We can see on the charts that ETC has just entered into a supply zone that is highlighted in blue. This area has previously seen strong selling pressure with rejection of wicks.
I've also been closely watching the rising wedge pattern. We can see that price has been making higher highs, but making lower lows on the RSI. We have just seen a pop out the top of this...
A rising wedge has formed on the 4h Bitcoin 0.71% chart. The price is threatening to break to the downside of this structure, although it is possible to first see a rally to the upper trendline (green arrow) and even a pop up above the trendline before the price breaks down.
Furthermore, there is bearish divergence on the RSI indicated by the pink arrows....
This is a potential scenario. If we fall below the rising wedge we can be prepared to short. Better confirmation would be the body of the candle below the pattern line. Next, even better would be a retest of the pattern line, followed by a rejection. In this scenario we can expect a downtrend to occur. The expected drop from the wedge lands right on one of my fibs...
Hello once more,
Here is a possible outcome for the short/medium term. It took months to get to this point, where the triangle has a break-out. It seems to me that the downward breakout is a bear-trap and we might just be looking at an inverse Head and Shoulder - following with some upward movement.
I am a beginner, so this is not financial advice. I would...
Confirmation for the short has occured from a bearish rising wedge in pund yen. This chart pattern symbolizes a continuation to the downside , which has been confirmed by a break of the bottom support and a retest of the new resistance. This pattern could still exhaust after the price pushed down a bit more, so look on the smaller timeframes to find a good entry...
So on the larger timeframe Bitcoin has broken out of the rising wedge pattern, confirming further downside pressure is expected.
I'm now looking for trend continuation trades to ride the wave should it continue as it's the higher probability trade.
A smaller rising wedge pattern has emerged on the lower timeframes that has peaked my interest. I'm waiting to see...
Etherium has broken out of a rising wedge pattern on the 1-4 hr timeframes.
With this in mind, I'm looking for another short entry trade on the lower timeframes for a trend continuation play. We can see price is now in a falling wedge structure and expect another drop before a possible breakout.
This presents a great trade opportunity with the overall trend...
IOTA is forming a rising wedge on the hourly timeframe
Bearish RSI divergence gives us extra confirmation
A break of support trend would give us confirmation that the rising wedge is in play
Target is 0.5 Fib retracement
I have 3 reasons to be bearish on BTC at this time.
1st: Hidden Bearish Divergence. Look at the 4 hour RSI . Price has made a lower high relative to 6800, but RSI has made a higher high.
2nd: Rising wedge . This is not a bullish pattern and is likely to break to the downside after buyers are exhausted.
3rd: Longs still heavily outnumber shorts according to...
FIERCE SELLING INTO EVERY RALLY BUT FRIDAY'S RUNUP AT LEAST LEFT A LITTLE GREEN ON THE TABLE
THE REACTION TO RISING WEDGE BO DOWN IS ONGOING, INDEX RESPECTED PRICE TRENDLINE THURSDAY ~24K
EXPECT ANOTHER RALLY ATTEMPT ON 7/02. DON'T EXPECT IT TO GET MUCH ABOVE 24460, THE WEDGE MIDPOINT.
TRADED RIGHT AT MIDPOINT ALL FRIDAY BEFORE DAYTRADER SELLOFF, WHICH WE SEE...
We have another rising wedge pattern setting up on Etherium Classic.
Reasons for sell trade:
Rising wedge meetings rules
Decrease in volume
Break of the RSI trend line
Bitcoin has similar rising wedge pattern forming
Projected stop loss and take profits targets are shown.
A move above 16.3 would invalidate this setup.
Disclaimer: This is only my...
Missing the entry on this rising wedge pattern.
Already broken out to the downside. Might still be an opportunity to enter on the smaller time frames but will probably give it a miss.
For those that are happy to accept wider stop loss, 2 potential profit targets are shown.
Could be a significant turn of events in the US context that may drag down other Tech...
![USDCAD: [USD/CAD] Rising Wedge](https://s3.tradingview.com/t/TKha0uZY_mid.png "[USD/CAD] Rising Wedge")
![BTCUSD: Bear Trap by an Inverse H&S [Medium Term]](https://s3.tradingview.com/y/ydOYdQej_mid.png "Bear Trap by an Inverse H&S [Medium Term]")
![BTCUSD: Bearish Divergence / Rising Wedge - BTC is going DOWN [for now]](https://s3.tradingview.com/b/bwX2G1ok_mid.png "Bearish Divergence / Rising Wedge - BTC is going DOWN [for now]")
