$RNDR performed Descending broadening$RNDR performed Descending broadening wedge
What is a descending broadening wedge?
A descending broadening wedge is bullish chart pattern (said to be a reversal pattern). It is formed by two diverging bullish lines.
A descending broadening wedge is confirmed/valid if it has good oscillation between the two upward lines . The upper line is the resistance line; the lower line is the support line.
Each of these lines must have been touched at least twice to validate the pattern.
NB: a line is said to be "valid" if the price line touches the support or resistance at least 3 times.
This implies that the descending broadening wedge pattern is considered valid if the price touches the support line at least 3 times and the resistance line twice (or the support line at least twice and the resistance line 3 times).
A descending broadening wedge does not mark the exhaustion of the selling current, but the buyers’ ambition to take control. The divergence of the two lines in the same direction (increase in price magnitude) informs us that the price continues to fall with movements that are increasingly low in magnitude. The sellers manage to make the price rebound on the resistance line but lose control after the formation of a new lowest point. The highest point reached during the first correction on the descending broadening wedge’s resistance line forms the resistance. A second wave of decline then occurs of more magnitude, signalling the sellers' loss of control after a new lowest point. A third wave forms afterwards but the sellers lose control again after the formation of new lowest points.
During the formation of a descending broadening wedge, volumes do not behave in any particular way but they increase strongly when the support line breaks.
Cryptocurrencysignals
$DEXE looks good on Demand Zone How to identify the Demand Zone?
Drop spin Rally :
Step 1: Initially, the prices were falling down as there could be sellers activated in the stock.
Step 2: The price will move in a range because there is an imbalance between buyers and sellers.
Step 3: Finally the prices will further move up with more buyers dominating the prices.
Rally spin Rally :
Step 1: Initially, the prices were moving up as there could be buyers activated in the stock.
Step 2: The price will move in a range because there is an imbalance between buyers and sellers.
Step 3 : Finally the prices will further move up like a rocket with more buyers dominating the prices.
EDU breakout Soon What Is a Descending Channel?
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend. Officially, the space between the trendlines is the descending channel, which falls under the broad category of trend channels.
KEY TAKEAWAYS
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend.
Traders who believe a security is likely to remain within its descending channel can initiate trades when the price fluctuates within its channel trendline boundaries.
A more potent signal occurs with a breakout, which is when a security's price breaches an established channel's boundaries, either on the upper or lower side.
$HOOK Performing Falling wedge in 1W Keep eye on Breakout NASDAQ:HOOK Performing Falling wedge in 1W Keep eye on Breakout
Falling Wedge
The falling wedge can either be a reversal or continuation signal.
As a reversal signal, it is formed at a bottom of a downtrend, indicating that an uptrend would come next.
As a continuation signal, it is formed during an uptrend, implying that the upward price action would resume. Unlike the rising wedge, the falling wedge is a bullish chart pattern.
In this example, the falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.
Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
If we placed an entry order above that falling trend line connecting the pair’s highs, we would’ve been able to jump in on the strong uptrend and caught some pips!
A good upside target would be the height of the wedge formation.
LINKUSD This forgotten crypto is giving a buy signal.Chainlink (LINKUSD) hit today the 1D MA50 (blue trend-line) for the first time in more than a month after a Double Bottom just above the 1.5 year Support Zone. This rebound has been accomplished after the 1D MACD formed a Bullish Cross within the Buy Zone and rebounded.
Every time such a MACD rebound took place, the price has always hit $8.00. That is our buy target now and should be contained under the Lower Highs trend-line since the November 08 2022 High.
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$ORN Performing Falling wedge in 1D Keep eye on BreakoutFalling Wedge
The falling wedge can either be a reversal or continuation signal.
As a reversal signal, it is formed at a bottom of a downtrend, indicating that an uptrend would come next.
As a continuation signal, it is formed during an uptrend, implying that the upward price action would resume. Unlike the rising wedge, the falling wedge is a bullish chart pattern.
In this example, the falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.
Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
If we placed an entry order above that falling trend line connecting the pair’s highs, we would’ve been able to jump in on the strong uptrend and caught some pips!
A good upside target would be the height of the wedge formation.
$OG send it to the moon 🚀🚀What a fantastic time to buy/long $OG.
waiting for liquidity to come
Daily, Weekly seems good
See ya at $5 above
BITCOIN Above the 4H MA200 starting to test the Resistances.Bitcoin (BTCUSD) broke yesterday above the 4H MA200 (orange trend-line) for the first time since August 09. This was a critical Resistance as it made the emphatic August 29 rejection in the Greyscale aftermath.
With the 4H MA50's (blue trend-line) support, the price has now started to test the Resistance levels one by one with the first being the Lower Highs 1 trend-line that has been in effect since the August 08 High. If BTC closes a 1D candle above it, we will have the first bullish break-out signal and we will buy targeting the 0.382 Fibonacci level and Lower Highs 2 trend-line at 27550. This trend-line has been in effect since the annual High of July 13. Note that if this target is achieved, BTC will most likely form a Golden Cross on the 4H time-frame (would be the first since June 22).
Beyond that, we will only engage in buying if a 1D candle is closed above the 1D MA100 (red trend-line), a key level which is located slightly above Resistance 1 (28150) and slightly below the 0.5 Fibonacci. In that case our target will be 30220 (Resistance 2), marginally below Fibonacci 0.786.
Among all this, notice the significant Bullish Divergence that has been unfolding on the RSI, which has been on Higher Lows while Bitcoin traded on Lower Lows.
So what do you think about this critical test of the 4H MA200? Is it the first Resistance to break and many more will follow? Feel free to let us know in the comments section below!
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HBARUSD Short-term buy opportunityHedera (HBARUSD) is having a 3-day 1D candle bullish streak for the first time since the August 15 High. Considering the completion of a Bullish Cross on the 1D MACD and the fact that the 0.04555 level (Support 1) held, we treat this as a similar buy signal with March 16.
That fractal rose up to the 0.5 Fibonacci retracement level. That is our short-term target (0.06050) towards the end of the month.
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XRPUSD Has it lost all of the SEC steam?Last time we looked at XRPUSD (Ripple) was 3 months ago, giving the most accurate pull-back buy entry we could get (see chart below):
Following the SEC news on July 13, the price broke above $90 for the first time since April 2022 but since then started a decline which in two aggressive parts eventually broke below the 1D MA50 (blue trend-line) and hit both the 1D MA200 (orange trend-line) and 1W MA50 (red trend-line), whose range form the current Support Zone.
The 1D RSI Higher Lows potentially indicate that we are forming a bottom sequence similar to January 02 2023 and June 13 2022. In fact as you can see on the chart, the pattern of June - December 2022 is quite similar to that of April - September 2023.
As a result we are bullish and have a medium-term target at 0.56750 for October and long-term target at 0.9300 for January 2024.
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Defi Token Pump $spell hasn't pumped.Defi Token Pump $spell hasn't pumped.
Falling Wedge
The falling wedge can either be a reversal or continuation signal.
As a reversal signal, it is formed at a bottom of a downtrend, indicating that an uptrend would come next.
As a continuation signal, it is formed during an uptrend, implying that the upward price action would resume. Unlike the rising wedge, the falling wedge is a bullish chart pattern.
In this example, the falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.
Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
If we placed an entry order above that falling trend line connecting the pair’s highs, we would’ve been able to jump in on the strong uptrend and caught some pips!
A good upside target would be the height of the wedge formation.
TWTUSD Trade the break-outs. Bullish reversal may come soon.Trust Wallet Token (TWTUSD) is trading within a Channel Down pattern since December 2022. Yesterday it touched the Support Zone and rebounded, making a Double Bottom structure so far. At the same time it is restrained by the 1D MA50 (blue trend-line) as the short-term Resistance. There is a medium-term Resistance Zone since mid-June within 0.9700 - 0.9915 and it's where the 1D MA200 (orange trend-line) is headed to.
We see this range within the Support and Resistance Zones as neutral territory and only willing to trade the break-outs above or below. A 1D candle closing above the 1D MA200 would be bullish, targeting the 0.618 Fibonacci retracement level at 1.3000. A 1D candle closing below the 0.7115 Support would be a bearish break-ou, targeting 0.5350, which would be a -46.26% decline from the top, similar to the previous two within the Channel Down.
Notice that a 1D Bullish Cross that is about to be formed, may represent a long-term trend change to bullish.
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BITCOIN 1D Death Cross formed and its ugly! How bad can it be?Bitcoin (BTCUSD) couldn't avoid the Death Cross formation on the 1D time-frame as a result of August's decline. This is technically a bearish pattern, where the 1D MA50 (blue trend-line) crosses below the 1D MA200 (orange trend-line). So how bad can it be?
To answer that, we can look into the historic price action of course through past occurrences of the Death Cross pattern. On this analysis you see the last five (5) crosses (included the current one). Let's look into them with more detail one by one:
a) September 2023 (current)
The Death Cross was formed while the price is still above the 1W MA50 (red trend-line), which is supporting since March 13 2023 (6 months).
At the same time, the 1D LMACD hit -0.03 and is rebounding following a Bullish Cross.
b) January 2022 (Bear Cycle)
The Death Cross was formed while the price had already dipped below the 1W MA50, indicating the confirmed transition to the Bear Cycle.
The 1D LMACD was already declining after a pre Death Cross hit at -0.06.
c) October 2019 & March 2020 (Bull Cycle)
The 2019 Death Cross was formed while the price was above the 1W MA50, but eventually hit it. The 1D LMACD was rising on a Bullish Cross after a pre Death Cross hit at -0.06.
The 2020 Death Cross was formed while the price was below the 1W MA50 and after the actual bottom. This was due to the COVID global asset wide market flash crash, which of course was an irregularity, a Black Swan event that can't offer any meaningful conclusions to our current analysis.
d) September 2015 (start of Bull Cycle)
The Death Cross was formed while the price was below the 1W MA50 (which was still unbroken throughout the Bear Cycle) and after the actual bottom. This was due to the Bitfinex flash crash. That was the actual bottom of the Bear Cycle and the start of the new Bull Cycle, which was confirmed by the breaking of the 1W MA50. The 1D LMACD was rising on a Bullish Cross after a pre Death Cross hit at -0.06.
** Conclusion **
This is a mix of results but we can agree that the key here will be the 1W MA50. As long as the price holds it or even at the event of a marginal break, rebounds immediately, BTC most likely avoids a new Bear Cycle. If not, then the price action in the following weeks/ months will most likely draw more comparisons with the January 2022 Death Cross.
So what do you think? How bad do you feel this Death Cross pattern is? Feel free to let us know in the comments section below!
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ENJUSD +20% profit potential on this buy opportunityEnjin Coin (ENJUSD) broke last week above the top (Lower Highs trend-line) of the Descending Triangle pattern that has been in effect throughout the whole year. This is a major bullish break-out signal and despite the rejection on the 1D MA50 (blue trend-line), the price action being similar to the June fractal, provides a strong short-term buy opportunity.
Even on 1D RSI terms, the fractals are identical and it appears we are at the stage of the final leg up as this pull-back is completed. This gives a profit potential of +20% and as a result, our short-term target is 0.30000.
ENJ can turn bullish on the long-term only if a weekly candle closes above the 1W MA50 (red trend-line), which has been the long-term cyclical Resistance since February 2022 and is currently about to test Resistance Zone 1 and the 0.382 Fibonacci level. If we get this closing above it, we will buy again and target 0.43000 (Fibonacci 0.618).
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$DAR Performing Falling wedge NYSE:DAR Performing Falling wedge in 1D Keep eye on Breakout
Falling Wedge
The falling wedge can either be a reversal or continuation signal.
As a reversal signal, it is formed at a bottom of a downtrend, indicating that an uptrend would come next.
As a continuation signal, it is formed during an uptrend, implying that the upward price action would resume. Unlike the rising wedge, the falling wedge is a bullish chart pattern.
In this example, the falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.
Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
If we placed an entry order above that falling trend line connecting the pair’s highs, we would’ve been able to jump in on the strong uptrend and caught some pips!
A good upside target would be the height of the wedge formation.
$Tru is still Looks beautiful All the Low cap Coin bounce NYSE:TRU is still Looks beautiful All the Low cap Coin bounce TRU has not pumped strongly.
NYSE:TRU gains good following from this region with a lot of potential than I gave 0.0280 0.0307 contradicts support. It will be like that until we break the resistance .0.0363 with high volatility.
BITCOIN Pay attention to VIX. Big gap upwards for BTC.On today's analysis we compare Bitcoin (BTCUSD) to the Volatility Index (VIX) on the 1W time-frame. An often neglected instrument, which measures the market volatility (decline = risk on conditions, increase = tension), VIX has been trading within a Channel Down for the past 12 months. Almost for the same period of time, BTC has been trading within a Channel Up, showcasing the negative correlation of the two instruments, as a decline on VIX favors investment on risky assets.
Naturally, if this trend continues on VIX, Bitcoin should extend its Channel Up. Even more so, we can notice a big divergence in the past 3 weeks, with VIX on 3 red candles having tested the June - July Support Zone, while BTC is on 3 flat red ones at the bottom of its Channel and June Support Zone. As you can see the gap to fil is almost a respectable $5000.
But what do you think? Will it catch up to VIX and even more so break higher, if the Volatility Index declines on new Lows? Feel free to let us know in the comments section below!
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$HOOK Retesting Falling Wedge also Try to Break RangeNASDAQ:HOOK Retesting Falling Wedge also Try to Break Range
Falling Wedge
The falling wedge can either be a reversal or continuation signal.
As a reversal signal, it is formed at a bottom of a downtrend, indicating that an uptrend would come next.
As a continuation signal, it is formed during an uptrend, implying that the upward price action would resume. Unlike the rising wedge, the falling wedge is a bullish chart pattern.
In this example, the falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.
Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
If we placed an entry order above that falling trend line connecting the pair’s highs, we would’ve been able to jump in on the strong uptrend and caught some pips!
A good upside target would be the height of the wedge formation.
RLBUSDT Triangle into Rectangle tradeRollbit Coin (RLBUSDT) has been trading within a Triangle pattern on the 4H time-frame for the past month. The price has completed 4 days of trading below both the 1D MA50 (blue trend-line) and 1D MA100 (green trend-line).
We may gradually see the transition of this Triangle to a Rectangle (yellow) pattern, within the 0.618 - 0.236 Fibonacci range. Our trading plan is to buy as long as the 0.236 Fib holds and target 0.2100 (Just below the 0.618 Fib) or sell if it breaks below it and target 0.1100.
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Bitcoin Bullish Momentum at Risk as Monthly Stochastic IndicatorBitcoin (BTC) enthusiasts might face some headwinds as a key monthly technical indicator, the stochastic, signals an "overbought downturn" according to Fairlead Strategies.
The stochastic indicator recently dipped below 80, which indicates a loss of upward momentum. This indicator typically oscillates between 0 and 100, with readings above 80 signaling overbought conditions and readings below 20 indicating oversold conditions. A downturn from overbought levels suggests a weakening of upward momentum.
Strong Resistance Causes Downturn
Katie Stockton, the founder and managing partner of Fairlead Strategies, highlighted this development, stating that "at the end of August, Bitcoin confirmed an overbought downturn in its monthly stochastics in a setback." She added that this downturn might prolong the basing process for Bitcoin, especially considering the resistance around $31.9K posed by the monthly cloud model, a level Bitcoin has struggled to breach.
Historically, overbought downturns in the stochastic indicator in early 2021 and December 2017 have marked significant price peaks.
The monthly MACD histogram, which measures trend strength and changes in trend, is near zero, indicating a neutral long-term bias. Crossings above zero suggest a bullish momentum shift, while drops below zero signal a bearish trend change. However, the MACD has yet to turn positive, implying that a sustainable uptrend has not yet taken hold, according to Stockton.
At the time of writing, Bitcoin is trading at $25,700. Stockton identified immediate support at $25,200 and noted that the 50-day simple moving average at $28,200 is a critical resistance level.
RUNEUSD This Bull Flag can take it to 3.1500 by end of the yearWe last looked into THORChain (RUNEUSD) 3 weeks ago (see chart below) when we called for a pause of the enormous uptrend within the Resistance Zone:
As expected, the price got rejected on the 1.9750 Resistance and pulled-back to the 0.382 Fibonacci retracement level. Needless to say that after breaking above the Falling Wedge pattern, as well as the 1W MA50 (red trend-line), the cryptocurrency has entered a new long-term bullish trend. The very same 1W MA50 has turned into a Support and held twice already (August 18, 16), while the 1D MA50 (blue trend-line) is crossing today above the 1D MA200 (orange trend-line), forming a Golden Cross.
Now the last 1D Golden Cross (February 17) had a bearish outcome but at the time not only was the price below the 1W MA50 but also the 1D MACD failed to form a Bullish Cross. As a result, it the 1D MACD forms the Bullish Cross (which is in course of completing in 2 days), we expect the current consolidation to be just a Bull Flag pattern that will break this time above 1.9750 (Resistance 1) that has been holding since February 02. Our long-term target is 3.1500 (Resistance 2) on the long-term, which is the August 11 2022 High.
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Buying $BAKE$Bake
-Belonging to the group #seed being pushed. Small cap vol is ok to buy in bulk. I bought this price hoping to make a profit 🌹🌹
What is a Symmetrical Triangle
A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. These trend lines should be converging at a roughly equal slope. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle.
KEY TAKEAWAYS
Symmetrical triangles occur when a security's price is consolidating in a way that generates two converging trend lines with similar slopes.
The breakout or breakdown targets for a symmetrical triangle is equal to the distance between the initial high and low applied to the breakout or breakdown point.
Many traders use symmetrical triangles in conjunction with other forms of technical analysis that act as a confirmation.
