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Bearish Patterns

USDJPY Is Unfolding A Five-Wave Bearish ImpulseUSDJPY is in an impulsive decline from the highs, which is now even extended in the 4-hour chart, so it's probably wave 3 of a five-wave bearish impulse within higher degree wave (A). It recovered a bit, but it looks like a three-wave corrective pullback in wave 4 only, touching base channel support line as a resistance, so be aware of a bearish continuation for wave 5 of (A) towards 140 – 138 area before we will see a bigger corrective recovery within wave (B).
Short
by ew-forecast
Bitcoin UpdateOn August 5th, Bitcoin dropped below the 50,000 mark, invalidating a previously established channel. Currently, Bitcoin is testing the 57,000 level. If this test is successful, Bitcoin could rise to the 61,000 level, where it may face a minor retest before continuing its upward trajectory. However, the heavy order concentration and liquidations between the 60,000 and 63,000 levels could present significant challenges. Optimistic Scenario (Green Arrow): After navigating the fluctuations above the order block, Bitcoin successfully tests the blue line, confirming support, and continues its upward trend. Pessimistic Scenario (Red Arrow): Bitcoin faces substantial resistance within the 60,000 to 63,000 range due to high order activity, leading to a reversal and a potential decline back to the 45,000 level.
by LyricBridge5207
What's next for bitcoin ?Crypto market had one of the worst days in the history with sudden market crash. From the peak market had crashed 29%, this is the major correction since the halving. This market crash fuelled by the recession fears. 47-48K range acted as a support during this crash and it held strong, looking the current bounce back, i'm assuming this support will hold, if the this support breaks then next target for bitcoin is at the support level around 37-39K. current recovery of the market is showing a strong upward momentum and looking similar to COVID Crash. August and September month is gonna be difficult month for crypto holders, we can expect continued consolidation and and drop while holding 48K range. If the we have a bull run as everyone expecting then it's gonna be starting around October. Let's see how it plays out. Follow our TradingView account for more technical analysis updates. | Like, share, and comment your thoughts. Cheers GreenCrypto
Long
by GreenCryptoTrades
JASMY breaking down? Where to buy?As you can see on the daily chart, JASMY is continuing its way down. It looks like an inverted cup and handle with current price breaking below the handle and retesting it. If further downside occurs, I will expect price to trade within the marked Potential Buy Zone which happens to be around the top of the previous consolidation's range. I will continue to monitor price and look for opportunities in the PBZ if price makes its way there. What do you think? Do you agree or disagree? Are you bullish or bearish? Why?
COINBASE:JASMYUSDShort
by TheTrendInspector
1
Are We There Yet? A Market Top ExposeAfter re-calculations and re-assessing, I think I am ready to move forward. I have moved off my position that the 2022 correction was a Supercycle 2 correction and macro market top. I would be on the bandwagon the market is primed to move up indefinitely if not for the massive amounts of debt and cautious discretionary spending. I am still in the camp of prices and wages requiring a re-balance. Companies will have to lower their prices to meet customers at a more realistic price point. The companies that fail to get to that price point will go out of business. I am settling on the side of Supercycle I ending very soon and a larger corrective Supercycle II will take hold next. I am at this position due to the location of important wave 3s in the following chart: My wave 3 indicator at the bottom will paint a light blue background at potential wave 3s. Close gaps between painted backgrounds are common at wave 3 of 3s as is observed by the yellow line around August 2021. The strongest point on the RSI and my wave 3 indicator generally occurs at wave 3 of 3 of 3 (and more levels of 3) which occurred with the white line in January 2018. Additional wave 3 indicators occurred in late 2013 and early 2014 which were likely in the fifth wave of Cycle wave 1. Based on this premise, Cycle wave 3 likely ended in January 2022 and the October low was Cycle wave 4. This would put the market in Cycle wave 5 currently. Cycle wave 1 lasted 5-6 years, while wave 3 did the same. Cycle wave 5 does not have to last long, but there is always a chance it does something similar. Currently, we are just over a year and a half into this wave which may be too quick for it to end. So far we can see a 5 wave structure on the weekly chart. In this 5 wave structure, wave 1 had a wave extension, likely indicating waves 3 and 5 will be shorter in length. The wave 3 indicator has a gap between painted backgrounds in March of this year indicating this was possibly wave 3 and wave 3 of 3. Wave 4 likely bottomed with the low in April. This would place us currently in wave 5. The main question is if all five of these waves are Primary waves inside of the final cycle wave or if these are Intermediate waves inside of the First Primary wave. The pullback in consumer spending has me believing we are closer to the end of a major cycle instead of in the early stages of a multi-year bullish cycle. Additionally, even though the year over year inflation rate is no longer as high of a number, inflation has not actually declined yet as prices continue constantly go up. Furthermore, the year over year inflation rate remains higher than the year over year retail sales numbers. If things were healthy as the talking heads make it seem, retail sales rate should be higher than the rate of inflation as this would show people are spending more money than they are losing to inflation. This is not the case which is why I think a major re-balancing (and yes recession) must still occur. I could be wrong as I have been, or my inaccuracies have been delayed to this point. In trying to identify the current wave 5, I have switched over to the SPX500USD chart to find potential wave 3s and 3 of 3s. The major wave 3s in this fifth wave are identified by the vertical white lines. It looks like the wave extension once again resides in the first wave. Wave 3 of 3 for wave 1 was on May 7th. Wave 3 of 3 of 3 was on June 6, and wave 3 ended on June 12. If these are true, the major fourth wave likely ended at the June 14 low. This once again places us currently in the fifth wave. This is the fifth wave of a wave 5. The question remains as to how large will the next correction be. The current top on the SPX500USD chart is 5530 from June 28th, but it will likely change before week's end with potential decreases in holiday trading volume. On the main chart, I have plotted out potential Fib levels (noted on the right side) for a fifth wave extension if Cycle wave 3 ran from the 2016 low to the January 2022 top. 123.6% of this movement is where we currently are and can be a potential major wave 5 end point. The next Fib of interest would be 138.20% which is near 5967 (indicating much more bullish activity ahead). Regardless, a downturn is likely coming soon. If it starts within the next few weeks, the bottom could occur within the next 2-3 years. If the market blows past the current top, we will likely have a few more years of upward movement followed by a 3-5 year drop thereafter. A large drop now will not be great, but the economies of the country and world could "right themselves" in a quicker manner which would be best for everyone instead of longer and more drawn out. We shall see what happens, as I have been wrong plenty of times in the past. I can keep calling for a drop and will eventually be correct, but the batting average would not even be worthy of the minor leagues.
SP:SPXShort
by StockSignaler
1
BTC 1D OUTLOOKBitcoin is in a tricky place right now. The fear and greed index has cooled off massively and now sits at a neutral score of 55. General sentiment is very poor and after nearly 2 months of sideways action traders/investors are getting restless especially after the promise of price rally post-halving, but is there any positive news? The chart is pretty clear, HTF is bullish, still above the 1D 200EMA but LTF is bearish. BTC has clearly broken its uptrend and is now in a bearish trend channel, although there has been a breakout attempt, for now it seems to be a fakeout. For me this leaves 2 scenarios; - Trigger 1 is a breakout trade where confirmation is needed to avoid another fakeout, this includes making a higher high after a new lower high and therefor confirming a new bullish structure after breaking out of the bearish channel. - Trigger 2 is more of a bearish scenario but one I believe would be better in the long run. There is a large inefficiency area between 52K-56.5K, price seeks to fill these fair value gaps and as long as that area is left unfilled it will always attract price to it, now this could be filled at anytime in BTC's lifespan but it would make the most sense to do it now rather than after price has another huge rally as the risk of a complete capitulation move down to fill this area would grow. Another reason I believe it makes the most sense is that the 1D 200 EMA is at the bullish OB+ level, in a Bullrun this level is a great point to enter longs as it provides strong support. Adding all these layers of confluence suggests this bullish OB+ area should it provide a positive reaction, would be a good area to enter longs which also would mean the altcoin market would also see a positive move as it is currently massively oversold and would bring traders to be more risk on. The halving so far has not brought the desired bullish narrative that a lot of people expected but it would never going to be a reason for Bitcoins price to suddenly move up, it's one that will gradually have an impact as the supply shock has a lasting effect on miners and institutional investors. Patience is key in this game, I believe that this quarter will remain a choppy frustrating one as BTC cools off after a year long rally and gets ready for the next leg up. Making sure that the portfolio is a strong as it can be for the next leg of the Bullrun is key and capital preservation is number 1. Trading because of boredom can be very costly. Stick to your plan as best you can to avoid any mistakes.
by ProR35
3