Bitcoin Diamond Bottom Ready for Liftoff

I'll be quick here, I'm happy to explain anything on the chart so comment a question if you have one. Pretty clear from the chart, but we have a descending wedge that finished with the rare but highly reliable, I'm talking 81% Price Target Accuracy reliable, The Diamond Bottom. The fib retracement from March 5th to April 1st supports the Price projections of the Diamond Bottom and the falling wedge. The Diamond Bottom at the 8,500 +/- 100 zone which corresponds to the .382 fib retrace and the falling wedge price target at 10,600 +/-100 zone which corresponds to the .786 Retrace. When we get back to 10k the FOMO will set in and away we go.

Like if you like, comment if you have a question and I’m happy to answer.

Thanks all, and remember this is for educational insight only. Personally, my positions are all in alt coins I mainly use BTC as a market indicator.

評論:

We can see that BTC is forming an Ascending Triangle on the hourly. This is a bullish formation that typically breaks to the upside and typically breaks out on the third upward drive. If BTC can break above 8,250 and close above that level then we can expect the diamond bottom target to be hit, The next intermediate target will be the .5 fib retrace which correlates with the Ascending Triangle Target in the 8900-9000 range. After those play out, we set our sites to the Descending Wedge breakout pattern at the 10,500-10,600 range.

評論:

Definitely looks like a symmetrical triangle not an ascending triangle. We’re getting tighter and tighter.

評論:

We’ve touched the Diamond Bottom Price target! The TZ(target zone) was 8,400-8,600 and we briefly touched 8,417. Let’s look next at the triangle target at 8,900-9,000 range

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UPDATED ANALYSIS:

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Remember when I called the bottom?
Learn to spot the Diamond Pattern, it is a very reliable pattern for your tool belt.

Similar to most patterns it needs a confirmation to determine direction, and although it can be seen as a continuation pattern, it typically is seen as a reversal pattern.

A diamond top sees price action shoot up rapidly then start a period of expanding consolidating ceating a sort of reverse symmetrical triangle. Then that expanding consolidation begins to contract continuing the consolidation and forming the rest of the diamond pattern, a diamond top would then break out to the downside dropping rapidly followed by more downside untill you reach a target price

For an example of the Diamond Bottom see my original post.