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Pennant

Silver - Wanna Bounce??Been waiting on this one for a minute. Silver last daily close was an invitation to long but hey, let's see what's going on. Silver has been on the up like everything else since last September/October. It went from 18.00 all the way to 24.50, it's huge, a 30% increase in 3-4 months, but, then, it's been hitting the ceiling pretty hard. I can count 6 touch on the Daily. Of course, we helped it going down when it decided it was enought, but here it is now, dropping a nice and sweet pinbar right on the trendline, so, it might want to go back up a little bit. The situation : 1) We're still in an uptrend 2) Dollar has been strong lately, but DXY and all the related USD pairs act like they can take a break from dollar's push 3) Price formed a nice Daily pinbar, 4) Price is acting like it's bouncing from the trendline, like it already did 5 times in the past 5) If you look left, you can see that price is located where an imbalance has been created last November, it could still be orders pending right where we at right now 6) Price has come close to our area of interest in a corrective manner, see the falling pennant following the big drop. A descending pennant in a downtrend is usually a reversal pattern 7) Price wicked off the psycological 21.00 level 8) Finally my oscillator has been wayyyy oversold, for a minute, and the blue line just crossed the orange line, under the 15 level Well, Silver, we've made a pretty strong case in favor of a raise, even temporarely, going for the 0.38 - 0.61 area of the previous drop. This is just an idea, and I can be wrong, just pointing the facts, and there are lots of facts Cheers everyone and safe trading!!
FOREXCOM:XAGUSDLong
by aemerydufoug
USDJPY - In for a short term correctionDollar is loosing steam this week after the huge push up we've seen recently, Here we can see an ascending pennant, a textbook favorite, that is breaking down with a strong H2 engulfing making it look like it could go back to support It's a counter trend trade, so we have to be carefull, and expect less The ascending pennant is a reversal pattern when it breaks, so, price might want to go get some suport, in this case, it could be : - A fib level - the longer term trendline (the green one) - the 135.00 psychological level Let's see what the market will do with my coins!! Cheers everyone and trade safe!!!
Short
by aemerydufoug
BITCOIN WILL CONTINUE TO FALL!There is really not much else to say about this chart. My ultimate target for what still appears to be a downside correction of BTC is still in H4 demand. We now have a new H4 supply which is of course indicative of the strength of the bears presently. We have a break and retest of an H4 bearish continuation pattern and a diagonal resistance trendline continues to be respected as price steadily falls. All the confluence we need really. I will personally continue to sell BTC - for now anyway.
BITSTAMP:BTCUSDShort
by Moipone_Phakisi
4
Bitcoin Bullas wants to push it higher on Monthly Close!BTC/1H `at the bottom of rising broadening wedge Forming another pennant ` After Pumping into 23.9 yesterday btc gets rejected at a local support and starts to bleed and touches the bottom of the rising broadening wedge The Rejection was heavier than the pump and price endedup consolidating near the bottom of the wedge indicating we might exit it again Also today is **Monthly Close** if btc loses 23K and close below, depending on the momentum of the move we could consider it very bearish Some liquidity Cluster to be taken at 24.6 which can cause bitcoin to legup again if it breaks above 24.7 Please Boost,Follow,Comment if you find it informative Thanks for watching
BINANCE:BTCUSD.PShort
by pcmonk
Ethereum - Final 24% drop before a new all time high! Ethereum is now in an extremely difficult situation because the price is at the resistance of this symmetrical triangle and also inside the bearish rising wedge pattern on the daily chart! These patterns are bearish, so the probability of breaking down is higher at this point. Of course, we can breakout bullish, but do you really want to bet on it? What's more, it looks like the first impulse Elliott wave has been completed, and we should take a look for a potential buying level on the next bull run! An ABC correction is on the way, and in this case personally, I am targeting the previous POC or the 0.618 FIB of the impulse wave, which is a 24% drop. The very good news is that this triangle has impulse waves to the upside and corrective waves to the downside. It's a sign of trend reversal, and that's why I think this symmetrical triangle will break to the upside (later)! I think the bull market has started, but we are still stuck in this symmetrical range. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately. As you can clearly see, we have an unfilled GAP, and it is very dangerous to go up without filling it. The reason is that the market will want to fill the gap later, maybe in 2024, and you probably don't want it. So let's fill it now. If you haven't seen my previous very popular idea about "Bitcoin to 18K," "The big crash is coming!" You have to check out the related section down below, because it's absolutely mind-blowing. Currently I am bearish on Ethereum and Bitcoin, but only temporarily until we reach my targets. It's hard to speculate on the breakout of the symmetrical triangle while the price is still inside it. So from my perspective, the probability of going down is 75%. It was a very good rally with tons of profits, but now we need to trade the market differently. Of course, it will be more difficult for the majority of traders, but it is doable! Thank you, and for more ideas, hit "Like" and "Follow"!
Short
by UnknownUnicorn2537518
61
We going to 35000 this year and 220000 in 2025, proofA bit late- but FED won't be printing money this year, they will figure out inflation is sticky and just do it next year. Gold and Bitcoin, similar assets will do well. The chart of this year looks eerily similar to 2019. Have a look: Top: 2017 Dec 18 - 19700 2022 November 10 - 69000 Exactly four years. Bottom: 2018 Dec 15 - 3650 2022 Nov 22 - 15650 Again, four years. 2019 June: 13,9k 2022 May: 35k Again, four years. Guess when the next top is?
Long
by Heartskull
Bearish Pennant Formation on CADCHF?The CADCHF is currently forming a bearish pennant, which could signal a significant downside move if the price breaks out to the downside, toward the previous swing low at 0.66 from March 2020. This would be a similar pennant pattern (November 2022) leading to a move to the downside, with the price dropping to test the 0.68 support level. Additional downward pressure could come from further weakness in the Canadian Dollar, especially with the employment data due to be released later in the week
Short
by JinDao_Tai
2
IOTAUSDT needs more Liquidity?IOTAUSDThad a false breakout from its daily resistance level and is currently consolidating below it. The market is creating a pennant, which is a common technical chart pattern that can indicate a potential continuation or reversal of the current trend. Traders who follow technical analysis may be watching for a breakout from the pennant pattern to signal the direction of the next price move. However, it is important to note that false breakouts can occur and may lead to significant losses if traders are not careful. In addition, traders should also be aware of the potential for a false breakout on the previous support level. If the price breaks below the support level but quickly rebounds back above it, this could be a false breakout and may lead to further consolidation or a potential reversal of the current trend. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
6