Get started

Headshoulders

H&S on ETH/BTCThe next H&S pattern may not be as obvious. Just kidding. In more seriousness, here are some things I'm considering when looking at Ethereum's relationship with the rest of cryptocurrency: Cultural influence: consider the significance of NFTs, DeFi, and other applications being launched from Ethereum. The ICO craze that characterized the 2017 bull run in crypto was primarily fulled by Ethereum, and ideas surrounding capabilities of smart contracts. (Yes, these things are not exclusive to Ethereum, but many began on and continue to live/thrive on Ethereum.) The Ethereum remains the most secure and decentralized of all smart contract networks. Furthermore, the amount of ETH controlled by central groups is smaller than all other chains. Ethereum continues to make progress toward upgrade goals. The plethora and growth of layer-2 platforms, scaling the speed and efficiency of the Ethereum network is more significant than all other chains. The previous crypto winter (2018-2020) was characterized with strong growth in bitcoin dominance. However, the drop visible in this chart, has not been as low and long as expected by many traders - perhaps this is jut the beginning, of a decline in Ethereum's value relative to bitcoin. However, I speculate that the future bitcoin dominance has more to do with macro economic headwinds/tailwinds (how asset allocators understand any difference between Ethereum and bitcoin with respect to it's base utility - store of value, vs base economic unity of a thriving ecosystem of developing internet of value ) than with the base utility of the network. Speculative take: Ethereum has likely entered into a phase of adoption among internet applications/companies, etc, that will cement it's continued adoption - this expansion could be anticipated to accelerate as Ethereum transitions to proof of stake (PoS) and is thus more computationally (energy) efficient for securing the blockchain. Advantages of PoS and PoW (Proof of Work) have merit from economic and computer science considerations, but far beyond what I'm sharing here.
Long
by wildhood
AUDUSD > Possible Bottoming Here, the Trend May Shift Soon!!Analysis of #AUDUSD The AUDUSD has formed double bottom near 0.6200, we kind of have a head and shoulders pattern developing now, we can be aggressive and enter a buy trade at the second shoulder if we get a reversal pattern at the lower time frame. the other way we can trade this market is to wait until we have a confirmed breakout of the neckline resistance and then start trading the buy side if we get a valid setup that meets the rules Thanks for your continued support!
Long
by TheTradersAvenue
3
TESLA - $TSLA - Head & Shoulder - Distribution almost OVER!!!!!When great trees fall, rocks on distant hills shudder, lions hunker down in tall grasses, and even elephants lumber after safety. Soon Tesla will move from the head & shoulder -- down to its KNEES and that is when we will execute our entry for a long hold. Sorry Elon, your Ponzi gig is up, you can't produce because you don't have materials and the ones that exist are over priced just like your vehicles. Your stuck boo, your in a corner, stalemate, king cannot MOVE! I presented this head & shoulder pattern on $TSLA back in July, before the Right Shoulder was complete and now we are on to the final stages. I see a bounce occurring before heading lower. On Monday - US holiday - we should expect lower volume and usually that means a sell off. This view is on a weekly timeframe. I believe Tesla will wick below the neckline as it has in the past and then squeeze up and fill the GAP to $262.47 (1st target). If the S&P500 shows strength mid October, prior to OPEX options expiry date, Tesla may keep trekking up the the second target which is in the $290 range before breaking the neckline. Head and shoulder criteria: 1. Buying volume is diminishing and showed most strength on the left shoulder. 2. The head is much higher then the left shoulder. 3. The neckline fits the description of a proper head and shoulder pattern. GOOODLUCK TRADERS!
NASDAQ:TSLAShort
by ChaldeaCode
1
US30 Forecast: Potential For A ReversalWe've had a very strong rally last week after Powell announced that interest rates is the highest its ever been in the last 40 years ! With this fundamental fact it would be easy to call that we should see US30 in a downtrend for quite sometime. The only thing is ...we need the price action to tell us when it will happen. Clearly, it was not last week ! So the question is, are we done with last weeks bullish rally ? well... looking at this 3 day timeframe, we can see that there is a visible inverse head and shoulders that could be telling us to expect more bullish momentum before this expected plummet. If this pattern becomes invalid then we know where the market is going for sure. Safe trading !
ULong
by CandlesofKarma