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Descending Channel

DAX 40 Descending Channel On The Daily Hi Traders, Having a look a the DAX today on the daily and 4 hours. I have highlighted the descending channel that we have been in since mid-June. Descending channels are a great pattern and can usually present a great setup with a high risk to reward as the targets for the channel entries are usually up where the channel began. We can classify this as a channel as we have a minimum of two taps on either side and if we adjust slightly to cover the wicks then we can say we have three taps on either side. I have shown these taps on the chart with small arrows indicating where the rice has touched the top and bottom of the channel. I have added a line that cuts through the channel In a horizontal fashion. This line indicated previous support flipped resistance and we can see that price has respected this line. It was supported and when it flipped to the resistance we had a nice short bounce off of it. We need to see a break above this resistance to confirm bullish action. Looking at the MACD below, we have divergence across the histogram. As the price continued to make lower lows, the histogram was trending upwards which indicated to us that the sellers have been weakening. This is usually a good sign when looking at descending channels in any time frame because once we see this partial divergence we can start waiting patiently for a break of the channel top. Let's move on to the volume. Notice how the volume has decreased dramatically since we began the descending channel. If we see a break above the channel top, we need to see accompanying strong bullish volume. THE SETUP Usually, the way I would wait for a setup is, that we need to see the price break above the channel top as this is descending resistance. Once we see this impulsive break, we need to see the price close above the channel top confirming that this channel is indeed broken. As I am a patient break and retest trader and as this is on the daily time frame, I would wait for the price to come back down and retest the channel top as support before triggering a long position and trading the DAX to the upside. Targets would be around the 13700 level. This is a psychological whole number that adds confluence to the target as well as it being the price where the descending channel began. This would be a long-term swing trade as this could take time to play out. Until we see that break, there is no point in even looking for a retest or long position in this time frame. Until then, let's keep watching and keep our eyes open. Hope you all have a wonderful Thursday. See you all on the next one. The Vortex Trader.
OANDA:DE30EURLong
by TheVortexTrader
BITCOIN long position 🚀Hello 🐋 Based on the chart, the price is close to important support area and the green trend lines that act as a support for the price ✔️ if the price does not break the green trend line to the downside, we will see more gain to the upside from our support area like the chart at least to the first resistance are on the chart 📖🚀 our important support areas are $19700 and $18700 Please, feel free to share your point of view, write it in the comments below, thanks 🐋
BITSTAMP:BTCUSDLong
by MadWhale
11
GBP/USD: bearish perspective; udpateSterling Pound/U.S. Dollar it's in the supply zone, but I decide to closed up manually this trade right now. But if we see another opportunity, only we would need to wait the reaction in that grey zone and also in the blue line of the supply zone to watch. So, I will wait a little more, as I believe that Sterlign Pound get manipulaton in that zone. For that, hope next opportunityt to short in the supply zone. Meanwhile, we're in the bearish channel and Sterling Pound it's moving to the downside what we can to short GBP/USD I hope that this analysis support you!!! I'm in short in GBP/CHF and EUR/AUD.
Short
by harisonhbn9718
1
FORTH - Ready for a breakout! Channel + Elliott wave On the daily chart, we can clearly see a descending channel / falling wedge, which is ready for a breakout! Buy a breakout above rectangle + 200 MA + trendline of the channel, we have a nice confluence here, that is very important! This coin never made an all time high, so it is safe to set the profit target to 0.618 FIB + end of the wave 4 (High liquidity area). Due to my Elliott wave analysis - Impulse Elliott wave has been completed successfully and we can expect at least a retracement. 200 daily moving average is considered as a massive level by huge instituions and hedge funds. We have a high bullish volume and I don't see any bearish pressure on the indicator. If we take a look at the RSI indicator, there is a horizontal level, so if we break this level, that would be great! Look at my ideas about interesting altcoins in the related section down below ↓ For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
12
Quantum QNT - Daily channel is ready to break! + Elliott wave On the daily timeframe, we can see a descending parallel channel - bullish pattern that is close to a breakout! ABC correction has been completed successfully (ZigZag) at 0.786 FIB retracement of the huge Wave 1 We can definitely start a new uptrend from here, so if you like this coin and fundamentals, there is an opportunity. You can wait for the channel to break up for a trade with confirmation. Quantum is the first project to solve the interoperability problem through the creation of the first blockchain operating system. Look at my ideas about interesting altcoins in the related section down below ↓ For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
5
Stellar XLM - Prepare your buy orders! + 0.618 FIB + Wedge XLM is very close to the 0.618 FIB retracement of the huge Impulse wave from 2020-2021. Also the price is close to a massive horizontal support line from 2020. I expect last wave to the downside to finish this downtrend and then I can see at least a retracement back to 0.25 USD. As per my Elliott wave analysis - an impulse wave to the downside is almost completed as you can see. If we take a look at the volume indicator, we can see there is absolutely no bearish pressure, which is always great to see. On the weekly chart we can spot a falling wedge - bullish reversal pattern and the price is currently near the support line. You can set a limit order to buy XLM at 0.0888 USD if you want to speculate on this move. Look at my ideas about interesting altcoins in the related section down below ↓ For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
3
CRVUSDT is testing a key levelTheprice had a nice bounce from the weekly support on 0.52$ area and started with ascending channel until the 0.786 Fibonacci level resistance on the 4h Obrder block. the market created a minor ascending channel and now the price is testing the resistance. How to approach it? IF the price is going to lose the support and retest it as new resistance, we could see a retracement until 0.382-0.618 Fibonacci Level, so According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Short
by InkyGrip
DOGEUSDT - Complete Elliott Wave + Time to buy a bounce?- On the weekly macro scale, we have succesfully completed an impulse wave (12345) to the downside! - And because of that, i am expecting a retracement (ABC) to the upside. - Target for the retracement is 0.618 FIB or if you are more conservative, you can choose 0.5 FIB + start of the wave 5, which is also a reasonable target. - We have a hammer candle at the end of the impulse wave with a big wick, which is definitely a sign of rejection to go lower. - If we take a look at the volume - I don't see any bearish pressure, so it's nice to see. - Look at my analysis about Bitcoin and Ethereum (Elliott Wave) in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
17
CVS Descending Channel on Weekly Chart The "Decending Channel" pattern was identified on the weekly chart. A "Double Bottom" pattern was identified on the daily timeframe, however, price failed to go higher. A closer look at recent price action and we have confirmation of resistance becoming support (see level 93.62). Though this is true, it is best to wait for a break of structure before placing a trade to the upside. On a final note, the 21 MA crossed up the 9MA on Friday, July 8, 2022. Also, the RSI and volume indicator made higher lows and higher highs on the same timeframe. Personally, I will enter a swing position lightly at the break of the trendline. I will also consider a secondary play action to include a break above 95 or 96. Thanks for reading, MrALtrades00
NYSE:CVSLong
by MrALtrades00
Is INTC getting ready to break its channel?As with most stocks, INTC has been in a bearish trend beginning this year. Recently it has entered into a neat downward channel. Following the last test of the channel upper bound (denoted by the blue flag), a substantial decline occurred. This decline ended with a volume spike against the lower bound. The last test of the lower bound (denoted by the green flag) is strikingly different than the previous. It lacked a volume spike and did not push the Stoch or MACD to new lows. In fact, during the latest retracement up, both indicators flashed signals of a bullish divergence. It seems likely that this retracement following the latest lower bound will take us at least to the upper bound, if not break the channel.
NASDAQ:INTCLong
by Ronald_Ryninger
3
0807 NFP P1 GBPJPY drop more down to test 160Hello traders, Last Sunday, I got one wkly plan for GBPJPY : On this last trading Friday, seems that wkly plan did not work well. Back on 6h chart, you should check with the downtrend channel that could send this pair down to last low 160 where is also fibo EXt1.27 position. Lower position fibo ext1.618 is possible as long as price run alone with the channel down to break those supports. GOOD LUCK ON THIS SELLING PLAN . LESS IS MORE!
Short
by FUNTRADER-Vera
Serum SRMUSDT - Falling wedge + Elliott Wave + Channel- On the daily chart, we can see a huge falling wedge - bullish reversal pattern. - The wedge has been broken and retested by the bears. - Also the price is forming a descending channel, so for a confirmation trade - wait for the channel breakout. - Out profit target is top of the wedge or 0.5 FIB. - As per my Elliott Wave analysis - the impulse wave has been completed successfully! - There are definitely better altcoins to buy at this moments, but i want to share with you also this coin. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
SLong
by UnknownUnicorn2537518
7
CAD/CHF: Long position, break outCandian Dollar/Swiss Franc formed a bearish channel in H4 timeframe and made this break out and pull back in the H4 timeframe This it's the Daily timeframe and we supported the zone of $0.7400 CHD like key support strong in Daily chart as bull continue climb the price. But now, in H1 we pass the pull back confirmed and I think that CAD/CHF will go bulish now. I entry right now in the price of $0.7471 CHF, Stop Loss to $0.7445 CHF (24 pips) and target to $0.7552 CHF (83 pips) I hope that this analysis support you!!! Good luck!!!
Long
by harisonhbn9718
6
Litecoin LTCBTC - Falling wedge + New bull market! +Elliott Wave- On the weekly chart we can see a falling wedge - bullish reversal pattern and the price is currently above the wedge! - Due to my Elliott Wave analysis - we have completed an impulse wave successfully (12345) as you can see. - Our profit target is 0.618 FIB retracement of the wedge or you can target top of the wedge if you think that the price can go even higher. - LTCUSD pair looks strong compared to bitcoin last week, so we can really experience a huge uptrend. - We have a huge volume spike as you can see on the indicator! - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
9
Tron TRXBTC - HUGE Breakout! Channel + 200MA + Elliott Wave!- Tron is currently one of the strongest altcoin on the crypto market! - On the weekly chart we can spot a descending channel , that has been destroyed by the bulls. - Also we can see a broken ymmetrical triangle, which is definitely a great sign too! - 200 weekly MA is considered as a massive support by huge institutions and the price is currently above the level! - We are currently in the Impulse Wave (1-2-3-4-5), so it is the best time to buy right now. - Next resistance is the previous all time high from 2018. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
1
PolkaDot DOTUSDT - ABC completed! Elliott Wave + Channel- On the weekly/3D chart we can see a parallel channel and the price is currently on the support of the channel. - Due to my Elliott Wave analysis - the ABC correction has been completed successfully and now we are prepared for another bullish market! - 0.618 FIB is the strongest FIB level and the price si currently sitting on this level. - If we take a look at the RSI indicator, we can spot a nice bullish divergence with a lower high! - Wave 1 horizontal support (previous swing high) from 2020 is another great support that we have. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more content, please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
3
Ripple XRPUSDT - Massive BREAKOUT! + Elliott Wave + Channel- XRP on the daily chart looks like it wants to start a pump very soon! - We have a parallel channel (on the daily chart ) that is very close to break up. - Due to my Elliott Wave analysis - the Impulse wave should be completed and now I am expecting at least a retracement. - The trendline (from March 2022) is now definitely broken, which is a good sign indeed! - We still need to break the POC resistance of the volume profile . - Profit target - 0.618 FIB + End of the first impulse wave. - Look at my ideas about another interesting altcoins in the related section down below ↓ - For more content, please hit "Like" & "Follow"!
Long
by UnknownUnicorn2537518
1
AutoFarm AUTOUSDT - Record Volume + HUGE Channel + Elliott Wave- On the daily chart we can clearly spot a descending channel , which is very close to a bullish breakout! - If you take a look at volume , we have a massive bullish volume spikes - always good to see. - 200 weekly MA is actually acting as a resistance, but if the channel breaks up, then the MA will too! - Due to my Elliott Wave analysis - 12345 Impulse wave should be completed and now are expecting at least a retracement to 0.618 FIB. - Look at my ideas about another great altcoins in the related section down below ↓ - For more content, please hit "Like" & "Follow"!
ALong
by UnknownUnicorn2537518
5
Keep3rV1 KP3RUSDT - Huge breakout! Falling wedge + Elliott Wave- On the daily chart we can see a nice falling wedge / descending triangle, which is very close to a bullish breakout! - We have a local double top above the wedge and we can definitely buy a breakout above this level for a confirmation trade. - 0.618 FIB + End of the Wave 1 + End of the Wave 4 is the next resistance, so you can setup your profit target here. - If we take a look at the volume indicator - there is a strong bullish volume and that is always good to see. - As per my Elliott wave analysis - Impulse Elliott Wave has been completed succesfully and now I am expecting at least an ABC correction. - See my ideas about Bitcoin and Ethereum in the related section down below ↓ - For more content, please hit "Like" & "Follow"!
KLong
by UnknownUnicorn2537518
3
$META FACEBOOK Meta Technology Falling Wedge Descending Channel$META FACEBOOK Meta Technology Company Falling Wedge Pattern - Descending Channel - Double Bottom at support with a bullish harami on the 4 hour candle. $META is looking bullish from here on a technical view for a bounce off the bottom trendline. If it breaks out and holds above the channel it has a measured move of $234 target. GAPS are marked in RED. Word on the streets says Mark Zucker is not hiring much and has been bringing the heat in on his current employees hoping to weed out the weakest links. Meta has had some failed crypto related launches and has thick competition in the social media world. Better management and highly talented individuals is exactly what the company will need in order to be first class in the metaverse and live up to the name.
NASDAQ:METALong
by ChaldeaCode