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🔥 Where Are The Bitcoin Bears? Over the last week I've made a couple of analyses on BTC and the rising wedge pattern it was trading in. In my last analysis I expected some kind of oversold bounce into a new sell-off. Seeing that we've moved almost 9% in less than 24 hours makes me question whether we should look for going short. My bounce area (blue) has been reached, but we're blasting through it. Seeing that we're currently reaching overbought levels on the 4H timeframe, today's a make it or break it day for the bears. If Bitcoin bears can't push through and move us back down, I see it likely that BTC will make a new local top, target at 32,000 for now. Let's see what today will bring.
by FieryTrading
8
Wealth Unleashed: Wedge Pattern Power - Hidden Gem Revealed!Introduction: Are you looking to skyrocket your trading profits? Look no further! Today, we will uncover the hidden gem of trading patterns: the Wedge Pattern. This powerful tool has the potential to transform your trading strategy and help you achieve financial success. Let's dive into the world of wedge patterns and explore how you can capitalize on their power. What are Wedge Patterns? Wedge patterns are popular among traders due to their high probability of forecasting trend reversals. These patterns appear when the price of an asset consolidates between converging support and resistance lines. There are two primary types of wedge patterns: the rising wedge and the falling wedge. Rising Wedge: In an upward trend, the rising wedge is considered a bearish pattern. It forms when the price consolidates between an upward-sloping support line and an upward-sloping resistance line that are converging. As the price approaches the apex of the wedge, the upward momentum weakens, signaling a potential trend reversal to the downside. Falling Wedge: Contrary to the rising wedge, the falling wedge is a bullish pattern. It appears in a downward trend when the price consolidates between a downward-sloping support line and a downward-sloping resistance line that are converging. As the price nears the apex of the wedge, the downward momentum loses strength, indicating a possible trend reversal to the upside. Trading Strategies: To capitalize on the power of wedge patterns, follow these steps: ✅Identify the pattern: Observe the chart for converging support and resistance lines to spot a rising or falling wedge pattern. ✅Confirmation: Wait for a breakout from the wedge pattern, either above the resistance line (for falling wedges) or below the support line (for rising wedges). ✅Entry point: Open a long position after a breakout above the resistance line in a falling wedge, or a short position after a breakout below the support line in a rising wedge. ✅Stop-loss and take-profit: Set your stop-loss order below the breakout level (for falling wedges) or above the breakout level (for rising wedges). Establish your take-profit target at a level that aligns with your risk-reward ratio and trading plan. Conclusion: The wedge pattern is a hidden gem that can potentially boost your trading profits when used correctly. By mastering the art of identifying and trading wedge patterns, you can strengthen your technical analysis skills and increase your chances of success in the market. Remember, no single tool guarantees success, so always use additional technical indicators and maintain a disciplined approach to risk management. Happy trading!
Education
by Yaroslav_Krasko
🔥 APTOS Preparing For Further Drop: Ideal Bounce Area LocatedAPT has been in a steady decline since late January. With BTC taking a more bearish stance, it's to be expected that APT will also drop further. Long-term, I'm still bullish on APT. However, there's little technical reason to buy now. I'll start to be interested again once APT reaches the bottom support of the channel. Note that the bottom diagonal line is a direct copy of the top line, which makes it a perfect parallel channel.
Short
by FieryTrading
9
🔥 Bitcoin Rising Wedge: Oversold Bounce IncomingIn my most recent BTC analysis I talked about the rising wedge pattern that was formed and my bearish short-term view on the market. Both targets have been hit, with 27,200 marking the bottom area. Congratulations if you took the trade! Bitcoin is currently oversold at the longer time frames like the 4H and 8H. Consequently, I'm expecting some kind of bounce in the coming 1-2 days. Ideally we will move towards the blue area where some heavy resistances lie. This would be an ideal area for the bears to short. With the stock earnings season being much weaker than anticipated, the risk is currently to the downside. So, I'm not expecting that this is the bottom yet. 26,500 is my next target. Keep in mind that we're currently still trading in a long-term uptrend, so it might be a perfect moment for bulls to pile in, which is currently what we're seeing on quite some alts. As explained in my Elliot Waves analysis, I see it more likely that we will go down more, simply because the supports around 25,000 are much stronger.
Short
by FieryTrading
10
🔥 Bitcoin Following Elliot Waves Pattern: Fourth Wave Started?Over the course of the last few weeks I've made several analyses on BTC and the Elliot Waves pattern it's potentially trading in, see below for the most recent one. In my previous analysis I argued that there was reason to believe that the third wave topped because we were trading inside a very important area of resistance and the RSI was touching the overbought area. And here we are. We gave away all of last weeks gains and things are looking bleak in the near-term. It's difficult to predict where the 4th wave will bring us, but the 25,200 support is the strongest support area in sight, so I'm holding on that area for now. Immediate future looks bearish, but there's still a decent probability for a next wave up. Share your thoughts🙏 Note on the lengths of the waves: take them with a grain of salt and not as an exact science. I'm merely attaching them to important areas of resistance.
INDEX:BTCUSDShort
by FieryTrading
9
🔥 A Simple BTC Guide On How To Sell The Top And Buy The BottomPeople say that timing the market is difficult. But is it really? The monthly Bitcoin RSI seems to be following a very predictable pattern since its inception back in 2011. Actually, the pattern is so predictable that we can draw a perfect channel onto it. Bitcoin tops around the time that the monthly RSI hits the top resistance, and bottoms once it hits the bottom support. Sure, you won't catch the exact top or bottom, but neither do 99.999% of traders. If you will buy around the area where the RSI hits the support and sell around the time the RSI hits the resistance you will still be outperforming the vast majority of traders. For the next cycle, I'm simply going to assume that we're going to top somewhere around the time that the monthly RSI hits the top resistance. What are you favorite top / bottom indicators? Share them with the community 🙏
CRYPTO:BTCUSDLong
by FieryTrading
23
🔥 DOGE Regaining Strength After Twitter Icon UpdateIn my last DOGE analysis I talked about the fact that Elon Musk updated the Twitter logo to the Doge icon, which naturally has led to a big move upwards. However, like often has happened, DOGE dumped right after the bullish news. Still, my first target got hit fairly quickly, so congratulations if you took the trade. Inititally, I thought that DOGE would go down further. But, as seen on the chart, the bottom support held and caused a decent bounce. Furthermore, Twitter has recently started a partnership with eToro to integrate trading into the platform, which is bullish in itself. If Elon wishes to pump his Doge bags further he could integrate Doge as a way to pay fees (like BNB for Binance), for example. Decent probability that Doge will be further integrated into Twitter, which would obviously be bullish for the token. Keep an eye on Doge!
Long
by FieryTrading
8
🔥 Bitcoin Rising Wedge Break Out: Correction Coming!Over the course of the last few weeks, BTC has been trading very bullish. However, a rising wedge pattern might cause a minor correction in the near future. This might be the 4th leg of my Elliot Wave pattern analysis below. If we can close the day below the support, I'm expecting further selling. Targets in blue. Note that I think that there's still more gains to be had for BTC over the coming weeks/months. However, that does not mean we won't see any corrections on the way up.
Short
by FieryTrading
10