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Triplebottom

BTCUSD: Momentum Reversal In Play.BTCUSD update: Within the triple bottom formation that is now established in this market, there is a particular sequence of price action that often leads to a momentum reversal. The confirmation of this infrequent pattern is a retest and higher low of the 12350 support area. Price has broken the 13500 resistance level and if it continues at this rate, will most likely close above. My limit order that I placed yesterday at 13150 (Coinbase) was filled quickly and is now in my favor (this is a long term trade as explained in my previous report. No stops, no targets, no margin). Even though price action is slightly bullish at the moment, it is still not out of the clear. Is this the beginning of the next leg up? The 13520 level is the .382 of the recent bearish structure. Often, when this level is taken out, it signals a change in momentum which in this case is bullish. The confirmation comes in the form of a higher low formation which would be most attractive around the 12483 to 12139 minor support zone which is the .618 area relevant to this current bullish swing. If price chooses to retest the minor support, this would be an attractive area to add to long term positions, or initiate new ones. Since this level would also confirm a short term pattern reversal, it will serve as an attractive area for a swing trade long as well. Risk can be defined by 11600 low, or the low of the current structure at the time of the retest. What about lower prices? Like I always write: anything is possible because things change fast in these markets. IF for whatever reason, price falls through 12139 and retests 11600, it would then be much more likely to revisit the 10700 or lower. IF the market decides to retest these levels, 9683 would not be unreasonable since it is the lower boundary of the reversal zone (projection measured from 10700 low). What makes that bearish scenario less likely is the price action that is occurring now. The next retrace, whether it is shallow (way above 12483) or into the minor support will provide a much clearer view of what the market's intentions are. What is unfolding now is certainly bullish, but that does not mean the market will return to the vertical exaggeration that we saw 2 weeks ago. A change in momentum along with supportive structure can take this market back up to the 16350 to 17876 resistance area which is the short term target for any swing trades established near or below current levels. In summary, there are NOW signs in place that short term price momentum is shifting back to bullish. As you can see, it took a couple of days, not hours or minutes. This is what carries weight on a short term trading basis and why so much patience is required. The next retrace will more than likely offer entry opportunities that will have clearly defined risk. IF the price action makes sense I will not only add to my position trade, but also put on a swing trade with a short term target. The key is to watch for reversal patterns near or within the minor support zone. Taking a position sooner is up to your trading plan and risk tolerance, because it is still possible for price to attempt a retest of the lows, just a lower probability at this point. Either way stay flexible and listen to the market, not your own feelings or opinions. Comments and questions welcome. Also I would like to wish the Tradingview community a Happy, Healthy and Prosperous New Year! Thank you all for your support and encouragement. Let's learn from our mistakes and hit the ground running, and start the new year strong.
BITFINEX:BTCUSD
by MarcPMarkets
37
BTCUSD: Triple Bottom But Facing Bearish Momentum.BTCUSD update: Triangle and minor support broken as bearish momentum carries this market to retest the 11600 low. Price is now hesitating at what could develop into a triple bottom support. Buying now is still attractive for longer time horizon positions. In my previous BTC report, I highlighted the lower high and what possibilities it implied. The market chose the bearish scenario which now offers more attractive prices for longer term investing. Like I have explained previously, buying fractional positions on lows does not require precision, only the acceptance of the risk. The 10988 to 8656 area is the .618 of the broader bullish structure that I have written about previously. A retest of this zone may be fast since it now offers a reversal zone extension boundary of 9683. I am not a fan of placing and leaving limit orders in the market because of the random nature of such a tactic, but this price area offers one of those rare exceptions. As long as you have a defined investment size, and you are fractionally building a position, leaving a limit order below the market allows you to capture prices that may only be available for a very limited time. The fractional size is what keeps your risk under control, and not a stop order since there is no reference structure at the moment. The most important thing to keep in mind is this: you must be able to accept the possibility that price can go much lower than expected. Bottom picking is random, and is not in our control, but the amount of risk that we take is. The averaging technique is for longer time horizons, and a positive long term outlook on your part. This same tactic can lead to wiping out your account if done on margin or irresponsibly. So, on that note, I have placed a limit order to buy a fractional amount at 13150 (Coinbase). It is long term. No stop or target. (You must make your own adjustments based on which ever exchange you use.) What about the triple bottom at the 11600 area? Price is attempting to reject the support, BUT there is no relevant confirmation of a price reversal. The only attractive factor in this situation is that price has dramatically rejected this area twice before. Again buying into a small increment does not require precision, but if you are looking for a short term trade, waiting for the close of a reversal candle such as a pin bar or inside bar at least offers price stability. Don't forget there is significant short term bearish structure in place that can still lead to lower prices. The lower high at 16350, the lower high at the 15131 and the 13520 resistance level which is now the .382 of the current bearish structure measured from the 16350 high. If price is going to recover, a break of the 13520 level will be the first relevant sign to look for. Buying below this price is not a bad idea for an investment rather than a trade, but lower prices are likely until this change in momentum materializes. (10700 or lower is realistic). In summary, there is no question this market is now in a more attractive price area when it comes to a longer term investment horizon. The market is a harsh teacher. 6 weeks of constant new highs reinforces bad habits and extremely warped expectations, especially from newer participants who have no reference point for what a realistic market is. Now is when the herd of buyers from 18K who expected 30K get shaken out and donate to the traders who have a stronger understanding of financial markets. It's not "different" this time. Euphoric markets are especially driven by the same factors every time: Greed and fear. Those who were not sucked into the euphoria can now capitalize on the fear. Buying a low doesn't guarantee you are buying the bottom because bearish momentum can take prices even lower. Having a process for managing risk and making decisions based on the market's intent is what will facilitate long term trading and investment success. Not "gut" instinct. Comments and questions welcome.
BITFINEX:BTCUSD
by MarcPMarkets
43
ICNETH Kraken 09Nov2017 – RSI Bullish divergenceICN broke out falling wedge against ETH on 3rd November. After consolidation on support line RSI divergence can be seen on 4 H chart and expecting upward movement. ICN is at its all time bottom and on the 4 H chart it looks as a triple-bottom as well in the past days. I expect upward movement – I am already in with approx. 1300 ICNs. Based on Fibonacci levels and previous support/resistance I expect the TP levels – TP1: 0.382 of recent upswing – approx. 0.0045 TP2: 0.618 of recent upswing – approx. 00.55 TP3: 1 of recent upswing – approx. 0.007 However based on patterns develop at these TP levels either a portion of ICN may be kept for longer term and/or with seeking for day trade opportunity at around these levels ICN portfolio may be increased by shorting and by re-buying.
ILong
by drgorogbalazs
3
SAFEX worth to take a closer look Based on recent price action I think it is good idea to consider buying some of them. We have 200 ema acting as strong support pushing pair towards north, triple bottom, GAP which may hold any drops and huge bullish candle on the Daily chart. I marked similar formation with Yellowish rectangle which may suggest similar price action in future I would set first TP around 750 or hold it for some time ans see what happens I think fundamentals are very positive for this pair too.
SLong
by Krystiannwk
1
ZRXBTC good level to entry the market It is quick look at this pair. There is consolidation after pair reached another psychological level after 10k which is 5k. It seems that it has hard time to go lover. There is triple bottom formation on 1H chart which may suggest bullish movement in near term. I;m aware that it is very fresh chart and technical analyst shouldn't be apply here but if U look to buy mentioned signals are suggesting that it is good time and if it will go lower U will risk not that much. I would suspect that the pair will try to beat 10k level one more time
ZLong
by Krystiannwk
EURCAD 4HPrice broke out to the upside when the market closed on Friday. Here I see on the 4 hour a break of its downtrend line & a retest @ supply zone / 50 fibonacci level. Will watch how price action plays out when the market opens. Not rushing into this one just yet but will be waiting for more confirmation during the first fews days to see how price action plays out. Definitely on my watch list for this week along with GBP & NZD pairs which finished out the strongest ending last week. Trade with care!
Long
by Profound_Ambition
BTCUSD - Playing the 'will it bounce' game againThird time hitting resistance level, volume is slowing down, and a triple bottom could occur here. A reversal will only happen IF the third bottom coincides with a breakout pattern from resistance. Most likely we will see resumption of trend, as this is a bearish flag. The bearish divergence appearing on our charts at the peak of BTC has led us here, so what are we seeing on RSI? So overall SHORT. IF we see a break above resistance, this is a reversal sign, and will have 4 elements of the triple bottom reversal. A slowly declining volume, a break above resistance, 3 well spaced out similar lows and a previous trend to reverse. Let me know your thoughts.
BITSTAMP:BTCUSDShort
by Shwayze
Potential 2618 on AUD/CHF 15 minute ChartI'm looking at a triple bottom on AUD/ 15 minute chart, providing a potential 2618 opportunity. If price action can come into the area of the 161.8% inversion of the third bottom (an extension can also be used from the mid leg of the triple bottom to determine the 161.8%), this will provide a potential 2618 buying opportunity. Entry will be between the 61.8 and 76.4% retracement. My targets will be at previous structure highs at around 7719. Stops will be below the lows of the right most leg of the triple bottom. I'm using EMA ATR stops which on the 15 minute is about 5 pips below the low... ie 7679 The triple bottom is coming off a Bullish Cypher pattern completion on the 1 hour chart, so I'm assessing this in conjunction with my previous Bearish Cypher analysis, which hasn't been invalidated yet though it's looking quite messy now (link below). That is to say, I anticipate that price action off the 2618/Bullish Cypher has the potential to reach 7752 to complete the previously identified Bearish Cypher or at least establish a decision point at that level. PS: I've been noticing something with harmonic patterns which I am trying to confirm via back testing and I would appreciate some input on this, as to if it is a valid observation - I've been noticing that (and this instance is a good example) with harmonic patterns (Bats, Gartleys, Cyphers...), on completion, and prior to the anticipated move, will tend to double top (or bottom)/retest the completion levels before moving in the expected direction (long or short-when the market chooses to be in agreement with your analysis). Has anyone else observed this? Is this a common place occurrence/observation? I've started waiting for these retests after pattern completion as confirmations before entry.
Long
by scorpiousg