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Double Top or Bottom

Bitcoin phase programmed? Take a look at the chart above. I am keeping this fully transparent: I am not a perma bear, nor am I a perma bull or moon boi. I am just analyzing what I see. If I am right, that would mean that we have bottomed for the time being and the next phase of Bitcoin is preparing. I inverted the chart to make the TA make sense to me because the right side up was just too confusing apart from the red line that I drew based on the run-up at the beginning of the year. (Which still held) We tested that red line support and retested it for the double bottom. Even if we triple bottom here it would also be a triple top inverted which is why this chart is upside down to showcase the bullish movement still works if we look at it this. Happy Trading and stay safe out there.
BITSTAMP:BTCUSDLong
by RetiredNovice
1
How will the upcoming recession impact META?NASDAQ:META Although the macro environment is starting to look more negative for the equity market, I believe this to be one of the outliers that may still have some room to run. Recent earnings showed a modest increase in spending designated for AI, which was a worry of mine going into earning with Zuckerberg's track record of overspending. They seem to have investor focus with their current business model. This is truly a money printing machine. At this time it's clear that any company wanting to spend ad dollars is turning to META first and will likely cut spending elsewhere. META's continued ability to help companies target their customers far exceeds that of any other ad-based company. In addition to their improvements in ad revenue and daily active users across all their platforms, they have been able to make noticeable gains in both VR and AR markets. How much longer until other hardware plays like Apple (AAPL) risk becoming obsolete? Obviously, it is way too soon to make a call against AAPL, but it seems they are behind the ball on everything they are rolling out. With AI helping developers create hardware, I think this may start cutting into AAPL's competitive advantage. If this ends up being true, META's development in hardware may begin to pay off. Looking at the chart, it's hard not to see a double top with likely further downside coming in the future. This has also fallen below its 100-day MA and failed to hold levels above when retested it. If the downward pressure continues, I am going to be a huge buyer between $385 and $400. In the short term, I may buy some out-of-the-money puts with these targets and load up on calls if it retraces to the previous all-time high support.
NASDAQ:META
by Average_Joe_Options
GBPCAD , Bearish according to VSA unless it breaks the level**Analysis for GBPCAD Short Trade:** - **Volume Spread Analysis (VSA):** VSA suggests a downward move for GBPCAD, indicated by high volume and impulse buying candles. We will wait for a no-demand candle with low volume or an upthrust candle with low volume to confirm the entry. - **Entry Confirmation:** The probability for a sell position is high, provided the price does not break above the upper resistance level marked on the chart. - **Target Projections:** If the upper level is broken, potential targets TP1 and TP2 are marked on the chart. These levels are expected to be reached in the coming week.
Short
by coolbouy
1
Bitcoin possible double top. **Exploring Bitcoin Price Movements Using Elliott Wave Theory** The chart displayed provides a detailed analysis of Bitcoin's price movements over a significant period, from mid-2019 to mid-2024, utilizing Elliott Wave Theory. This theory is a popular tool in technical analysis, suggesting that market prices move in repetitive cycles or "waves" driven by investor psychology. **Elliott Wave Theory Basics** According to Elliott Wave Theory, market prices alternate between impulsive and corrective phases: 1. **Impulse Waves**: These are the main movements in the direction of the trend, typically consisting of five waves labeled with Roman numerals (I, II, III, IV, V). 2. **Corrective Waves**: These follow the impulse waves, moving against the trend in three waves labeled as A, B, and C. Additionally, complex corrections can be labeled as (W), (X), and (Y). **Interpreting the Chart** 1. **Impulse and Corrective Waves**: - The chart indicates several completed cycles of impulse and corrective waves. For example, the five-wave impulse sequence (I, II, III, IV, V) was followed by a three-wave corrective pattern (A, B, C). - There are also complex corrections marked as (W), (X), (Y), showing more intricate market behavior. 2. **Significant Price Movements**: - The Bitcoin price has shown substantial volatility, with notable peaks and troughs. These movements are captured within the Elliott Wave framework, providing a structured view of these fluctuations. 3. **Current Market Position**: - As of the most recent data on the chart, Bitcoin is priced around $60,781. - The chart suggests the end of a corrective phase (wave C) and the potential beginning of a new cycle with wave I already in progress. **Potential Scenarios** Based on the current wave structure, a few scenarios can be anticipated: 1. **Continuation of the Uptrend**: If wave I is the beginning of a new impulse sequence, Bitcoin might experience a continued uptrend, forming waves II, III, IV, and V. 2. **Further Correction**: Alternatively, if the market conditions change, there could be an extended or complex corrective phase, potentially labeled as (W), (X), (Y). **Conclusion** Elliott Wave Theory offers a comprehensive framework for analyzing Bitcoin's price movements, helping to predict future trends based on past patterns. The current position of Bitcoin in the Elliott Wave cycle indicates the possibility of either continued upward momentum or further corrective action, depending on market dynamics.
BITSTAMP:BTCUSDShort
by fabiowood3b1facfada1c4e32
Ethereum 2nd Test on our demand zoneEthereum decided not to continue with the trend but to conduct a second test before the rally. This pattern is very natural when the market breaks a channel and seeks equilibrium points in demand zones. Our plan remains in place. Remember that markets need to make pauses or retests before taking action. Additionally, we must consider that markets, in general, have been bearish—we are in a bear market. However, the points of interest I have marked are based on historical prices and significant liquidity, so we can expect aggressive movements once the price reaches the indicated zones. Thank you for your support, and don't fear these bear markets; on the contrary, we should average in and take advantage of the opportunities they offer us. Regards
COINBASE:ETHUSDLong
by RocketMike111
SWING IDEA - ROSSARI BIOTECHConsider a compelling swing trade opportunity in Rossari Biotech , a leading specialty chemicals manufacturer in India, renowned for its innovative and sustainable solutions across various industries. Reasons are listed below : Price at Support Zone : Rossari Biotech is trading at its support zone, where it was initially listed, indicating potential buying interest and stability at these levels. Doji Candle Formation : A doji candlestick pattern has formed, confirming the bullish momentum indicated by the preceding marubozu candle. This suggests that the price is holding onto higher levels and may continue to move upward. 0.618 Fibonacci Support : Finding support at the 0.618 Fibonacci level strengthens the bullish case, providing a solid foundation for potential upward movement. Initiation of Double Bottom Pattern : The beginning of the formation of a double bottom pattern suggests a potential trend reversal and bullish continuation, indicating a shift in market sentiment. Increase in Volumes : An increase in trading volumes reflects growing market interest and potential accumulation by investors, adding confirmation to the bullish thesis for Rossari Biotech. Target - 809 // 890 StopLoss - weekly close below 655 DISCLAIMER - Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services. @visionary.growth.insights
NSE:ROSSARILong
by Visionary_Growth_Insights
ICP Buying OpportunityThe ICP came back to life at the end of last year and increased significantly. After May, however, it declined in response to the general market decline. But I think that decline is now over. The $8-9 area is a good buying zone for us. Especially considering that it is coming out of the downtrend. I don't think it will go below $8 from now on, but in a possible correction in the market, it could go down to $6.5-7 and come up. This is the ideal buying zone for us because if this happens, there is a potential double bottom pattern. My plan is to buy a large amount of ICP now and place a small buy order at the $7 level.
Long
by Not_the_richest_man_in_Babylon
1