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Double Top or Bottom

BEARISH PRICE ACTION ON BITCOINBITSTAMP:BTCUSD made a new all time high to the 73k breaking the previous ATH of 2021 and from the new ATH, we have seen a 12% drop for the price of Bitcoin. If we take a proper look at the price action of #BTC on the weekly time frame(TF), we can notice a double top formation which is a bearish pattern in price action. Also, we can see that Bitcoin is trading at the premium area which is not a nice idea to buy BTC at this point, what we should be expecting from BITSTAMP:BTCUSD right now is a 30% drop to the 50k to 45k area for a proper support and for price to fill all the imbalance it left behind before we can start looking for our buy entries. Again if we use our Fib tool taking from the recent high to the 38k level we can see that the 61.8% levels lays perfectly well at the 50k area. From my point of view what am expecting from BTC now is a retest of the 66k to the 67k price levels before we can see a continuation to the downside let pay close attention to this price action in other to save. Indicator wise we can see that the MACD on the weekly time frame is reducing momentum to the down side which is not a good sign for BTC.
BITSTAMP:BTCUSDShort
by Jahson23
Possible Double Bottom on FET/USD Daily ChartIf you're seeing a double bottom pattern forming on the daily chart of FET/USD, it could be a sign of a potential trend reversal. Here's what a double bottom typically indicates: Price Decline: The price falls to a support level (bottom 1), then rallies but fails to break significantly above a resistance level. Retest and Support: The price declines again (bottom 2), ideally retesting the previous support level (bottom 1) or forming a slightly higher low. This retest demonstrates buying pressure at that price point. Breakout: If the price breaks above the resistance level (neckline) connecting the two bottoms, it suggests a potential trend reversal from downtrend to uptrend. Target Price Based on Double Bottom: The technical analysis concept suggests a price target can be projected by measuring the distance between the neckline and one of the bottoms and adding that distance to the breakout point. In your case, if the neckline breakout occurs and the target is $3+, then the measured distance between the neckline and the bottom would be the difference between the target price and the current breakout price.
Long
by ParabolicP
2
BTC FRACTAL - 20% Correction PossibleLet's do a quick recap on Bitcoin. I rediscovered a fractal from a post I made a few months ago, which compared BTC price action to NVDA price action after making an ATH. Currently, there is another Bitcoin fractal based on the M-Pattern and we take a deep dive into how far this correction could go. I'm labelling this post as "short" simply for the lack of better options. I do believe the price will correct lower, but I wouldn't take a leveraged trade so close to the a new ATH. Link to the earlier comparison with Nvidia: ___________________________ COINBASE:BTCUSD BINANCE:BTCUSDT
COINBASE:BTCUSDShort
by CryptoCheck-
Ichimoku Watch: Blackrock Testing the Mettle of Ichimoku Cloud RDouble-Bottom Pattern Neckline and Ichimoku Cloud Resistance Blackrock Inc. (ticker: BLK) recently established what many chartists would recognise as a double-bottom pattern from around $753.83. The neckline for the pattern is seen at $789.08, which has yet to be breached, so the pattern’s formation has not been completed. Once, or if, we see a daily close form above this neckline, this would prompt chart pattern traders to apply a profit target derived from the lowest low in the pattern to the neckline and extend this value from the point at which price broke above the neckline. Price action also recently traded above the Conversion Line from the Ichimoku Indicator and is fast closing in on the Base Line, now trading at $785.33. You will also see that the Ichimoku Cloud recently formed resistance between the Leading Span A and Leading Span B at $777.94 and $781.95, respectively. If price should venture above this area, this would add weight to the break above the double-bottom’s neckline and signal movement towards the pattern’s profit objective. What bulls will also be watching for here as additional confirmation is the Conversion Line crossing back above the Base Line. Price Direction? Overall, this stock’s direction depends on how price reacts at the double-bottom pattern’s neckline if it is tested. A close higher signals increased prices could be in store above the Ichimoku Cloud resistance and might be enough to drive bullish interest. Alternatively, dominantly defending the lower side of the neckline, which, as you know, is located within the Ichimoku Cloud Resistance, may trigger bearish action.
NYSE:BLK
by FPMarkets
Short AUDCHF Idea based on Classical chart patterns on a short time frame(4H chart). abbreviations: M/W/D/H = Month/Week/Day/Hour TL: Trendline DT: Double Top DTr: Descending Triangle The chart goes from Monthly(top left)/Weekly(top right)/Daily(bottom left)/4 Hours(bottom right) 1st from the monthly chart you can see the pair in a steady down trend, and maybe one could say that it is sitting at the low ends of the down trend. zoom into the weekly chart and you see that indeed there was a DTr that took 17W to form indicating a break lower, which never happened. A failure of this pattern led to a move to the target derived from the pattern @0.6055 level. the market now hit the target. And the heat seems to be waning. in the daily chart, near the 17W DTr failure target the market has now attempted to form patterns indicating topping out of the moves, 8W DT and 4WDT. While the former turned out to be a failed pattern, the former, at least for now, seems like a pattern completion. all this in mind, the 4H chart now seems to be forming a 1W DB, which could mean that the market is still strong, and the bullish move may continue, or this is a failed attempt to consolidate and the trend turns. based on the target derived from the 1W DB, the risk return looks more favor for a short AUDCHF, looking for almost 7:1 risk reward trade. Entry : 0.5938 or above SL : 0.5953 (-0.25%) / TP: 0.5835(+1.7%) (as always, not investment advise or prediction)
Short
by NapierAnalytica
1
Buy GBP/CAD Double BottomThe GBP/CAD pair on the M30 timeframe presents a Potential Buying Opportunity due to a recent breakout from a Double Bottom Pattern. This suggests a shift in momentum towards the upside and a higher likelihood of further advances in the coming hours. Possible Long Trade: Entry: Consider Entering A Long Position Above The Broken Trendline Of The Double Bottom After Confirmation. Ideally, This Would Be Around 1.7433. Target Levels: 1st Resistance – 1.7520 2nd Resistance – 1.7573 Stop-Loss: To manage risk, place a stop-loss order below 1.7395. This helps limit potential losses if the price falls back unexpectedly. Thank you.
Long
by KABHI_TA_TRADING
9
Long BTCUSDIdea based on Classical chart patterns (Daily Chart). Abbreviations: M/W/D/H = Month/Week/Day/Hour TL: Trendline DT: Double Top DTr: Descending Triangle FW: Falling Wedge Rct: Rectangle We are still close to the all time highs, and we have also seen a breakout from a 4W FW on the weekly chart indicating some buying interest left near the relative lows. When you look at the daily chart, there is a 6W DT which seems to be complete, but the downside breakout bar is with a long wick. And the closing bar was up. This leads me to suspect this might be a fake breakout. Support is seen close to where we saw the 4W FW pattern completed, with levels close to the last bar acting as key bar to watch. Also, we can see the current market as inside a 20W Rct pattern and we are right around the middle of the box. if the 6W DT fails the first target will be @ 77363, if completed, the target will become the 4W FW target @ 81678.90, and ultimately 20W Rct target @ 84001.60 the problem with this trade is that we still don't have a confirmation of a failure, so i need to place the stop loss at lows level within the formation of this DT pattern which is May16th low @ 64548, being fully aware that this trade might be one that could cause me to enter multiple times. Risk reward calculated against capital using the first target is Entry : 66330 or below SL : 64548 (-0.73%) / TP: 77363(+4.50%) RR: Apprx. 6:1 (as always, not investment advise or prediction)
BINANCE:BTCUSDLong
by NapierAnalytica
2
UNFIUSDT: Bullish Move or Breakdown? Key Levels to Watch Now!Yello, Paradisers! Have you been watching UNFIUSDT? If not, now's the time to pay attention. The market has formed a descending channel, often considered a bullish pattern, and the price is currently sitting in a demand zone. This combination increases the probability of a bullish move from here. Let's break it down: 💎UNFIUSDT has formed a descending channel, a pattern typically seen as bullish. The price is currently in a demand zone, adding to the potential for a bullish reversal. 💎For confirmation from the demand zone, we need to see an Internal Change of Character (I CHoCH) towards a bullish market structure. This would solidify the potential for a bullish move. 💎If the price doesn't give any bullish confirmation from the demand zone but starts moving up and breaks the resistance level, we could see a "W" pattern forming. This pattern often indicates a strong bullish reversal. However, it's crucial to wait for candle closing and a retest of that zone for better confirmation. 💎If the price breaks down and closes below the demand zone, it will invalidate our bullish idea. In this case, it’s better to wait for more favorable price action to form before making any trading decisions. Stay vigilant and keep your trading strategies disciplined, Paradisers. Patience and careful observation will guide you through the market. MyCryptoParadise iFeel the success🌴
ULong
by MyCryptoParadise_Nathan
Trading Idea: GBPJPY Buying Opportunity and Bullish OutlookIf you're looking for a buying opportunity on GBPJPY, focus on the double bottom retest zone between 199.62 and 199.37. Overall, I maintain a bullish outlook on GBPJPY. Key Levels: - Double Bottom Retest Zone : 199.62 to 199.37 Strategy: - Buying Opportunity : Look for entry points within the double bottom retest zone between 199.62 and 199.37. - Bullish Outlook : Given the overall bullish sentiment, consider holding long positions for potential gains. Stay cautious and trade wisely. What’s your trade plan for GBPJPY? Share your thoughts in the comments!
Long
by RaynLim