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Symmetrical Triangle

Bitcoin - The bottom is in! Next target 300,000 USD! Warning: This analysis may completely transform you into a super bull!  Interest rates are rising, which is bad for the stock market, but is it also bad for Bitcoin? Maybe not at all. On the other side, inflation is pretty high and the money printer is running, which is good for Bitcoin.  We have a huge falling wedge pattern on the weekly chart that is very close to a massive breakout! The upper sloping trendline is very important and can indicate the end of this bear market.  As you can see, the price is currently below the 200 weekly moving average. This particular MA is considered a strong support/resistance by huge institutions and hedge funds, but they do not see it as a level, but rather as a zone. So even if we are a little bit below the MA, it's still holding. We need to break below the previous swing low to confirm the breakout of the MA. What's more, if you take a look at the TOTAL crypto market cap chart, 200MA is above the current price, which can be a more reliable indicator.  If we take a look at the oscillators, the RSI indicator is printing a bullish divergence, which is a strong reversal signal, especially on the weekly chart. Also, the MACD indicator has a bullish tick on the histogram + bullish divergence between the swing lows as well.  We have history's highest volume, so a lot of bitcoin changes owners, which can be interpreted as a bullish signal. It's really a record volume on the Binance exchange, which is currently the biggest crypto exchange.  As per my Elliott Wave analysis, an ABC correction has been completed successfully and we can definitely start a new impulse wave to new all-time highs in the immediate short term!  On Tradeview, I post potential scenarios. Today I can post a bullish analysis and tomorrow a bearish analysis. It's up to you how you decide to trade. Usually, I do not publish trading setups publicly, only privately. I can only give you all the reasons to buy or sell a specific asset here on TradingView. I expect tremendous gains for selected altcoins (QNT, BEL, STPT). You can find them in the related section down below. For more analysis, hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
110
Could BTC's Trendline End Not with a Bang But a Whimper?Primary Chart: Fibonacci Channel and Symmetrical Triangle Title alludes to a well-known excerpt from T.S. Elliot's poem called "The Hollow Men": This is the way the world ends This is the way the world ends This is the way the world ends Not with a bang but a whimper. Setting Aside Bias Temporarily to Allow Greater Flexibility in Analysis Many of my recent posts on cryptocurrencies have been presented with a bearish bias. A bearish view has been warranted, after all, because the technicals have left almost no room for a bullish short-term or intermediate-term view. Some of my recent posts have been neutral, however, to evaluate and explore more fully all possibilities within the context of support and resistance levels, price action and other technical factors. Unfortunately, BTC's price chart has not yet turned bullish given the price structure. And positive / bullish divergences mentioned by some long-term crypto investors cannot count until they are confirmed by a reversal in trend structure. This post attempts to set aside bias temporarily to present a variety of technical evidence as objectively as possible. The goal is to remain relatively neutral to allow a more complete examination of the price charts and technicals without the influence of a particular predetermined goal or conclusion. This might allow for greater flexibility to follow the unexpected turns that prices often take. BTC's Relative Strength in Recent Weeks In a recent bearish post, after listing several arguments for the bears, I discussed one argument for the bulls—BTC's relative strength. On October 2, 2022, my post stated: "One argument for the bulls is that BTC's sideways chop action has resulted in its relative strength becoming quite impressive. Equity indices have been plummeting sharply since mid-August 2022 with little reprieve. But BTC during this time has largely chopped sideways after losing a few key levels in late August and early September 2022." This relative strength can be examined more closely by looking at a spread chart that divides one instrument's price by the price of an index or some other price reference for comparison. The chart below shows a spread (or ratio) chart of BTC / SPX, showing BTC's relative strength compared to a leading equity index, the S&P 500 ( SP:SPX ). Supplementary Chart A: Spread Chart Showing BTC's Relative Strength vs. SPX www.tradingview.com Note how this spread chart has broken above a nearly 11-month downward trendline. Some may draw the conclusion too quickly that this suggests a trend reversal, such as from a downtrend to an uptrend. But a break above a down trendline by itself merely suggests a shift from that particular downtrend to either a less steep downtrend or a more neutral trend, which could then lead to a period of sideways chop for some time or it could lead to a trend reversal as well. But a reversal to an uptrend requires a change in trend structure, which is a process that takes time to form and has not occurred yet. Another aspect of BTC's relative strength exists. It has not broken its June 2022 lows as many equities and equity indices have done. Until that changes—it could break those lows at any time—this technical evidence is an alternative way of viewing BTC's relative strength. BTC's relative strength has improved even though BTC has largely churned and chopped sideways for the past weeks and months. This is because many asset classes have been steadily declining, some even plummeting, since mid-August 2022 peaks. Any asset or instrument will have relative strength when it moves sideways while equity indices continue to decline. The sideways consolidation will be discussed in greater detail in the next section. BTC's Recent Consolidation and Volatility Compression BTC's price has chopped steadily around a key Fibonacci level of $19,246 for the past several weeks since mid-September 2022, and even for a number of days in late August 2022 as well. This consolidation has been noteworthy given that equity indices have plummeted during this time. When an asset moves sideways while equity indices steadily decline results in relative strength (outperformance) of that asset as discussed in the previous section. Supplementary Chart B: Recent Consolidation Range Containing Price And during this lengthy consolidation, the compression in volatility has been quite significant. The next chart compares the levels of volatility by using a famous volatility indicator called the Bollinger Bands (set at 2 standard deviations from the mean) on a daily chart. Parallel channels have been drawn over various sections of the Bollinger Bands to give a visual comparison of the volatility levels and volatility compression levels over the past several months. Note how wide the Bollinger Bands expanded as a result of the high volatility associated with steep selloffs. And the periods of volatility compression (squeezes) often preceded those periods of high volatility and large directional moves downward. Supplementary Chart C: Bollinger Bands (2 Standard Devations) with Channels for Visual Aid in Comparing Volatility Levels Most importantly, note how the tightly compressed the current volatility in price has become, i.e., note how narrow, the Bollinger Bands are now. They are more narrow perhaps than at any other time during this bear market. If history is any guide, such a period of compressed volatility (a squeeze) implies that a sizeable increase in volatility associated with a large directional move will soon follow. Because the trend has been down, the odds would seem to favor a downward flush. But BTC's relative strength causes one to wonder whether a massive bear rally may be imminent. So traders should be prepared for any scenario where price could move dramatically. This is why my stance became more neutral for purposes of a thorough evaluation of price action. Because BTC is at a make-or break juncture in the short-to-intermediate term, it helps to stay open to all possibilities rather than staying rigidly fixated on the obvious bearish view. Being flexible and nimble can help traders remain more keenly aware and prepared for shifts that can occur at any time. VWAPs and Linear Regression Channel Even if the charts may be shifting in subtle ways, some of the technical evidence still firmly supports the existence of a downtrend. Shorter-term VWAPs \ show that the current price remains under the volume-weighted average price for a variety of different lookback periods. This means that the average buyer is losing money and the average seller remains in control for each of these VWAP periods. Supplementary Chart D: Various VWAPs from All-Time High, March 2022 High, June 2022 / YTD Low, and August 2022 High Further, longer-term VWAPs remain in favor of the bears as shown in a separate post from September 24, 2022 (linked as Supplementary Chart E below). The linear regression channel from the all-time high to the present, which was drawn a few days ago (also linked as Supplementary Chart E), suggests that the downtrend remains very much in effect, and that evidence should not be dismissed. Supplementary Chart E: Linear Regression Channel and Long-Term VWAPs Price at Apex of Various Consolidation Triangles The consolidation in price may be viewed from another helpful perspective—the various triangles that have formed. Triangles generally develop as a narrowing trading range (consolidation) as upper and lower trendlines converge under compressing volatility conditions. The Primary Chart shows a symmetrical triangle, which by definition does not imply a direction to the breakout. Price has reached the very apex of this triangle. Price has also reached the apex of two other right-angled triangles shown below. Right-angled triangles (also called descending or ascending triangles) do imply a directional bias via the sloping trendline that intersects with the horizontal trendline. In this case, the two alternative right-angled triangles (shown in Supplementary Chart F below) imply a downward directional breakout. But right-angled triangles, like other technical patterns and indicators, do not work perfectly to guarantee that the breakout will occur in the implied direction. Some right-angled triangle breakouts occur in a direction opposite from what is expected, which can make the breakout even more sharp because it catches market participants off guard. Supplementary Chart F: Multi-Month Right-Angled Triangle Supplementary Chart G: Second Right-Angled Triangle BTC's Price at Critical Juncture In conclusion, BTC's price now trades at a critical juncture. A breakout in price from the very apex of several different triangles could occur within a day or two. The compression in volatility has been quite substantial, implying a larger than normal directional breakout move. Combine this compression in volatility with the fact that BTC has not made a new low, has shown relative strength vs. blue-chip indices, and it would seem that traders should be prepared to react to whatever might happen. Price has also reached the 11-month downtrend line shown on the Primary Chart as the zero line of the Fibonacci Channel. Price could continue chopping sideways right through that down trendline without much ado. That would perhaps be one of the most frustrating outcomes for bulls and bears alike, which is why the title to this article was chosen. And at this point, it would appear that just about anything can happen—an eye-popping bear rally, a few major whipsaws up and down over the next several weeks, a major continuation move in the downtrend. Or price could just drift sideways through the 11-month downtrend line, ending it not with a bang, but a whimper. While predicting may feel satisfying, the better approach in this case may be to wait and allow price to tell us which way it wants to go. ________________________________________ Author's Comments: (1) Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate in the comment section. Shared charts are especially helpful to support any opposing or alternative view. (2) This technical-analysis view does not constitute a trade recommendation or trade setup. Instead, it attempts to offer technical commentary that describes and analyzes price levels, trends, price action, or the broader technical environment as of the publication date. Technical-analysis commentary does not equate to trade setups or recommendations. Within a given price environment, traders bear responsibility for their own trading strategy, risk tolerance, and time frame, and for any due diligence associated with such trades. (3) This technical-analysis viewpoint could change at a moment's notice, e.g., when price violates a key level of invalidation for a particular view. Further, proper risk-management techniques are vital to trading success. (4) To the extent countertrend price moves are discussed, consider that countertrend or mean-reversion trading, e.g., trading a rally in a bear market, remains higher risk and lower probability even for the most experienced traders and investors. DISCLAIMER: This post contains commentary published solely for educational and informational purposes. This post's content (and any content available through links in this post) and its views do not constitute financial advice or an investment or trading recommendation, and they do not account for readers' personal financial circumstances, or their investing or trading objectives, time frame, and risk tolerance. Readers should perform their own due diligence, and consult a qualified / licensed financial adviser or other financial or investment professional before entering any trade, investment or other transaction.
BITSTAMP:BTCUSD
by SquishTrade
9
BTC: A BIG 20% MOVE COMING SOON BUT IN WHICH DIRECTION??Hello everyone, if you like the idea, do not forget to support with a like and follow. Welcome to this quick BTC update. BTC is tucked at the same price level for the last 24-48 hours. It is trading inside a symmetrical triangle in a 6hr time frame and soon we see a break of this structure. Here are two scenarios I'm looking for:- Scenario1:- If BTC breaks out of this triangle and gives a close above the $20k level then we see a pump up to the $23k level. Scenario2:- If BTC breaks down this triangle and gives a close below the $18k level then we see a dump up to the $15k level. For knowing the answer to which scenario is playing here, we have to wait for a clear move first. As of now, the bull and bear fight goes on. Let's see who wins. Waiting patiently for a clear move to take any trade here. If you are holding some longs or shorts then keep your SLs tight. Hope this idea will help you to take better trade decisions. If you like this idea then do support it with like and follow. Also, share your views in the comment section. Thank You!
by CoreCrypto1
17
[09/30] Beast Trading _ Today's Bitcoin Analysis Beast Trading _ Today's Bitcoin Analysis In a slightly larger view, Bitcoin is continuing to move sideways. It's moving a lot, mostly within 18.6 to 19.6k, and it continues to show the shape of a trigonometrium. Usually, if you continue to walk sideways and then leave to one side, it usually bounces a lot, but you should think about this and be careful when you leave to one side. It's not as neat convergence as before, it's not a neat box pattern, and the trend lines are messy. The response is relatively difficult compared to before, so I think it will be very important. First is the supporting section (if broken, the probability of further drop increases) 1. Green rising trend line (connection of short-term lows) 2. Orange Convergence Bottom Line 3. Low point 18.1k (There is a high probability of breaking it if you come here, and if you break it, there is a high probability of a significant drop.) The following are the resistance intervals: (If broken, the probability of further rise is increased) 1. Orange convergence top line 2. The highest point, 20.4k 3. Declining trend line from 69k (very important, if you break through and close above the trend line, respond with a long position if you fall) Good luck :)
by BeastTrading_Sehyun
2
Symmetrical Triangle on EUR/NZD @ H4This short-term symmetrical triangle has formed on the 4-hour chart of the EUR/NZD currency pair following a significant bullish trend. It can now be used a trend continuation trading opportunity in case of an upside breakout. My potential entry is at the cyan line, which is located at 10% of the triangle's base width above the upper border. My take-profit will be at the green line, which is located at 100% of the triangle's base width above the upper border. I will set my stop-loss to the triangle's lowermost corner (1.67483).
Long
by AndriyMoraru
1
BTC: SHORT TERM UPDATE! $17K OR $21K??Hello everyone, if you like the idea, do not forget to support with a like and follow. Welcome to this quick BTC update. I'm keeping it very short and simple here. BTC is trading inside a symmetrical triangle in 4hr time frame where breakout or breakdown will decide the next move. IMO this consolidation will be over in the next 2-3days. The plan is straightforward here. If BTC breaks and closes above the triangle, we see a rally up to $21k. If BTC breaks down this triangle then we see a downside movement up to the $17k level. My bias is on the upside. I'm expecting a rally up to the $21k-$22k level in the month of October. What do you think? Share your views in the comment section. If you like this idea then do support it with like and follow. Thank You!
by CoreCrypto1
10
Descending Broadening Wedge on Bitcoin (BTCUSD)This is a downward facing megaphone-like pattern. According to Thomas N. Bulkowski, the breakout direction is upward 72% of the time. However, it should be noted that the partial decline works 79% of the time. Also, there is a symmetrical mini triangle, on top of the 0.786 retracement from the August 2015 bottom to the November 2021 top. At this point I prefer to bet on the high than on the low, but I outlined both scenarios. Bullish Scenario: - Considering the triangle, if it breaks up the next target would be $20,943 - Considering the wedge, if it breaks up the next target would be $20,530 Bearish Scenario: - Considering the triangle, if it breaks down the next target would be $17,076 - Considering the wedge, if retesting the diagonal line the next target would be $16,191. - Should the wedge break down in an even worse scenario, the next target would be $14,682.
INDEX:BTCUSDLong
by andre_007
Ethereum - Relief uptrend, the bulls are stepping in! The bulls are ready to step in. They are waiting very patiently to enter the market for an upcoming uptrend!  I think this huge downtrend on the 4h chart is over and we need to go up now, because nothing moves in a straight line like Luna.  I see a lot of indicators on the stock market and also on other altcoins that the bulls are gaining strength temporarily.  But I think this will be just a relief rally before a continuation to the downside in the direction of the major bear market.  On the 4h chart we can spot a nice descending channel and the price is currently breaking out! I expect 0.618 FIB and the previous breakout level to be strong resistances where the bears will appear again.  According to my Elliott Wave analysis, we have finished the strong impulse wave to the downside and we are now looking for an ABC retracement.  Also, the price is consolidating in a symmetrical triangle and we are very close to a breakout, so place your orders if you trade Ethereum. For more analysis, hit "Like" and "Follow"!
Long
by UnknownUnicorn2537518
23
ETH: POSSIBLE SCENARIO! BOTTOM MIGHT BE $500-$600 BY THE EOY!!Hello everyone, if you like the idea, do not forget to support with a like and follow. Welcome to this ETH update. ETH is trading inside a symmetrical triangle in a 2days time frame. Currently, hovering near the lower trendline of the triangle and also holding important support at around the $1250 level. As long as ETH holds this support we can expect a good bounce up to $1600-$1700 in the month of October. After, reaching at $1600-$1650 zone we can expect a rejection which will lead to the breaking down of this triangle in mid-November. After breaking down this triangle, the bottom, target for ETH is $500-$600 and we will reach this target by the end of this year. Invalidation level:- If any 2D candle will close above $1700 then this chart becomes invalidated. What do you think about this? Do you also think that we see ETH at $500-$600 by the EOY or do you think that we already reached the bottom? Share your views in the comment section. If you like this idea then do support it with like and follow. Thank You!
Short
by CoreCrypto1
16
RSR/USDT READY FOR A 200% MOVE TO THE UPSIDE!!Hello everyone, if you like the idea, do not forget to support with a like and follow. Welcome to this RSR/USDT trade setup. RSR looks very good here. Breaks out from the symmetrical triangle in the daily time frame and currently retesting the triangle. After this successful retest, we can expect a good 200% move to the upside. Buy some on spot and hold it. Entry range:- $0.0066-$0.0072 Target:- 200% SL:- $0.0058 Buy some now and add more to the dip. If you like this idea then do support it with like and follow. Also, share your views in the comment section. Thank You!
Long
by CoreCrypto1
6
Ripple XRP - Bull trap! Don't fall for this pump, important! This pump on XRP is a bull trap to wipe out short traders before we continue lower to 0.1-0.2 USDT. Of course, you can trade XRP on the 1h chart and profit from this pump, but this analysis is on the 3D chart. There is still room to go to the upside, so for short-term traders it's definitely an opportunity, but it's very dangerous in my opinion because this correction might already be complete. The Bears have a fantastic opportunity to enter a short position at the top of the parallel channel + the POC of the previous symmetrical triangle. It is a common thing to re-test the symmetrical triangle at the apex point. The trend is still very bearish on the higher timeframes, so this is just a temporary uptrend, which I would never long, because the trend is your friend. I don't know, maybe it is. XRP has been in a bear market since 2017. It has been 5 years and we didn't even hit a new all-time high during the 2020–2021 bull market. We have strong support at 0.1 USDT, where we can also take stop losses below this swing low before continuing higher. As per my Elliott Wave analysis, this whole structure is totally incomplete and I am missing an impulse wave dawnward. But after all, I think XRP will experience a massive bull market, maybe in 2023-2025, to new all-time highs because it looks very solid on the monthly scale. For more analysis, hit "Like" and "Follow"!
Short
by UnknownUnicorn2537518
45
XRP continuing to hit bullish breakout targets!We can see the price action has hit the measured move breakout target of the blue symmetrical triangle…it is also now pumping above the 1 day 200ma on its way to hit the next target of the green channel it has also broken out of…once we hit that target we may see a retrace or slight correction or sideways consolidation before it continues upward because as you can see there is on this chart an even bigger triangle pattern with yellow trendlines that we have also broken above…I will save the target of that larger pattern for another idea. XRP continues to look very bullish. *not financial advice*
BITSTAMP:XRPUSDLong
by DrDovetail
SILVER on a symmetrical triangle? 🦐XAGUSD on the 4h chart is trading between 2 converging trandline. The Symmetrical triangle pattern in a continuation figure and if the price will break above we can expect more bullish pressure to the upside. Today is a news day so be safe and trade wisely ----- Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any questions. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
SAXO:XAGUSD
by InkyGrip
4
SPX Breaks Symmetrical Triangle Consolidation PatternPrimary Chart: SPX Symmetrical Triangle and Anchored VWAPs The S&P 500 broke out of a symmetrical triangle pattern this week. On September 13, 2022, SPX's price closed below the lower trendline of the triangle, which is an upward trendline from the June 17, 2022, low. These multi-month patterns do not resolve easily every time. A backtest of the trendline that was violated commonly occurs, though it's not a certainty. A backtest in this case could mean price moves up to test the SPX 3930 to 3941 zone in the next several days, if it occurs at all. Two anchored VWAPs are shown on the Primary Chart above. First, the anchored VWAP from the all-time high on January 4, 2022. Price moved above this level in mid-August 2022 at the end of the summer rally. But price quickly failed back below this anchored VWAP not long after the breakout. This constitutes a failed breakout, which has bearish implications for the near term outlook. The Primary Chart also shows a VWAP anchored to the June 2022 lows. SPX's price broke above this VWAP at least three times on the daily chart, but each breakout has failed. This also has bearish implications in the near term. The levels that matter the most right now are the symmetrical triangle's two trendlines. As long as price stays below the lower trendline of the triangle (an upward trendline from June's low), the technicals favor a continued bearish outlook. But there are some other levels that are important to watch as well. For next week, all the key SPX price levels to watch are identified below. Key resistance levels for next week include the following levels: 3980 = two key Fibonacci levels coincide here (a .50 retracement of the two-month summer 2022 rally and the .618 retracement of the early September rally) 3978 = anchored VWAP from June 17, 2022, low 3959-3961 = highs from last week's two-day consolidation, September 14-15, 2022 3927-3944 = upward trendline from June 2022 lows that is now resistance (previously support) 3899/3900 = major resistance from June and July as well as the .618 retracement of the summer rally 3886-3888 = important lows from the first half of September 2022 Key support levels for next week include the following: 3858 = anchored VWAP from March 2020 pandemic lows 3837 = low from OPEX / quad witching on September 16, 2022 3812 = 1.272 extension of the retracements of the early September 2022 rally 3783 = .786 retracement of the two-month summer 2022 rally 3721 = 1.618 extension of the two-month summer 2022 rally 3636 = the YTD SPX low Lastly, the next major levels for the bears to conquer should be the VWAP anchored to the pandemic-crash low in March 2020. Look where SPX's price closed on Friday, September 16, 2022, just above this VWAP after a brief break below it: Supplementary Chart A: Anchored VWAP from March 2020 low Supplementary Chart B: Fibonacci Levels from June to August Rally and Early September Rally
SP:SPXShort
by SquishTrade
6