A descending triangle may be forming, the price has stayed predominantly towards the top of this triangle but due to other factors (current downtrend, ABCD pattern) I believe there will be a break to the bottom.
Price seems to be rejecting higher levels. Price has been hovering over the 61.8% fib retracement level of the previous wave and so I am looking to see a push to the downside.
All TP levels are of 61.8% nature.
- Descending triangle chart pattern has formed in the higher timeframes and price seems to be respecting the channel.
People are getting so carried away about a few little wicks... All noise within the larger scale of things. This close to the halving, approaching the most bullish quarter for Bitcoin, and in a wedge which at worst is neutral pattern, and based on the weekly candle bodies is clearly ascending rather than descending. A break and close below the 21-week EMA of...
GBPUSD Descending triangle, possible continuation pattern. Looking for a breakout to the upside to confirm. Stochastic is heading into oversold territory, a bullish crossover below 20 would add some confirmation momentum is shifting back to the upside.
Here we have a Descending triangle formed, this is a bearish continuation pattern and are formed in an overall downtrend, if you get the 4h chart up and zoom out you will see we are in an overall bearish market.
Descending triangles are a good signal, but we still have to watch and wait for a breakout of this triangle as nothing in Forex is guaranteed, a breakout...
- No major new highs since strong downtrend
- Retesting .72400 region
- False breakout may reverse price back into previous resistance
- May continue reversal from weekly downtrend at .73900
- Target 1: 0.71900
- Target 2: 0.71600
- Target 3: 0.70900
- Stoploss: 0.72350
This is not an instrument that I actively trade but as a student of Technical Analysis and due to the hype prevailing on this instrument, It has become a point of interest to see if what I have learnt so far can be applied to any market (so far stellar results. Thank you Trade Empowered/Tier One mentors) and this instrument is proving to be a perfect testing...
A descending triangle as a major pattern and two symmetrical triangles as minor pattern based in fractality.
Support (triangle's base)=$5855
The horizontal levels are percentages retracement (30%,50%,60%,70%,80%,85%,90%) with initial point $725.4 (11 Jan 2017) and an endpoint at ATH 0.04% .
I do not use Bitmex regularly for long-term analysis but I think...
Descending triangle portraying lower highs and support is being tested multiple times @0.75173, meaning when support level is broken, a breakout may occur. Although there was a previous false breakout where support was broken and price retraced back up. If price does break again a SELL STOP trigger line is set @0.74374 for confirmation of downtrend.
After all the hype at the beginning of this year, price has kept going lower. A very bearish descending triangle is still forming and together with the rejection of BTC ETF (which will not happen any time soon) this could crash hard!
Be aware! Trade carefully and don't risk anything you're not willing to lose! GL all
The price has formed a descending triangle, after the break it retested the new resistance level and bounced downwards. The price has saw a massive bearish move over the last 4 hours, but looks like the push is going to come to an end as the price s still in the bearish channel. We could see a retracement take place very soon. I would keep everyone updated on my...