Today I am showing my bitcoin Descending Wedge Bull Trap Scenario. We have seen this pattern at the 60k area and now we are seeing it yet again in the 40k area.
Here are the Technicals:
1. Bearish Price Action - Volume is going up as Price is going down
2. Weekly/Monthly showing signs of cycle exhaustion. - The monthly Chart has maxed out on...
It seems that the Bulls are getting exhausted and the Bearish Channel is likely to Continue !
Short/Sell is recommended with SL above previous LH.
Sell zone, SL and targets given below.
Note: Please do your own analysis before any trade.
Short/Sell: 1.27000 - 1.26870
1st Target: 1.25010
2nd Target: 1.23650
The next movement in the market will be exhaustion.
Why, in my own opinion I think price is out of impulsive waves and for impulse to regain it strength price will exhaust first before impulsive comes in... So, for now it's likely for price to move back into 1.40090 before we start to look for the bearish once again........
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Here we have the Gold chart.
You can see this ascending channel is continuing to hold. However, bears are currently keeping a lid on price and we have moved into a ranging market on the lower timeframes.
Are we due a small pullback before another push to the upside?
Any questions? Drop me a message!
I've been seeing a lot of tweets and posts suggesting this drop and the few more to come are a result of Elon Musk's tweet about Tesla no longer accepting bitcoin. How can you blame one man's tweet, that even states "Tesla will not sell it's Bitcoin" for the drop in price? Here's the truth:
Bitcoin has been far over extended since the first move...
BTC is showing exhaustion on the MACD and RSI at the Logscale 1.618 PCZ of a Bearish Butterfly and looks to be gearing up for further downside. The way I plan play this move is by buying the 3X Short Token for BTC as it looks to be breaking out bullishly on on the Daily RSI and the MACD seems to be ready to make some more Positive Momentum.
The weekly for this 3X...
Texas Oil may have a hard time breaking above the zone of 63-77 as the MACD has given us Bearish Divergence and Bearish Crossing along with that the RSI is at Mildly Overbought levels and we are at a clear Resistance zone. I wouldn't be surprised to see this make a corrective retrace down to 50s, 40s, or even the 30s which are where the next major supports are.
The RSI looks exhausted as BTC continues to try making higher highs and the MACD looks ready to rollover.
There is also confluence with the Logscale 1.618 and the Linear 3.618 at these levels and i would not be surprised if we get a corrective pullback to the 20k area. If 20k doesn't hold then i will change my corrective pullback bias to a capitulative crash...
I sniffed out this one and it is my view that this pair has reached a point where the wedge pattern which has formed on the weekly chart must define a longer term direction. The price action on the daily is showing the there has been a break out of the top of the wedge formation and is showing signs of rejection based on the last 7 days trading. Each time there...
EMINI FUTURES TREND EXHAUSTION :
I am in no way a Demi-God, Nor have I used a Crystal Ball.. I do however notice a loss in volume on a uptrend..
I am Neutral dependent on news and volume changes..
I wish (on a lucky star) no Trolls attack meh.
I am back with a bearish outlook on $TSLA.
Looking at large timeframes, we are possibly hitting exhaustion points
Since higher timeframes are pretty significant we should favor a bearish scenario for the incoming week(s).
For now, no bearish targets, it is too early but trading ideas should show up next week.
The S34 opening sell signal is likely to show up tomorrow at the open.
Look for a daily open above 436.56 to get a confirmation.
The intraday entry will not be easy to spot with high volatility expected.
Supply Line (level8) will also generate a breakout signal that will have to be invalidated on Wednesday’s close to confirming the sell signal.
Hence it is...