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Rising Wedge

Possible Move Down to Daily SupportBitcoin Dominance may move down to daily support around ~48-49%. Confluence: It has failed to remain above 53.2%, which is the bottom of a resistance area Not pictured: it has also lost the 50 day SMA and is presently pushing on the 50 day EMA It has formed a smaller rising wedge as it moved into resistance and broke down from the bottom of that wedge (light blue diagonal) targeting ~49% for its 1x measured move down. There is a larger rising wedge (white diagonals) that will see a confirmed breakdown if the smaller one above hits its ~49% target, and its initial target is bottom of daily support @ ~48% How this could be invalidated: A reclaim of the 50 day SMA (not pictured). Get back above the 53.2% level and continue pushing through resistance. Move back above the smaller rising wedge's bottom and get above the shared top from both rising wedges Here's a look at the chart above, but with the 50/200 day SMAs and EMAs: Thanks ahead for reading and sharing your thoughts! - dudebruh
CRYPTOCAP:BTC.DShort
by dudebruhwhoa
1
Ethereum is going to crash again, buy hereEthereum is currently bearish because the price is below the major trendline. I am currently bearish and expecting lower prices, but if ETH rises above 2320, I will become bullish again. What are the possible reversal points? Definitely 0.618 or 0.5 FIB retracement of the previous uptrend. 0.5 FIB is not that significant for the crypto market, but in this case, we also have a lot of stop losses from traders on this level. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Thank you, and I wish you successful trades! Ethereum has pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet. They were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability. Ethereum’s principal innovation was designing a platform that allowed it to execute smart contracts using the blockchain, which further reinforces the already existing benefits of smart contract technology. Ethereum’s blockchain was designed, according to co-founder Gavin Wood, as a sort of “one computer for the entire planet,” theoretically able to make any program more robust, censorship-resistant and less prone to fraud by running it on a globally distributed network of public nodes.
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by Xanrox
3
GOLD → How will the news affect the price?FOREXCOM:XAUUSD is forming a strong bullish trend, but there are some preconditions on the chart, which in tandem with the news can form an unexpected scenario. Today is the last strong news of the year. Namely, at 13:30 GMT Initial Jobless Claims will be published. Overall, analysts are expecting 210K relative to the previous 205K. This is bad data. But a big role is played by the actual data relative to the expected data. If the data will be higher than expected 210K, the dollar may break the local support and continue its decline, which will strengthen the gold. If the data will be lower than expected 210K, then gold will catch a bearish wave on the back of dollar strength. Technically, we have a bullish trend, with strong support and liquidity area forming in the 2075 - 2069 area. On positive news for XAU the price may test this area and after a false breakdown head upwards. But negative news for XAU will break this area and could send the gold price to 2050 - 2047. Support levels: 2075, 2069.3, rising line Resistance levels: 2080, 2088, 2100. Technically, gold is ready to continue to grow and this will continue in the medium and long term, but locally, the news can unpredictably affect the price COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
15
USDT.D Monthly Rising Wedge Breakdown!📈 USDT.D Monthly Analysis: A Rising Wedge Catalyst for the Crypto Bulls 🚀 Traders and crypto enthusiasts, buckle up for a potential game-changer as we dissect the monthly chart of USDT.D (Tether Dominance). The recent confirmation of a rising wedge pattern has set the stage for what could be the ignition point for the next crypto bull market. 🔍 Analyzing the Rising Wedge: The rising wedge, a classical chart pattern, is now unmistakably confirmed on the monthly timescale for USDT.D. This wedge is characterized by narrowing price action, indicating a tightening range between support and resistance. Historically, when a rising wedge forms, it often resolves with a breakout to the downside. 📉 USDT.D Descends, Crypto Assets Ascend: Traditionally, when Tether dominance is on the decline, it tends to signal a shift of capital from stablecoins to riskier assets like cryptocurrencies. The decreasing dominance of USDT.D suggests a growing appetite for risk in the market, and we've seen in the past that this trend often coincides with bullish movements in the broader crypto space. 📆 Timing the Bullish Surge: As we observe this rising wedge pattern on the monthly timescale, it becomes imperative for traders to monitor key support and resistance levels. The eventual breakout from the wedge could mark the onset of a new bull market for various cryptocurrencies. Keep an eye on price action around the wedge boundaries for potential entry points. 📊 Risk and Reward: While patterns provide valuable insights, it's crucial to acknowledge the inherent risks in trading. Always employ proper risk management strategies and consider multiple indicators before making any trading decisions. 🚨 Stay Informed, Stay Ahead: The crypto market is dynamic, and staying ahead of the curve is essential. Watch USDT.D closely in the coming weeks for any signs of a breakout or breakdown. The implications could be significant for the broader cryptocurrency landscape. Remember, information is power in the trading world. Share your thoughts, analyses, and strategies in the comments section. Let's navigate these exciting market dynamics together! 📈💹 #CryptoAnalysis #USDTD #RisingWedge #BullMarketIgnition #TradingView 🚀
CRYPTOCAP:USDT.DShort
by STP_MrNodeItAll
BITCOIN REVERSAL RISING WEDGE - DONT MISS THISWhat is a Rising Wedge? What helps us look at it and confirm it? ✅ Upward Trend: The pattern typically forms during an upward price movement. ✅ Converging Trendlines: Both the support and resistance trendlines slope upwards, but they converge as the pattern matures. ✅ Volume: A declining volume accompanying the formation often strengthens the pattern's bearish signal. ✅ Breakout: Confirmation of the pattern occurs when the price breaks below the lower support trendline, where we short I've been calling this reversal since November 17 on X WHO AM I? - New to chart here, but a20K Followers on X @dogdaddevan constantly posting - MEXC Official Partner - I bought ATL SHIB Nov 2020 (only vol that day) and sold early like a bozo.
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by dogdaddevan
1
🚧Bitcoin Can Drop by Rising Wedge Pattern🚧🏃‍♂️Bitcoin re-entered the 🟡 Price Reversal Zone(PRZ) 🟡 and is currently moving in this zone. 📈If we look at the chart from the view of Classical Analysis , it seems that Bitcoin has succeeded in forming a Rising Wedge Pattern . 🌊In terms of Elliott wave theory , Bitcoin seems to be completing wave C of the corrective Zigzag(ABC/5-3-5) structure. 💡Also, we can see Regular Divergence(RD-) between Consecutive Peaks .( Volume ) 🔔I expect Bitcoin to start falling again after touching the upper line of the Rising Wedge Pattern and at least fall to the lower line. If Bitcoin manages to break the support lines and the lower line of the wedge, we should expect Bitcoin to fall to the 🟢 Support zone($36,000_$35,560) 🟢. ❗️⚠️Note⚠️❗️: If BTC can break the 🟡PRZ🟡, the Scenario will change. ❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed. Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
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by pejman_zwin
28
#NZDUSD bearish possibility move We can see price reaching out to the daily timeframe bearish channel upper line, which potentially can act as resistance for the price. Additionally, we can spot the formation of a rising wedge pattern in the chart, which is intrinsically bearish and is regarded as a reversal formation in an uptrend. Another factor indicating the loss of bullish momentum is the decrease in cycle amplitude . A decrease in cycle amplitude in an uptrend is an early indication that there may potentially be underling weakness. (use 4 hour time frame chart for this.) Moreover, we have a static resistance area that previously acted as support and resistance for the price, making it an important area to observe for price reactions. It's crucial to note that any breakout from the upper side of the rising wedge pattern or the bearish channel would invalidate this analysis. For taking a position any breakout from below the rising wedge or changing market structure in 4-hour time frame could give us the entry trigger. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
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by mohemati
5
Could this be BTC bear trap?Looks like a breakdown of a falling wedge pattern in BTC chart. However, the on-chain metrics tell us a very different story in terms of Bitcoin's current state. According to on-chain data, as of last week, there are 47.87m addresses with a balance in Bitcoin network. This obviously excludes user balances on centralised exchanges. It is constantly increasing and is showing a very steady growth over the years. Also the mining difficulty is increasing along with the hash rate, floting in all time high zones still: 30-Day High 446.96m TH/s as of Aug 15 2023. In the last 90 days, miner outflows have reduced by -40% Obviously, we can't purely rely on this data and therefore we look at chart patterns and technical chart indicators; and on that front, things are not looking very bright. There is weak support levels on the price, volumes are down, RSI is not looking good and there is very low volatility. We can only expect lower price levels with such charting; but it could all change with positive news from ETF decision. Lets wait and see if this becomes a bear trap or a lower low in the coming weeks.
BITSTAMP:BTCUSD
by TheAlchemist888
2
BIG PLAN about BTCAlthough it is thought that we have left the bear market and entered the bull market, BTC does not yet seem to have achieved its normal correction level at the required percentage. When we examine the LP and OTH focused fib retracement ranges based on the Rising Wedge phenomenon related to the Bear Flag formation we are in, it becomes clear that the correction has not been fully realized. Currently, our strongest support level appears to be the 50-week simple moving average, which runs parallel with the Rising Wedge support trend. When SMA 50 breaks, we can expect a very deep decline.
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by the6ylal
BTC Daily Rising WedgeThis shape is generally a bearish pattern, with the likelihood of a breakdown to the next major support area. The rising wedge pattern is one of the numerous tools in technical analysis, often signaling a potential move in the asset or broader market. Recognizing this pattern involves identifying a narrowing range of prices enclosed by two upward-sloping trendlines that converge over time. Price is stalling at a major resistance. This is likely to be an area for traders taking profit who bought in the range of 16,000 to 30,000. The RSI is above 70, which often signals a reversal for BTC. The next major support coincides with the area between the .5 and the .618 fib retracement level around 31,000. NFA Do your own DD Thanks for looking at my idea!
BITSTAMP:BTCUSDShort
by BallsOfSteel32
1