How are we doing after this weekend?
What we can clearly see on the 4 hour chart is that there has been a breakout on the previously reported “Broadening Bottom” pattern… it has fully hit the price target of the breakout on the downside, and the bulls have managed to bring the price back into the pattern within a fairly short period of time. It is desirable that...
A broadening bottom pattern usually forms in a downtrend and potentially signals as a bull market reversal. It has the appearance of a megaphone as the price expands with higher highs and lower lows.
This chart pattern looks like a potential correction before moving lower, but instead indicates a reversal in the previous trend. A broadening bottom is a form of...
I'm seeing a big 'H&S' but also a 'broadening bottoms' pattern. The wedges in price action open outwards which represent increasing volatility. This could break out upwards. But not sure for how long. We can also go sideways for months and it can also drop to the next support level. Time will tell.
Currently, I see a potential Bearish "Megaphone" pattern or potential Bearish Broadening wedge. Short-term bearish assumptions for the gold price are the potential targets 1, 2, and 3; that's the strongest support.
Technical analysis
Plan A:
If the price can break out and close below the potential target 3, I reckon XAU/USD will keep falling to retest the...
-Broadening bottom formation
-Imminent Fanchart Breakout
Aggressive Entry at the break above Yellow line
Conservative Entry at the break above Blue line
Not a financial advise
BTC/USD is forming a broadening bottom
The performance of this pattern is not the best but the partial decline does a good job of predicting an upward breakout
TP's as mentioned in the graph
Textbook Diamond Top short target played out and poses a new resistance/support. What next ??
Will we retrace like all the other waves to the fib below 5k? or further... stay active ! Good luck !
A typical broadening bottom formation. A declining price trend, the latter developed into a brooding bottom pattern. This pattern looks more like a megaphone and respected trendlines formality. A breakout can:
* When the price closes above the formation´s high.
Let us monitor this pair and see how it responds.
![BTCUSD: [2021-08-09] BTCUSD, Broadening Bottom](https://s3.tradingview.com/k/krby9iQY_mid.png "[2021-08-09] BTCUSD, Broadening Bottom")
