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Wedgepatterns

ADAUSDTHello Dear friends happy new year :D On the daily time frame, we have the positive divergence of the RSI, which has strengthened the possibility of forming a bearish wedge pattern at the end of the bearish trend. The current trend is likely to continue up to the $0.23 range. In case of breaking the downward trend line and maintaining the support range of $0.19, we can expect the formation of an increasing trend up to the specified limits. We would be happy to hear your comments
Long
by FiboTech
2
SBUX Near Crucial Levels and $117 is the Next TargetOn the daily chart, SBUX swings within the middle of an ascending wedge and tries to stabilize above the horizontal resistance area between Fibonacci level of 78.6% at $107.23 and $108.87. While we are now waiting for SBUX to breakout above the ascending wedge, which paves the way to advance towards $117.80-120.76 as initial targets. With setting the levels of 126.32-131.24 dollars as additional targets in the case that the SBUX managed to exceed the previous targets and hold above them. On the opposite side, if SBUX fails to hold within the rising wedge range and breaks down, we may witness a return towards the previous swing area near the level of $103.89 and also near the EMA-50. If SBUX also breaches these lines, we may witness a further decline towards the levels of $98.93-96.17 as next bearish targets.
NASDAQ:SBUXLong
by SamerHa
Bitcoin's Ascending Wedge: Will it Breakout or Breakdown?Bitcoin has formed an ascending wedge pattern, where the price is trending upward within a narrowing range. If it breaks below the lower trend line, it could reach the targets mentioned. If the price bounces off the lower trend line and touches the upper trend line, it could potentially break through and flip it as a support level, indicating a continued upward movement or it could come down again, and retest the lower trend line. A pullback is often seen as a sign of a healthy and sustainable upward trend. Read my attached analysis for further updates on Bitcoin's performance.
by saad0polis
1
DAO Is Searching For The Strong SupportCryptocurrency DAO Maker is trading bearish for the last year, but the wave structure looks like an A-B-C corrective decline that can be slowly coming to an end, ideally at the end of 2022 or beginning of 2023. From Elliott wave perspective we are already tracking a motive wave C, which should be completed by a five-wave cycle of the lower degree. In this case as an ending diagonal (wedge) formation, where final wave (5) of C can be now in play. Technically speaking, we believe that strong support may not be far away, probably here at the yearly lows, here around 1.0 level or maybe slightly lower. There's also a chance for a spike down before we will see a bullish reversal, just keep in mind that first bullish evidence is only in case if we see sharp or impulsive rebound back above 2.55 region. All the best!
Long
by ew-forecast
2
DOTUSDT wants the new Higher High?DOTUSDT has recently had a breakout from a falling wedge pattern. A falling wedge is a bullish reversal chart pattern that is formed when the price is trending downwards but starts to converge in a tighter range. This pattern is characterized by a series of lower highs and lower lows that are connected by two trendlines that are sloping downwards. The breakout from the falling wedge is a bullish signal that the trend is reversing and the price is likely to move upwards. In the case of DOTUSDT, the price retested the daily resistance as support and started to create a series of higher highs and higher lows. This is a sign of bullish momentum and traders should be watching for further price action. The price of DOTUSDT now needs to create a breakout from the 6.9$ area to create a new higher high. A breakout above this level would indicate that buyers are in control of the market and the price is likely to continue moving upwards. Traders should be monitoring the market closely for any potential breakout above 6.9$ as it could signal a continuation of the bullish trend. Overall, the falling wedge pattern and the recent price action of DOTUSDT suggests a bullish reversal and traders should be monitoring the market closely for any potential breakout above 6.9$ to confirm the trend continuation, so According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ black structure -> <= 1h structure. ––––– Follow the Shrimp 🦐
by InkyGrip
WAVESUSDT is testing the supply zone inside a rising wedgeThe price had a nice breakout from the descending channel on the daily timeframe. After the breakout the market had another breakout from the static daily resistance with volume on 1.8$ area. on 4h timeframe the price is testing the supply zone, the 2.5$ area is a key level for WAVES, and now the market is creating a rising wedge. A rising wedge is a bearish chart pattern consisting of two converging trend lines, with the first line connecting the recent lower highs and higher highs, and a second trend line connecting the recent lows. The resulting shape looks like a triangle that is angled upward. The opposite of a rising wedge pattern is a falling wedge. What's next? If the price is going to lose the local support and retest it as new resistance we could see a retracement until the previous daily support on 2$ area
W
by InkyGrip
6
APEUSDTHello dear friends On the daily time frame, the positive divergence of the RSI with the downtrend line has created a bearish wedge pattern for us. Until the $5.584 range is fully consumed, the bullish outlook is weak. But if the range of $2.618 is maintained, we can hope for the completion of the wedge pattern. On lower timeframes, the drawn bearish scenario is very likely. However, if the range of $2.618 is maintained, the possibility of a bullish scenario will also be strengthened. We would be happy to hear your comments
by FiboTech
2
Ethereum breakout soonEthereum is creating a textbook wedge pattern, indicating a breakout soon. The only question remains, to which side? In my experience, these types of patterns are bad in prediction the direction of the next move. The way I use them is to guess on when the next move may occur. And as far as i'm conserned, we're nearing the end of this pattern, indicating we can expect something to happen this month. Now to give an indication for a direction: my bias is actually to the upside. We'll get a confirmation when the price is able to break the resistance zone. If we see a rejection, then the price is more likely to break bearish. Fetch Trends indicator may also flip to an uptrend by tomorrow, giving a higher probabilty the price will breakout to the upside. If you turn on the Fetch Trends indicator, and turn on the moving averages in the settings, then you're able to see that we may flip bullish tomorrow. You're able to find the indicator here .
COINBASE:ETHUSDLong
by FetchTeam
1
📈 4 Common Bullish Patterns🟢 RISING THREE "Rising three methods" is a bullish continuation candlestick pattern that occurs in an uptrend and whose conclusion sees a resumption of that trend. This can be contrasted with a falling three method. The first bar of the pattern is a bullish candlestick with a large real body within a well-defined uptrend. 🟢 FALLING WEDGE The falling wedge pattern occurs when the asset’s price is moving in an overall bullish trend before the price action corrects lower. Within this pull back, two converging trend lines are drawn. The consolidation part ends when the price action bursts through the upper trend line, or wedge’s resistance. 🟢 BULL PENNANT A pennant is a type of continuation pattern formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend line. Pennants, which are similar to flags in terms of structure, have converging trend lines during their consolidation period and last from one to three weeks. 🟢 ASCENDING TRIANGLE An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The breakout can occur to the upside or downside 👤 @AlgoBuddy 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work , Please like, comment and follow ❤️
Education
by QuantVue
30
NZDUSD > Possible Move and How to Trade!!Analysis of #NZDUSD Hi traders, today we will have a look at #NZDUSD The NZDUSD consolidates inside this beautiful wedge pattern, for consolidating patterns there are two ways to trade. the aggressive way is to trade the inside of the pattern, the conservative way is to wait for a confirmed break on either side, then enter with the direction of the break I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one Thanks for your continued support!
by TheTradersAvenue
12
📉XAUUSD 4H analysis: S01E01📈FOREXCOM:XAUUSD OANDA:XAUUSD Gold analytical series starts today Hello Traders, First take a look at my previous ideas. If the price breaks the yellow box, a short position has a good chance of winning. (You can enter in several steps) If the price receives good support in the indicated area, gold is expected to rise to a higher level Don't forget to risk-free your positions. Please share ideas and leave a comment, Let me know what's your idea. CrazyS✌
FOREXCOM:XAUUSD
by CrazyS
4
Forget about chart patterns! Hello, my dear friends and happy New Year! I wish you to be healthy and reach all your goals in trading and not only! Never give up on this difficult way which we are going to overcome together! Today we have a very important topic. How to use Elliott waves instead of classical chart patterns. This is the natural exposure why the chart patterns are garbage. I remember my third year at university when we have the trading lessons. Our teacher gave us a lot of useless knowledges about support, resistance and chart patterns. I have not understood why it should working and it was not soo intereting subject for me. That’s why I returned back to trading much later using self-education. Now I have the clear understanding why Elliott waves is the best tool and why it’s working. Most of traders even don’t understand that chart patterns is just the special case of Elliott waves. That’s why today I decided to explain you how you can change the first one to the second one. Let’s go! Double Top(Bottom) On the chart above I drew the different types of double tops. Generally we have 3 types of this pattern Double top with the second top higher than the first one. In this case we can interpret it in two ways. It could be the classical waves 3, 4, 5 and the corrective wave A at the ending stage. In this case we can anticipate waves B and C. Also it could be the irregular correcton ABC inside wave 4 (rarely in wave 2). In this case we should wait for the wave 5 after that. Traders usually execute short position on the neckline breakdown and suffer when the wave 5 smashed their stop-loss. They are wondering why double top does not working. Double top with the equal highs has the same possible outcomes. The only one difference that correction called flat instead of irregular. Double top with the second top lower than the first one. Here is the most common variant is the end of the ABC correction. In this case we have the low potential for shorting the market becuase the new impulsive wave to the upside can hit all stop losses. Head & Shoulders This is the easiest pattern for analysis. The right sholder usually is the wave 4, the head, obviously is the wave 5 and the right shoulder is the wave B. On the neckline breakdown we have the shorting potential only in the rest part of the wave C. You could correctly count waves and short that the bearish reversal bar of the wave 5 or, as a last resort, at wave B potential top. Shorting at the neckline has sence only if you are sure that the wave B was the the wave 1 of the impulsive wave to the downside if higher degree and now the market is in wave 3. We have to learn how to count waves in a correct way. I would recommend you to read the Trading Chaos book by Bill Williams because it has the best explanation how do waves work. Triangles and Wedges This part is common for all types of triangles (ascending, descending, symmetrical) and wedges (falling and rising). This patterns have the similar structure. If we faced with one of these patterns we have 4 possible scenarios. Triangle in the downtrend after the wave 3. In this case triangle is the wave 4, which is represented as the triangle correction. This correction type consists of 5 waves A, B, C, D and E. When the wave E is finished market will continue it’s move in the direction of a trend, printing the wave 5. The same, but in the uptrend. When the market showed us the 5 waves cycle to the upside and the correction is in progress. Triangle can appears in the wave B. In this case the price will continue the corrective move in the wave C after it’s finished. The same with the downtrend. Guys, of course there are much more types of chart patterns. For example, tripple tops and bottoms and so on. The purpose of this article is giving you another view of the market structure and to motivate you studying the Elliott waves theory. Believe me, it has much more potential than it seems on the first glimplse. Best regards, Ivan ________________________________________________________________________________________________ If you like my educational ideas, please smash the boost button to stimulate me make more quality articles!
Education
by Skyrexio