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Ascendingtrendline

BTC, short-term $9020, wick to $8920, possible drop to $8440 As last post suggested we broke down off the top of the now 4day descending channel with double resistance strong arming an already weakening price trend. With the current downward trajectory there will be chance for some support to bounce BTC back up starting @ $9140 in an attempt to re-engage resistance. I wont pretend I didnt see that insane $400+ price swing, perhaps a failed attempt to break upward here by big pockets. It seems more likely we will break down to bottom of channel over the next 24 hours, bottom being around $9020 with potential wick to $8920. There is an additional horizontal support/resistance line that is starting to form around the same bottom that will likely assist in recovering from bottom of channel. If it breaks below $8900, there doesn't seem to be anything to stop it from hitting the current ascending trendline around $8440. This trendline runs approximately $1000USD above the very strong bull, 5 year ascending trendline as outlined in some of my other long-term outlook charts. Though I see likelihood of (short) downtrend here and even the slight possibility of touching the 5 year trendline again as an absolute bottom, overall these downward trends are natural downtrends within a larger bullish formation. We are looking for it to give proof we are in an overall uptrend by beating last Junes high of $14k and of course super bull, 6 figure long-term bullish if we pass our ATH of $20/21k. This is not investment advice, you should do you own research always. Also I would like to encourage you to consider our site for some of your research. We are partnered with Tradingview to deliver our data (Still in beta) in the same beautiful framework you are used to here. Historical and real-time order books often signal ahead of price action, its kind of a hidden gem. **Showing Market Depth Ratio(MDR) with a 1% Depth of Market vcdepth.io
COINBASE:BTCUSDShort
by EncryptShawn
BTC break out in 24-48 hours, 10 days, 1 monthWow what a ride! We saw BTC test the 5 years ascending trendline twice now and both times it held, though not without a fight the first time. After touching down a second time the price went fairly viral and has been running on an impressively strong 10-day ascending trendline now. That little trendline is so strong that we broke through the top of the channel of our 6 month descending channel 4 times now! This is the most it has flirted with crossing this line since this trend started. There is a chance this little 10 day trend could end up being a lot more but right now BTC is about to have to decide between retaining this steep run or subsiding to what appears to be a top of channel (sub descending channel) sitting in the top quarter of the 6 month descending channel(Magenta lines). There is just one catch here, the top of this sub descending channel appears to be above the top of the 6 month descending trendline. This is a very interesting formation and difficult to predict how it may impact either trend. Here are a few of the more probable outcomes and time frames I see from here. Either way we are still set for a nice run coming very soon for BTC, one similar to last year first half of the year but hopefully a bit bigger. ------------------------------------ #1 These Magenta rails hold the channel and zig-zag us down to the low $7k’s at by end of January. We test the 5 year trend line one more time before busting out of this (then) 7 month descending channel and the major rally starts somewhere around the first week or two of February. #2 The top of the magenta channel combines with the historic support/resistance (yellow line) @ $7810 to create a wedge. We would then break out of that wedge as traditional somewhere around the last 30% of the shape. This route would have a break out around the 25th of January. There is a possibility that this breaks down, touches the 5 year trendline again at around $7200 and then follows the same route as #1. There is also the chance it breaks up here and we start our run around 25.Jan. #3 This 10 day trendline has enough umph to push through this descending channel now. We will probably come back and firmly establish top of the old channel as support before doing one of two things, Either breaking out sometime in the next 24-48 hours or pulling a classic of riding down the top of the old descending channel until it intersects with the 5 year again which could push the break out to be late February before it can stage a breakout. ------------------------------------ So possible break out in the next 24-48 hours, or in then next 10 days, the next 30 days or absolute worst case, March. Look for which one of these scenarios appear to be forming to get a better idea… There are a lot of possibilities here, trying to predict whats next in the short term versus medium term is quite difficult, these seem the most plausible but I will update if it looks like we see something else starting to form. Every time we touch the 5 year trendline I see it as a huge opportunity to go long leveraged and add to my long holdings. Our mid-December low may be the last time we ever see BTC that low. We should also be reminded there is a chance we retain this 6 /7 month descending trendline and break the 5 year trend. I would consider an exit to the sidelines in the event we have a confirmed break of the 5 year ascending trendline. All of these are observations I made in my analysis of BTC trends, they are not investment advice, you should do your own research. Short term trading pro-tip Use depth of market! Here is a quick capture of the books action, look at the spike in bids on the 10th followed by this recent run. For shorter term trading, scalping and swing trading, I like to rely more on market depth.
COINBASE:BTCUSDLong
by EncryptShawn
1
BTC $6800 +reversal, clash of 5yr asc trend & 4mo+ desc channelTwo major adjustments here to my previous TA for BTC. I realized that the trend that kicked off this run to $14k was actually a continuation of the trend that started @$250 in 2015, this caused the line to slightly tilt clockwise pushing the date to the right for intersection of this multi-month descending channel and the overall ascending trend line which I believe will signal the beginning of the reversal of the downtrend we have experienced since $14k. I have changed that line to bold red. Second change is that I moved from 4h candles to 1d candles and it made a massive difference in the position of the current descending channel we have been in since $14k. It makes it easy to see we had never really broke out of channel on the 1d candles and the possibility for a ~$6800 low (depending on timing) is quite feasible. The support at bottom of channel has held for ~4 months now, there is no reason to believe it will would not hold now. Timing, when will the reversal come: If the price drops to bottom of channel and hangs out, we may see an intersection forced reversal start by mid-late December. If the price maintains in the $8k area it could be as late as late April, early May of 2020. With a 5 year trend line still intact, there is strong probability that BTC will not break below this trend line in any meaningful fashion. If BTC breaks below the 5 year trend line, it would be extremely bearish. I believe the overarching trend line will hold and that intersections of the two largest trends will kick off a reversal of the current descent. This is not investment advice, DYOR.
COINBASE:BTCUSDLong
by EncryptShawn
USD/CAD ASCENDING BREAKOUT!Price Action (Technical Analysis): We see Sellers are beginning to gain confidence as price was rejected when entering our Resistance Zone. It is common to see Price Copy its Previous Pattern, we seen price attempt in the same pattern to break our Weekly Resistance and instead brought back down, Buyers are attempting to break above one more time but from what I see, price broke out of the Weekly Bullish Trend and i'm anticipating price to pull back before continuing short. Fundamental Analysis: Buyers and Sellers are very attracted to this Currency Pair especially after the recent week we just had with Major News all week. US Border Talks are causing a High Volatile Market with Investors high interests in Commodities + Safe Havens also due to the stirred pot of news last week that brought a lot of uncertainty.
Short
by RiosTrades
forexTrdr GBPAUD - MULTIPLE TAPS ON ASCENDING TRENDLINE HIGHERMorning traders We have a clean simple trade setup on long British Pound versus Australian dollar with an ascending trendline holding after multiple taps since the start of July following a Bullish Engulfing line on the daily at end of month. Additionally we have an ascending support on RSI and a crossover on Stochastics pointing to the support line once again holding and the pattern continuing towards high 1.80 area as the higher high and higher low pattern continues. We are offering more 4 months free signals if you sign up via the details on our profile Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Meta trader and most broker platforms. Good luck trading from the Team at forexTrdr
Long
by forexTrdr
Guess which trendline continues to keep breaking bitcoins fall?The weekly stochrsis ascending support trendline has performed phenomenally this entire bull run. It still refuses to submit or bend the knee. Each time during the bullrun i seemed as if the big 31-41% correction was finally about to happen the fall was stopped short as the bullish momentum was bounced up off of this trendline. Once again this has happened to our most recent price action which should allow it to get one more good bull pump before finally breaking through this trendline. Every time we've had a dip I haven't been worried and will continue to see those dips as bear traps until we close a weekly candle with the blue and orange lines under this trendline or if we flip it to clear resistance...this support line has been by far the best indicator this entire bull run and will very likely continue to be. Look up my other ideas I've posted the past few weeks and you will see just how consistant i has been.
BITSTAMP:BTCUSDLong
by DrDovetail
Up, Up & away for USDCADI use multi-frame technical analysis to support my set-ups as higher time-frames are always more reliable. Therefore, lets look at UC by starting on the monthly time frame. Monthly time-frame: The ascending trendline, indicates that the current trend is bullish, thus looking for longs will be better than shorts Weekly time-frame: When dropping down to the weekly time-frame, it can be seen that the pair is moving in an ascending channel, due to its consecutive higher highs (HH) and higher lows (HL). further approving that looking for longs will be better than entering any short trade. daily time-frame: The last daily candlestick in the yellow bubble (15/03), indicated a reversal of the downtrend that the pair was currently in from the weekly key level 1.34500 to the monthly key level 1.33250. therefore a long position is now finally presenting itself. Explanation for long-prediction: 1. the pair is showing an uptrend on both the monthly and weekly timeframes (higher time frames = more reliable & never trade against the trend) 2. the reversal candle around the resistance-turned-support key level 1.33250 3. last daily closure indicated a reversal in trend long trade setup: in the long term, i predict the pair reaching the 1.38750 (trendline), or the next major monthly key level 1.40000 however, in the short term, multiple TP's will be placed at the upcoming weekly and monthly key levels of 1.34500, 1.36500 and the final TP (that of the long term prediction) i will look for an entry on the 4hr time frame, once it rejects the 1.33250 region again. risk:reward ratio is within my trading plan.
Long
by YajnaR