The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.
After a rally off of the bottom, $BTC takes a breather. Lower tops and lower bottoms. Trade participation, volume, drops off a bit but comes back as the market breaks out of the pennant. Target the size of the mast (the earlier move from the bottom).
Bull Pennant. Entry on the break out above of resistance (pennant...
Inverse Head and Shoulders Play
Isn't it beautiful?
Another day we move closer to this possible bottom becoming a reality.
This is not a confirmed pattern until we clear $4,200 with some solid price action above. Volume failed to come in twice before there. Let's not jump to conclusions with this, it is an easy way to get burned. Markets always do what you...
Analyzing the rounding bottom.
So far, so good. Bullish price action.
Slight pause currently in the markets may be a spot to take a light risk if you missed an initial entry.
Some crazy volume coming in on bitfinex.
$ETH volume: 87m
$BTC volume: 56m
You won't find any new fancy indicator here. Just simple, reliable trade set-ups.
I set my plan, and react to what the market gives me.
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The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. Upon breaking above the top of the wedge, Bitcoin's first target should be approximately equal to the height of the formation.
Continue to hold shorts if we bounce and stay within wedge, ultimately seeing $3,000.
Breaking above would mean our long scalp...
This is how this pattern is typically played out.
Stop at the point this pattern becomes invalidated.
Entry once price shows acceptance below.
First area of support, risk off.
Trailing stop to second area of support.
I view these large candles (circled) at the neckline as an indicator for a stronger follow through.
The thought is that such a rejection is...
This is the time to start thinking about building your longer term positions.
Bears are running out of energy.
Shorting weakness still on the table, but I wanted to get these long position thoughts out.
This is the time to start thinking about your long-term core positions.
Watching the break and retest of the accumulation area around $3,840. A break of this trend line, that has shown support for almost a month now, syncs up with our near-term 50% area of the last move down. Don't get stuck watching only low-time-frame charts charts. Always start with high...
Not much directional bias here on Bitcoin.
The break either way, above or below S/R.
I'd prefer to see it play out to the long side so close to the lows, but shorting panic and weakness isn't too far behind.
Break above: ~3400
Break below: ~3240
WAVES is continually holding above its 50% area.
The longer we stay above, the better chance we get at a continuation of the move.
Other signals are needed before taking a trade such as the candlestick structure, volume and patterns.
I'd like to see XRP above our entry area from earlier in the week. It showed the start of a strong move lower.
This lines up with roughly 50% of the last leg down and previous areas of accumulation.
Would be playing the bounce back to the red resistance, once it becomes support.
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Not a huge fan of shorting pivot lows on Bitcoin, but a break of support is what it is, a short opportunity.
Break below ~$3240 with a trailing stop to ~$2,900.
Keeping it light and grabbing profiting early when possible.
While the market is sideways, here is an outline of the H&S pattern we have been watching play out on Bitcoin. Even if you already know what it is, nothing replaces repetition to ingrain these patterns into your mind!
This should not be the basis of your trading, only something to pay attention to while keeping risk management in the forefront....