Ignore my counting with impulse tools. Ascending Broadening Wedge taken from Encyclopedia of Chart Patterns Second Edition and may not even be applicable here. nevertheless, I'd like to see how it plays out in Crypto-Land.
"The ascending broadening wedge is a chart pattern that tends to disappear in a bear market. Most often, you'll find them in a bull market...
Bitcoin is nearing the 9K resistance while the crowd is celebrating a little too early for a 10K target. The average retail sentiment went from predominantly bearish (everyone calling for 4500) to bullish (everyone is calling for 10K or higher) in just a couple of weeks. Are you new to investing in Bitcoin? Perhaps you got sucked in from all the nonsensical hype...
Rising price and faltering volume in this ascending broadening wedge has me cautious. Not to mention price is challenging major resistance at 6k. Multiple sell signals are appearing and strength is peaking. If BTC fails here and fails the wedge we may be headed for a test of the structure that developed late last year. This could put BTC in the $4180 range. Right...
We've already had 3 touches on each trendline, so if we can go back up to the top, and then find support around the same level as the E touch, we according to the wedge theory we should see a continuation of the previous trend, which was upside.
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We here have an ascending wedge, which normally would mean, we would go down. And it is definitely as possibility! But wait - Because Bitcoin might have a different hidden plan. It has escaped the down line, and take a...
With the ES1! trading around the 2,750 region, it is time to revisit and look for another set up. This time round we are looking at an ascending wedge formation with the apex coinciding with the 200-days moving average. Ascending wedges are by definition a bearish pattern while the 200-dma happens to coincide with a congestion zone between Nov to Dec. I know...
LINKBTC is in a great trading position with the right stop loss set. As I have said in previous ideas, the direction of a breakout in a crypto wedge is hard to call. As we all know, crypto doesn't really follow market rules. With that said, my technique has been to buy in at a low resistance bounce when the wedge is starting to close in and then set a tight stop...
Price action has formed an ascending wedge pattern on the 4hr chart and an inverse Head and Shoulders Pattern on the 30min/1 hr chart of the USD/CAD. Dailly chart shows price is between the 38.2 and 23.6 fibo levels. Thus, the possibility of price resisting this level is high. However, price might still retest the 50-60 fibo levels. In my case, I would wait for a...
AMZN is currently sitting on pretty critical support zone that it has held since the double top rejection that occurred in early October. On the RSI, we can see it is forming an broadening ascending wedge pattern which is more often then not a bearish pattern that ends up breaking down. However, we might get one more retest of the top of the ascending broadening...
AUDUSD H1 Broadening Top patterns & Short Setup
SHORT AUDUSD @ 0.724
SL @ 0.727 (30 Pips)
TP @ 0.7186 (54 Pips)
RR: 1.80, SWING Setup!
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USDCHF H4 Broadening Top patterns & Short Setup
LEVELS
SHORT USDCHF @ 0.99
SL @ 0.992 (20 Pips)
TP @ 0.978 (120 Pips)
RR: 6, SWING Setup!
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Based on the ascending-broadening wedge originating from Nov '17, and ASSUMING that the cycle is coming to an end...
If this scenario played out, we would see 56 become the target of a 6month downtrend. As is common in a bear market, you will see some significant spikes, followed by a longer period of selloff.
*This scenario also lends itself to completion and...
