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Descending Triangle

Massive Move Incoming for Altcoins!Hello traders, The Bitcoin Dominance has been on a large downtrend for years and is looking like it will continue. It is currently in a descending pattern (Lower highs and equal lows.) The current dominance comfortably sits at 39.83%, while the target out of this downtrend is 29-30%. This may look bearish for Bitcoin but this may be a sign that Altcoins may surge! 9% loss in Bitcoin Dominance is $180B USD. More currently we have received a weekly close below the important support level, unfortunately, this reveals BTC may go lower possibly dragging down other coins. One last thing, the MACD of the Weekly BTC.D is foreshadowing a divergence to the bearish side. Safe trading, -Pulkanator
CRYPTOCAP:BTC.DShort
by Pulkanatir
Double Sided Play on NIOOn the Daily Chart of NYSE:NIO , we can see that it has been creating lower highs (starting from 11th January 2021 @66.99) and consistent lows in the 31-32.5 region. This is a macro descending triangle formation which indicates a potential bearish trend. However, on the RSI Indicator, we can see that NIO is currently at 30.03, which indicates that it is underbought . Also if we take a look at Nasdaq's Daily Chart NASDAQ:IXIC , we can notice it has been trending upwards in a parallel range and is currently at the bottom support line which indicates upwards movement for the next few weeks. If NYSE:NIO follows the trend of the entire Nasdaq NASDAQ:IXIC market then it can move upwards significantly but on the other hand there is a chance it behaves in accordance to the descending triangle pattern and plummets. If watches carefully NYSE:NIO can be played on both sides profitably, I am currently long on NYSE:NIO on a swing trade with a stop loss at 28 and a take profit of 38+ which might change based on price action.
NYSE:NIO
by Rudraksh99
doge is ready to fly !!!Hello dear friends,in the weekly time frame, a large descending triangle can be seen in the dogecoin chart and i published this chart 25 days ago .Big descending triangle for dogecoin is broken upwards.If the weekly candle above the EMA 21,price growth will accelerate.We have seen bear traps in the last two weeks. Due to the high mobility of whales and increase in trading volume, as well as the acceptance of doge for the sale of Tesla products,the probability of price increase is high.
Long
by payamsalamir
How To Trade The Descending TriangleDraw line touching the lower highs which is the negative slope trend line. Draw horizontal level connecting equal highs. The horizontal level is a zero slope line. Wait for a convincing close below the horizontal level. This is a convincing close below the horizontal level. Draw the fib from the previous lower high touching the diagonal trend line. In this case, it is the the third lower high. The result is the 50% Fibonacci Retracement Level overlaps the Horizontal Level a little bit. That overlap is a confluence factor. Now wait for price to pull back to the 50% Retracement Level. Price pulled back to the 50% Fibonacci Retracement Level, Horizontal Level, EMA 10 Level, and EMA 20 Level. Set Measured Objective Target Using the Height of the Pattern. Enter when the bear candles closes near 50% Fibonacci Retracement Level, Horizontal Level, EMA 10 Level, and EMA 20 Level. I would like to see a bearish price action signal at this level like a pin bar, rejection candlestick, or engulfing bar. This candlestick is not a engulfing bar on the 4H time frame, but it is still good enough for me to trade it. Price pulled back to the levels and produced a wick through the horizontal level. Price never closed above the horizontal level. If price closed above the horizontal level, then discard the trade idea.
Education
by TradeLive-
$BCRX retrospective lookRetrospective look at $BCRX: 1. Gap down to lower low aligning with oversold signal on RSI (Blue Circle). 2. Continued downtrend forming Descending Triangle (Pink Dashed) following hypotenuse resistance line and flat support line. 3. Double bottom then forms (Green Box & Dotted Line and Orange Arrow) within the converging trendlines. 4. Simultaneous bullish signal on the RSI indicator (Blue Dotted Line). 5. Breakout over resistance trendline with large volume (Blue Volume Circle) 6. RR 1.2:1 take profit could have captured initial move (Long position). Easier to spot now it's happened! Hope this will add to my (and potentially others) knowledge/experience. Any comments appreciated *Not financial advice*
NASDAQ:BCRX
by Angus_Ed
$BEKE Descending TriangleAfternoon all, I'm trying to get into trading and would love some opinions. I have been looking at the daily chart for $BEKE and believe we could be looking at a descending triangle (in Orange) for a potential short position. Guess I would be looking for a breakout to the downside, either below the pattern support zone (orange) or potentially the LL (in Pink). Not sure what take profit target would be or the potential effects of earnings, suppose you would use a risk-reward target? Reservations on the trade would be the lack of correlation/support from other major indicators such as MACD/RSI/EMA.
NYSE:BEKEShort
by Angus_Ed
NKE Potential Double Top - What's Next?Description NKE has now rejected the 175 level for the third time, now I am tracking this Descending Triangle consolidation pattern. This could be a Double-Top pattern in the making, although the Double-Top is notoriously difficult to track, and nearly never confirmed until long after is has finished it's formation. Evidence indicative of the usual Double Top: Two tops at approximately the same level, but more than a month apart Somewhat less activity on the second advance than the first Dull or irregular, rounding-type of recession between them It is noted that should a small H&S or descending triangle occur at the second top, long commitments should be protected with a tight stop, or switched to a more promising chart picture. In NKE's chart, we see two Tops at approximately the same level (within 3%), and approximately 3 months apart, which is a strong indication that this is not a normal congestion or consolidation pattern. Slightly more activity can be seen on the second advance than the first, and there is distinctly low activity throughout the entire pattern. The recession between the tops marks one of the only increases in activity in the entire pattern, taking place perfectly at the last known resistance around 145, and marked with a large gap down following the earnings report on 23SEP. At the second peak, NKE is currently undergoing some type of consolidation that appears to be a descending triangle with irregular volume. What, in picture, appears to be a "Descending Triangle" has highly irregular volume throughout and could potentially be portrayed as a Falling Wedge. The Descending Triangle has bearish implications, while the Falling Wedge has bullish implications. Although the volume displayed is not conducive to either formation, it could be explained by high volatility in the indexes. With these things in mind, I believe the best position to put on is a 3-month Straddle. The options market right now is implying about a 14% move in either direction in the next 3 months, so any expiration beyond 146 or 194 would be profitable in that time period, with the last potential support being at 143 for the downside, and all-time highs to the upside. I, however, will be putting on a directional play based off of where I think the indexes are heading: Long Put Levels on Chart SL > 175 PT : 150 *Stops based off underlying stock price, not mark to market loss The Trade BUY 01/07/22 155P R/R & Breakevens vary on fill. This put generates a good breakeven in advance of the 145 support if held until expiration. If you would like me to build the Straddle or build a Strangle, just ask. The Strangle will create a cheaper position, but push the breakevens further away from the current stock price. As always, time will tell Manage Risk Only invest what you are willing to lose
NYSE:NKEShort
by BarnardR
BTC constantly rejected by descending EMAsHello guys, as mentioned in previous posts, Im just a day trader showing my ideas, do not take this as financial advice, always do your own research (DYOR). In previous ideas I talked about how BTC was struggling to get past the 48k resistance, suck in a range between 48k and 46k. We expected some downturn, which we got, and we are now trading in the low side of that range at the border of 46k. At the same time, we can see that the 600ema, 200ema, and 100ema are closing in, and we can see how price reacted with them in the past (Specifically how the 600ema rejects every attempt to break the downtrend), so we can safely say we are in a ranging downtrend, with the ceiling closing in. Things are not looking bullish short term for the pair, and I expect the local support that spanned through 46.5k to 47.5k to turn into a local resistance. We can also see the formation of a descending triangle in the 5min and 15min charts, which would suggest a sharp turn to the downside after a few cycles (However BTC rarely follows candlestick patterns). In my opinion, we're revisiting lows, either in a couple of hours or after ranging for a few days in this lower band (46.5k to 47.5k). Im personally looking into entering a LONG position once we are clear of this range, which, more likely to the downside, at 42k. Again, this is just an idea, DYOR. Any feedback is apreciated.
Short
by cryp70g0d
Breakout or Breakdown?LINK is currently within a Falling Wedge (bullish) inside a massive Descending Triangle (bearish)--and both are converging on the same general point. Sellers are exhausted and supportive momentum appears to be building, but the Descending Triangle presents a lot of overhead resistance. My view is that the resistance will continue to suppress the price for 1-2 weeks before we see enough support to breakout. I'm considering averaging into a position here. -------------------------------------------------- These are my personal views and not financial advice. Please do your own research before investing. I'd love to hear your thoughts, ideas and feedback. Feel free to comment and I'll try and get back to you quickly. If you appreciated this analysis, consider Liking or Following. Thanks!
Long
by mercury_rising