed separate for each idea. Typical situation I have seen many times over, price will drop, then come back just as fast with a stall near the lower portion. Trading the completion of the expected pattern (drawn in blue) and then looking to short from the double top neckline after. Current trade on is at 58015.85 market entry for 0.03, though will adjust down to 0.02 through management later should the pattern not want to finish. Expecting at a minimum for price to want to be attracted to the neckline of the double top and topside consolidation, where many shorts will then pile on to take price down (yellow path). Should the trade finish cleanly, the buy orders protecting the long will be eliminated and look for a long drive back down in the next trade set. Sell Limit orders will be in place at 60,240, 63,800 & 74,150 respectively for that one when it gets here. Additional buy at 56,877 and 52,100 as protection in the same style as the eurusd approach (same strategy/method of madness) where if the price should start heading short, the breakeven of the overall position would then be a much better exit point, with a greater chance of being achieved vs just letting price come all the way back. With two entries, price is breakeven between both entries. With three entries, price is breakeven at the second entry.
ICMARKETS:BTCUSDLong
by ForexStoryteller
1
Chart of the week. PayTM After its listing @ 1964 PayTM is falling down like London bridge. So far it has fallen around 321% from its all time high of 1964. This week, however, the stock has done something different. After 6 months of consolidation, the stock has given breakout above 440. In my opinion, it has made a double bottom pattern . However, even if I'm wrong it has at least given a bullish rectangle breakout with higher volume. On the fundamental side, the company is almost debt free so has a huge advantage. Whoever wishes to take this trade should know that it is a very well beaten stock with bad balance sheet . For me its a worth of a trade with small risk. CMP - 466 (13/7/24) T - 800, 1000 W SL - 395 W
NSE:PAYTMLong
by AbNamjoshi
Overlapping double top & double bottom patterns on xrpusdHard to say which one of these patterns are more likely to get validated at this point. Always a chance Bitcoin dumps one last big leg down from now until June in which case one last big capitulation dump could be enough to trigger the double top pattern here. However if the correction for bitcoin has already found its bottom then I think its a higher probability that the double bottom pattern is the one that gets validated. Either way I think a decision will be made on one or the other before June. To actually get the double top pattern to play out and drop as low as this target would be an amazing opportunity of a gift to load up on much more xrp in my opinion *not financial advice*
BITSTAMP:XRPUSD
by DrDovetail
2
ETH - WATCH OUT for SHAKEOUT : Bear-and Bull TrapsUsing leverage when the markets are trading sideways/range is especially risky, since this is a prime place for algo trading to liquidate positions. Shakeouts are more common than you may think. The above example on the left is a perfect example of an extended shakeout over a multi-week period before the upwards price action starts. It is, however, important to keep monitoring the situation. As long as the drop remains fairly small and the price stays close underneath the red trendline, recovery is an option. _________________________ BINANCE:ETHUSD
BINANCE:ETHUSD
by CryptoCheck-