Ten weeks-long head and shoulders bottom was formed on the EURNZD chart. In this case, it would act as a continuation pattern. A daily close above the descending necklace would confirm the pattern. The possible price target for the head and shoulders bottom stands at 1.74.
USD broke above the upper boundary of the cup and handle pattern on the USDZAR chart.
We can long the pair with the target that is equal to the pattern's height.
Stop-loss should be below today's lowest point.
Just an idea of what might happen with BTC.
If an ascending triangle forms, and the price breaks above it, we can see a surge up to $25k.
But until BTCUSD doesn't cross the horizontal line (22k), this is just an idea, not a trading signal.
It seems that sellers are exhausted (for now), and cryptocurrencies are showing signs of recovery. The leading altcoin, Ethereum, is in an ascending triangle on lower time frames. It is a bullish pattern that tends to break above the horizontal boundary.
If that happens, we can buy ETHUSD.
The target should be equal to the triangle's height.
EURAUD has completed the ascending triangle this morning. We can long EUR against AUD, with a target of 1.62. The target is determined based on the triangle's height. We measure the height of a pattern and use that distance as our target.
Stop-loss should be placed below today's low. That gives us a great R:R.
Follow me for more trading ideas.
The dollar is in a strong uptrend against the Japanese Yen, however, it seems it's time for a retracement. On low time frames, the price has formed a rising wedge that is now confirmed. The pair broke through the lower boundary and probably will continue down until the next support, which is near 133. We should see a bounce once the price reaches this zone.
CADCNH has completed the broadening top pattern and the price is now in consolidation. I expect CAD to continue gaining strength against CNH and to reach the broadening top's objective, which lies near 5.
We can short the pair once the price breaks below the small consolidation trendline.
CADPNL is about to complete the rectangle pattern. IF the price decisively breaks above the boundary, we can buy CAD against PNL.
Target is equal to the pattern's height: 3.64
Stop Loss below the lowest point of the day when a breakout occurs.
After two strong attempts to push the price higher, CADCHF dropped back into the rectangle pattern. Note that the pair also formed a small double top. It gives us a reason more for being bearish here.
Now when the price is back in the rectangle and CHF is showing strength against other currencies, we can expect CADCHF to continue toward the lower boundary of the...
Just an idea that looks totally impossible now (Dec 19, 2020), when most people think Bitcoin will reach $100k in no time and will never retest levels below $20,000.
But let's see the chart. We have a broadening wedge, which is a reversal pattern.
Statistics of the ascending broadening wedge after a peak:
In 80% of cases, the exit is bearish.
In 75% of...
Not sure if many of you noticed that Bitcoin is actually in a rising wedge, which is a bearish pattern. If it stays in the narrow range until late September it could drop to $7k (based on the wedge height) which is strong support, and that provides additional confluence. If you apply Fibo extension from the current price to 7k, you'll notice that 161% extension is...
Double top pattern is confirmed. According to its measurements, BTCUSD should drop to 5.5k in the coming months. Cryptocurrencies very often retrace to the 0.786 Fibo level which lies around 5.5k as well.