Get started

Descending Triangle

Something worth waiting for.QLC is looking very juicy right now, we can easily deduce that the white region of this current move is a major support for this altcoins. That's why it is become one of the most stable coins during current indecision of bitcoin's price. When I write this analysis, QLC is one of some coins which has 3% gain comparing the previous days. Now looking at the 4 hours chart, I draw 2 resistance trend line which has 2 different perspective. - The first trend line is the white trend line, I use the wick to body connecting method. Based on this current analysis, the price has broken out and now it is retesting again this line which act as a support trend line - The second trend line is the light blue trend line, I use body to body connecting method on 4 hours chart. Based on this current analysis, the price is moving inside of the descending triangle and hasn't shown any sign od breaking out yet. Because of current bitcoin's movement which has a huge bearish pressure right now, I choose to wait more confirmation until the price break out of the light blue trend line. green zone is my first target. For more detail analysis, watch our video analysis on youtube one point trading.
QEducation
by junosats
Triangle is indecision, Manipulation is increasingly smelledHello fellas, how are you doing today? I hope you are doing well in this choppy market. In current podcast, I will share my idea about the psychological behind the triangle pattern and what can people with thick pocket do to manipulate the market. let's go! First of all, I want to remind you again and again that bitcoin is moving inside a huge descending triangle. and as you know when the price is coming closer and closer to the edge of the triangle that is called APEX, the volume is slowly diminishing and you will realize the price volatility will get slower and slower. The reason why the volatility is getting lower is because when the price getting close to the APEX, the upper line of the triangle usually moving align to the lower levels and the lower line of the triangle is moving align to the higher levels until those 2 lines meet in one point called the edge. When the price is moving inside the triangle, a lot of traders won't enter any position because they could easily getting killed by the opposite side. That is why the risk number will getting higher when the price is close to the APEX. **Binance and Manipulation?** If you've read the news about binance.US launching which will provide the trading platform for the American traders. However, this could be a big deal and a big news when the price is moving indecision especially, some estimators said that more than 30% of global crypto trading is Americans. Just imagine when there is a new platform with no historical data on each coins they've listed and they open an initial exchange listing? I really think that the price will be very choppy, especially for altcoins which most of them are already in their bottom position. In my conclusion, Anything of Binance does, is worth paying very close attention to, even if you are a US trader or not. That's why I haven't opened any short position although My bias is bearish right now.
BITFINEX:BTCUSDEducation
by junosats
The Precision, 5th truncated wave and Next possible stopHello all, It has been a very volatile day in the market, A huge moves has occured in today's market and I saw a lot of drama occur. But, once again our yesterday's scenario is going really well with 5th truncated wave at the upper line of the triangle. Back to the 4 hours chart which is becoming the best benchmark for swing traders. in this specific period, you can see the yellow trend line which become the broken resistance previously and until now, I haven't seen any proper retest toward this resistance again that is now become support. Usually, after a major trend occur to the upside, we will try to find a support for possible place to catch the reversal. I use the fibonacci levels to find supports and in this case, I really don't think that the golden pocket on fibonacci retracement can hold the price considering the fact that bitcoin is moving inside a huge descending triangle. In my opinion, The price should touch again the major support on around $9400-$9000 region where this horizontal support will find an alignment with the yellow line which now become a support trend line. and if this breaks, you will see a very very nasty drop from bitcoin. Right now, I want to stay idle and watch the wild volatility that occurs in the market.
BITFINEX:BTCUSDEducation
by junosats
Room to grow, support and resistance for bitcoinFor all of you who has opened a long position since my last signal should be in an amazing profit by now. That's why congratulation for all of you my baby. here we come with another view on bitcoin based on daily chart. First, the last volatility is just amazing and if you have seen my previous analysis about bitcoin, you should have opened long position since $9500 region. Right now, the price is trending inside the huge descending triangle and I clearly see the potential of the price to fill the empty room toward the upper line of the triangle. but, looking at the size of current daily chart, it has a huge possibility for bitcoin to have a spike toward the golden pocket zone or even at the 78.6% fib retracement region before another drop to the downside. Looking at the MACD indicator right now, the histogram has a significant ticking up to the upside and to the positive side. if this condition can hold until the daily candle close, I firmly believe that the price will fill the empty room toward the upper line of the triangle. Currently the price has already claimed back the dynamic support on daily chart and this is a pretty good sign for me. Thank you I will keep on updating about bitcoin's current moves.
BITFINEX:BTCUSDEducation
by junosats
1
Deja vu on RippleOne of the most interesting altcoins that I am seeing right now is XRP especially for long term hold. Just if you remember about the 2017 phenomenal bull run that occur on crypto market in general, you will see a similar pattern on XRP with current pattern. both of them form a huge descending triangle. And at 2017, the price broke out of the upper line of the triangle and produce a killer 1500% profit only within a month! Will this pattern become the same as of the 2017? In my opinion, I will be very cautious at this rate, especially the price is still moving inside the triangle and as long as it hasn't break out of the upper line, I won't do any action. So, my entry area is when the price do break out action at current triangle. considering it is now very near the APEX, we will know the answer really soon.
POLONIEX:XRPUSDEducation
by junosats
2
POWER of the WEDGEOne of my favourite tools is wedge patterns. Last year the AUDUSD was a dream to trade using the wedge pattern. An 'ascending wedge' pattern approaching a level of resistance indicates a sell opportunity is coming up (reversal). To trade the pattern you will wait for a break below the wedge line before selling, with stop losses above the highest level in the wedge. A 'descending wedge' pattern approaching a level of support indicates a buy opportunity is coming up (reversal). To trade the pattern you will wait for a break above the wedge line to enter a buy position with a stop loss below the lowest low in the wedge. Give it a go!
Education
by ForexStoreau
2
ETHUSD - Descending Triangle + Bear FlagHi All, This is just a initial stage of the pattern, the pattern usually change to ascending/descending triangle and sometime to raising/ falling wedge or a channel. Just monitor on the declining of the volume until the breakout volume spike. (to identify the target price). 1. Descending Triangle - This pattern is usually a continuation pattern, but some cases, there is a breakout at the triangle resistant line. 2. Bear Flag. 3. Stoch RSI just returned from overbought once bear flag pattern is confirmed, it will affect the MACD and form a bearish divergent. (and confirm the descending triangle bearish pattern). This TA is for Educational purpose and not a financial advice. If you are happy with my charts and would like to follow more in the future, feel free to follow my profiles.
BITFINEX:ETHUSDEducation
by OPassiveIncome