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Double Top or Bottom

ARB: Keep an Eye on Breakout Levels and Watch for Confirmation🚀💎Paradisers, #ARBUSDT has recently formed a W pattern within a supportive trendline, signaling a potential reversal after the price dipped below previous lows, likely indicating a shakeout of weak-handed investors. 💎 A breakout above the resistant level, coupled with confirmation of the W pattern, would significantly increase the likelihood of a bullish move. Such a scenario could suggest that the price has absorbed internal range liquidity and is poised to pursue external range liquidity. 💎 In the event of a breakdown below the supportive trendline, traders may anticipate a bounce from the bullish Order Block (OB). However, it's crucial to seek proper confirmation in this scenario, given its relatively lower probability. 💎 Nevertheless, if #ARB descends below the bullish OB, it may be prudent to adopt a wait-and-see approach and refrain from immediate action. Waiting for clearer price action to confirm would be advisable in such instances.
by MyCryptoParadise_Nathan
IDEA: 🚀 Keep an Eye on Breakout Levels and Support Zones💎IDEAUSDT has recently exhibited signs of a bullish market structure, showing characteristics of CHoCH (Change Of Character) and BOS (Break Of Structure). Additionally, it has formed a W pattern, indicating a potential bullish reversal. 💎A breakout above our resistance area would confirm a successful retest and signal further upward movement towards the next resistance levels. 💎In case of a pullback, we can anticipate a bounce from the previously broken resistance zone, which now serves as support. This level is further reinforced by the presence of a 50% Fibonacci retracement, adding to its significance. 💎However, if the price were to decline below the support zone, it may signal a bearish shift. Nevertheless, I would advise exercising caution and refraining from making hasty decisions based solely on this development at present.
I
by MyCryptoParadise_Nathan
Bitcoin back to $39K or below?Early morning today (11/12/2023, IST), BTC plummeted to $40500 levels and quickly regained the strength. Will a further downtrend expected? Let us see. Technical Analysis: CRYPTO:BTCUSD hasn't fully recovered from the recent fall, currently hovering around $41,800. This is in line with a double top pattern, indicating a potential continuation of the downtrend. Prices remain within a supply zone, heightening the likelihood of Bitcoin (BTC) descending to $39,000 or potentially even lower. Sentimental Analysis: The Federal Open Market Committee meeting, scheduled for December 12-13, 2023, holds significant importance in the financial markets. Ahead of this meeting, Federal Reserve Chairman Jerome Powell expressed a cautious stance regarding interest rate adjustments, focusing on maintaining a restrictive policy until inflation consistently aligns with the 2% target. This approach introduces complexity into market expectations, contrasting with some analysts' speculation about a potential rate cut. The upcoming report on inflation rates from the U.S. Bureau of Labor Statistics, due on December 12, is a key factor influencing the Fed's decisions. A decrease in inflation could lead to a rate cut, influencing market movements and Bitcoin's valuation. Is this a chance to accumulate more? YES! It is. Will BTC bounce back after the fall? YES, it will. Will BTC go further down? I have no idea! But, I would be happy. You know why!
Short
by UnknownUnicorn34628734
1
BITCOIN on Double Bottom - W PatternAs per hourly charts, from last 4-5 days, #BITCOIN and complete #Crypto market moving as per market many scenario's of news and sentiments including india's #FUD of #OKX closed down their services as well another great news with #Kucoin exchange starts complete services in india. Now as per that scenario, CRYPTOCAP:BTC #HeadAndShoulder pattern is not completed its final cycle but it moving towards now for Double Bottom "W" Pattern to completing soon, and as per that scenario it will be again takes another break-out of something #Bullish towards $75k-77k last time before CRYPTOCAP:BTC #Halving in April 2024. Lets see, what's next move, but at present it shows this pattern of movements. Anyways, always #DYOR and Trade with #StopLoss in market and, COMMENT LIKE SHARE always those posts...
Long
by AskToRahulSirohi
Voltas - Breakout with Higher LowsNSE:VOLTAS has broken out after over a year of consolidation. Voltas started making higher bottoms after making double bottom pattern. Stock is showing great volumes. CMP 977 Breakout level: 930 SL: 899 Target: 1125 Stock can come back to its breakout level to retest the breakout. Retesting of breakout makes the breakout stronger. Note: It's weekly chart analysis. Don't think short term based on this analysis. Remember: SLs are essentials. Disclaimer: I'm not a registered analyst. I'm just sharing my opinion on the platform for others to benefit in learning from my market understanding. Please do your due diligence before making a trade.
NSE:VOLTASLong
by anuragcoma15
🚀 Eyes on $SHIB! 🐕 Potential Breakout Opportunity! 💎 SHIBUSDT presents a potential opportunity if it manages to break above the resistance zone and resistive trendline. 💎Currently, SHIBUSDT is forming a W pattern at the Bullish Order Block (OB) level, indicating a potential bullish move following a breakout above the resistance and trendline. 💎In the event of a pullback, we might anticipate another bounce from the Bullish OB, although the likelihood of a successful bounce may diminish. 💎However, should SHIBUSDT break below the Bullish OB level, it would signal a bearish scenario. In such cases, it's advisable to wait for clearer price action before making any decisions.
Long
by MyCryptoParadise_Nathan
18 Mar ’24 — Is Nifty above or below 22051? Check Chart closelyNifty Analysis - Stance Bearish⬇️ Recap from yesterday: “The only reason we pushed through the resistance yesterday was because of NiftyIT. And today NiftyIT started with cuts of -0.9%. Do you agree with me now that the main villain is NiftyIT which is preventing Nifty50 for a smooth directional trend?” 4mts chart Is Nifty above or below 22051? I must change the stance from bearish to neutral if it's above. If it's below - then the bearishness continues. As per the chart, Nifty closed at 22051 while the weighted average close was 22055. For some reason or another, I did not feel like punching manual orders today, I just let the algo orders do their magic and was keenly watching the chart and doing nothing. I got a bit excited when Nifty started falling i.e. 11.11 and 11.15 candles when Nifty went till 21916. My marked support was at 21913, so the eagerness was to check if we would break that or not. If you take a look at the chart, we had multiple instances of touches at 22051 levels, by 14.19 I almost felt we were breaking out and then the bearish positions may go into deep losses. Somehow or the other, I am not able to relate to the price actions of Nifty50, NiftyIT, and BankNifty these days. All 3 of them are never in agreement and you club the “weak hands” holding the CE shorts - a recipe for disaster. The CALL sellers run for cover now and then creating the quick ripples, and then it fades out 30mts hence. You won't believe me if I said Nifty50 has made a W pattern (double bottom) on the 63mts timeframe. Take a look, you could spell the entire “W”. Interestingly it has formed at the crucial support of 21913. The only thing that could override this W pattern is the lower high, lower low formation. LH, LL will take precedence over a short-duration pattern all the time. For tomorrow, I would like to start the day with the bearish tone itself and see how the 22051 resistance holds. 63mts chart
NSE:NIFTYShort
by viswaram
🚀 ONE Breaks Out of W Pattern, Signaling Bullish Reversal! 💎 ONE has successfully broken out of the W pattern, signaling a potential bullish reversal. To confirm the breakout, we would ideally want to see a bullish engulfing candlestick near the previously broken resistance level, which may now act as support. 💎In the event that ONEUSDT retraces below the resistance-turned-support level, we can anticipate a bounce from the nearby small support level. Again, confirmation via a bullish engulfing candlestick pattern would be ideal. 💎However, if the price breaks down below this small support area, it could indicate a bearish move. In such a scenario, it would be advisable to exercise caution and wait for clearer price action before making any trading decisions.
Long
by MyCryptoParadise_Nathan
NIFTY-Still the threat of Triple Top Pattern PersistsNIFTY : Struggling around 22000 to hold it. NIFTY has formed Triple Top which is a bearish pattern.strictly going by the pattern for the neckline breakdown at around 21900 its likely to drift towards 21500-21000. NIFTY drifting below 21900 on closing basis expect more selling pressure to come to take it towards 21500-21000 levels. The pattern will get negated if NIFTY starts giving a close above 21150-200levels(For educational purpose only)
NSE:NIFTYShort
by CSB68
AUDIOUSDT Breakout Alert! 🚀 Watch Weekly Close Confirmation! 📈💎 If AUDIOUSDT successfully breaks out above the specified area with a confirmed weekly candle close, it may signal continued upward momentum. 💎 In the event of a breakout above the resistance area followed by a proper retest, this could confirm the presence of a W pattern, increasing the likelihood of further upward movement towards the next resistance level. Should there be a pullback, a bounce from the bullish OB can be anticipated. 💎 However, if the price breaks down below the bullish OB, it would indicate a bearish market structure. In such a scenario, it may be prudent to avoid trading AUDIO until clearer price action emerges.
by MyCryptoParadise_Nathan
Cup and Handle + W Pattern Formation! 📈 Get Ready for Potential💎 MINA has formed a cup and handle pattern, along with a W pattern on the demand level, which enhances the likelihood of a bullish move. 💎If MINAUSDT breaks above the resistance area, we can anticipate targets up to the next resistance level. In the event of a pullback, we can expect a bounce from the demand level. 💎However, if the price breaks down below the demand area, it would suggest a bearish structure. In such a scenario, it would be prudent to wait for better price action before making any decisions.
by MyCryptoParadise_Nathan
BLOK Breakout Alert! 🚀 Bulls Charging Ahead! 🐂💎 BLOK has broken out of a resistive trendline and formed a W pattern with CHoCH & BOS, indicating a bullish market structure and increasing the probability of a bullish move. 💎Although the price has already broken above the resistance zone, confirmation via a candle closing and retest is needed for bullish confirmation. In the event of a pullback, we can anticipate a bounce from the demand zone along with the bullish OB level, after which we can set targets for the next resistant levels. 💎However, if the price breaks down below the demand area, it would be prudent to wait on BLOKUSDT in that scenario and observe for better price action to form before making any decisions.
B
by MyCryptoParadise_Nathan
Double Bottom & Double Top Patterns and How To Trade Them👋 Hello Trading community and my friends so today i came here with an educational post hope you like my work mates, In technical analysis quite often we hear about Double bottom and Double top patterns so today i am sharing that in very simple and easy to understand way. Although a lot can be understood from the idea's image alone but for those who are new to technical analysis i am explaining them by the description below. ⚪ Double bottom pattern-: It is a bullish reversal pattern that typically occurs at the end of a downtrend. It consists of two distinct lows at approximately the same price level, separated by a peak in between. Here's how you can identify and trade on a double bottom pattern: ⭐️Identify the Pattern- Look for two consecutive troughs (low points) in the price chart, with a peak (high point) in between. The lows should be roughly at the same price level, forming a "W" shape. ⭐️Confirmation- After identifying the double bottom pattern, it's important to wait for confirmation before entering a trade. Confirmation can come in the form of a breakout above the peak that separates the two lows. This breakout should ideally be accompanied by an increase in trading volume, signaling strong buying interest. ⭐️Entry- Once you have confirmation of the pattern, you can enter a long (buy) position. Some traders prefer to enter immediately after the breakout above the peak, while others wait for a pullback to the breakout level before entering to improve risk-reward ratios. ⭐️Stop Loss- So there are no particular definition of stop loss after the activation of trade because it totally depends on a trader's setup some takes below resistance close or trigger basis and some can take below the recent swing low and maybe there are some more ways too. ⭐️Target- Determine a target price based on the height of the pattern. Measure the distance between the lowest point of the double bottom and the peak, and then add this distance to the breakout level. This gives you a potential target for your trade. ⚪ The double pattern-: it is another common technical analysis pattern observed in financial markets, often signaling a potential reversal of an uptrend. The double top pattern typically occurs after an extended uptrend in the price of an asset. ⭐️Identify the Pattern- It consists of two consecutive peaks (or tops) at approximately the same price level, separated by a trough (or valley) in between. The peaks resemble the letter "M" on the price chart. ⭐️Confirmation- Traders typically look for confirmation signals to validate the pattern, such as a break below the trough between the two tops, increased volume during the breakdown, or other technical indicators like bearish divergence on oscillators such as the RSI or MACD. ⭐️Entry- Enter a short trade after confirmation, preferably when the price breaks below the trough between the two tops. Some traders may wait for a pullback to the breakdown level before entering to improve risk-reward ratios. ⭐️Stop Loss- So as i said above for the double bottom stop loss now telling the same for it too that it depends on trader to trader setup that some can take stop loss above resistance on closure or trigger basis and some can take above recent swing high likewise. ⭐️Target- Set a target for your trade based on the height of the pattern, which is the distance between the peak and the trough. Additionally, consider other support levels or Fibonacci retracement levels as potential targets. ⭐️Remember that no trading strategy is foolproof, and it's essential to combine the Double bottom & Double top patterns with other forms of analysis for better accuracy and risk management. ⭐️Risk Management- Always manage your risk by sizing your position appropriately and setting stop-loss orders. Additionally, consider the overall market conditions and use other technical indicators to confirm your trade decision. As always, combining technical analysis with proper risk management and market understanding is crucial for successful trading. ⭐️Exit- Exit the trade when your target is reached, or if the price shows signs of reversing. Pay attention to other technical indicators or chart patterns that may suggest a change in market sentiment. My Setup-: So after the confirmation usually i take retest entries to minimize my risk for these type of trades and somehow retests gives me more confirmations too of the strength of breakout, And one more thing i use and that is RSI indicator with default settings for these type of trades provided by Trading View so thank you very much to them. Stop loss i take on closing basis above or below on support and resistance. This is educational post so no logic to update this idea but still then if i will get any good example i will provide that via update. Thanks for reading and giving your valuable time. Best Regards- Amit “I get real, real concerned when I see trading strategies with too many rules (you should too).” Larry Connors
NSE:NIFTYEducation
by AMIT-RAJAN
14