Ethereum appears to have found a floor exactly where it found a roof before a break to 367 earlier on in the year. Heikin Ashi candle patterns would indicate we have set a trend reversal, in line with a break of this falling wedge, a crossover on the weekly Stoch RSI and the 3D Ichimoku having flipped green, still need to see volume increase, but I would be long...
The S&P500 is showing signs of weakness in the current uptrend, and the formation of a long term tentative rising wedge (classically a bearish pattern) is indicative of a potential break down. Price action coming up to once again retest the resistance trend line, another rejection here would be detrimental and a retest of the supporting trend line would be likely....
Head and Shoulders forming on the 1H after bitcoin got stopped at the 10450 level which is the 0.786 fibo taken from 10604 high to 9880 low( range we were downdtrending for the past few days as seen on the chart )
That will bring us back on the upper side of the descending wedge formation we broke out to the upside yesterday - green curved line
-4h penetrated 10 and 20 EMA and closed above them
-we hit a region from where a 100% rally came, so some buy volume is expected in this area
-usually grows when btc is growing
-a few bullish patterns formed
-could just be a volatility
-increased volume after breakout, but still overall low
I am currently not in this position but this is more of a test to identify market behaviour.
If Gold price to break out below the support level of the triangle there is a potential for it to have a shorter term pull back from its highs.
We have dropped below the long term bullish pitchfork and appear to have completed wave (iv) in recent downward impulse.
Looking for opportunity to go short as initial drop very rapid from Rising Wedge break!
Good Educational Videos on Pitchforks and Rising...
- NICE WEDGE PATTERN FORMING (ABCDE)
- PRICE STILL MAKING HIGHER HIGHS
- PREVIOUS LOWS HAVE NOT BEEN BROKEN
- BIAS IS STILL UP AS TREND WAS UP BEFORE THE PATTERN CAME INTO PLAY
- 1.72800 LEVEL IS A RESPECTED LEVEL USED AS SUPPORT AND RESISTANCE
-PREVIOUS 4 HOUR CANDLE CLOSED AS A NICE BULLUSH PINBAR