BTCUSD Bearish harmonic Pattern_BITCOINHello Everyone,
BTCUSD_ bitcoin has formed bearsih harmonic pattern, with RSI negative Divergence.
price Rise nearly 20% in just 1 week of US election CMP 85500 lifetime high of bitcoin.
Bearishpatterns
Rising Wedge Breakout - As a Continuation Pattern - RR 1 : 3.90MGL sell Below 834.60
Stoploss - 855
Target - 756
Risk - 2.42% & Reward 9.42%
RR Ratio 1 : 3.90
Reversal or Continuation Pattern
Rising Wedge
Prices are moving upward, forming higher highs and higher lows, but the price is confined within two lines which get closer together to create a pattern. This indicates a slowing of momentum and it usually precedes a reversal to the downside. This means that you can look for potential selling opportunities.
PRAJ INDUSTRIES LIMITED : Bearish Flag (Continuation Pattern)Exit Holding if : Closing Below 78.50
Stop-Loss : 85.80
Minimum Target Price : 53.25
Risk to Reward 1: 3.6
Of course, It's not a trading opportunity as we can not short sell this stock and make a profit. But Those who holding Prajind in their portfolio can exit and enter at a lower level again.
It seems convincing enough to sell the stock based on his recent price actions. Because it has taken 50% Resistance Already and at present taking resistance of falling trendline and also formed a Bearish Flag Pattern.
Do We Need To Be Cautious ?Hi,
Since festive season is over here in North, I might spare some more time to write on TV.
Let's begin with this post on Nifty. In my last post I tried to time the market in anticipation of a correction. Although market reacted for a few days from there, yet I can't call that a correction. Price-Time analysis has once again been hinting at something but this time let's not talk about time and talk about price action only.
Few words of caution:
First of all we are in the uncharted territory which is highly bullish. But that does not mean that we ll have a parabolic ride on the upside only. There will be corrections and consolidations.
Secondly, we are at the upper end of the uptrend channel, in which markets have been gyrating for the past few years, which could be a concern.
Thirdly, patterns similar to previous corrections have been observed near the upper end I just discussed.
Fourthly, Jumping out of the channel takes us to an overbought zone which demands consolidation/correction. I am just saying it on price action basis not on any indicator basis but you can have it confirmed if u want to.
So If history is to repeat, we might see correction. In this scenario 10400-10425 would be the level to watch out for. At present I ll not discuss levels below this point and would reassess once the market reaches that point.
I might be wrong:
I would be happy if markets correct but my heart ll go "gaga" if markets make new highs, because I have just reduced on my long positions I am not short yet.
So let's say the current move has more legs on the upside.
Here I would assume that markets have been trying to develop a new channel which has its upper boundaries outside the current channel.
What should be the levels on the upside to book more profits?
I ll look for 10800-10850 zone to book some more profits.
10930 would be an extended zone for major concern.
If this level is achieved and we correct, 10530-10600 zone may offer a first level of support.
I a nutshell , in the backdrop of the above cautious notes, I would like to book some profits at this stage and would use trailing stops on remaining positions.
May we all make nice profits in this year too.
Regards
Bravetotrade
