It seems this pair exhausted and no more upward thrust.
The orange shape shows 1st Bat pattern formed and this push price down nearly 300 points. Now, the second Bat Pattern that comes with same magnitude formed and a thrusting news came out that PayPal supports Bitcoin. If the chart retains potential upward thrust, this news would have skyrocketed the pair since...
The following ideas hinge on price breaking out of the current set of triangles to the down side. We've got two concurrent triangles, one symmetrical, one descending. It is not scandalous to state that our over-all trend is still down since $650. A symmetrical triangle will break in the direction of the over-all trend 75% of the time, while a descending triangle...
This is one of our favorite patterns. It usually suckers people into believing we will see more downside. The larger players will usually dip below the wedge and get new shorts stuck and then squeeze them. (similar to Corn recently) If they break it to the upside we should see a quick move due to weak shorts being stopped. This is high on our watch list.
The Bitcoin price continues to look weak. Volume has generally been light and technical indicators such as MACD continue to decline.
I modified this chart from my previous one () in a few ways:
1) Moved the descending portion of the triangle up slightly toward the candle wicks. This lengthened the triangle. I think this better reflected the price action.
2)...
Bitcoin price has formed a descending triangle pattern. As of today price has touched the descending portion of the triangle 3 times and the horizontal portion twice.
Based on the length of the triangle, it could take until about the end of the month for price to exit the upper or lower boundary. Price should continue in the same direction it exits from the...
This chart if based on chart originally created by 4XForecaster. Sometimes I like to look at more complex charts and see how they can be simplified.
So, here is what I did to alter his chart:
1. Drew 4 red colored resistance lines. Three show where price downtrends were broken. The final downtrend from the high price is yet to be broken;
2. A price regression...
Investors are holding the support at 1.3585. Inflation dropped at 0.5% (0.7% estimate) and unemployment rate dropped at 11.7%. From the TA perspective I saw an descending triangle. A break bellow the support would clearly be a negative signal for the future price action.
For the moment I am still waiting for stronger signals - When in doubt, better stay out!
Update from the previous chart for USDNOK, we see three patterns confirming the target of 5.83530,
Risks:
20/05: Norway GDP release forecast 1.34%. Prev 1.1% y/y | forecast 1.52%. Prev -0.2% q/q
22/05: Unemployment rate. Its been stable at 3.5%, so any downside reading could pose some threats to this trade.
A bit curious to see how the Hikkake Bar pattern will form. It is not a trading system in itself, but I think it provides a good confirmation within a larger chart pattern. Here, we have a descending triangle pattern and a 'Potential' Hikkake bar pattern is being formed.
Its not a 100% Hikkake pattern because the set up didn't happen in 3 bars. Nonetheless, the...
