BTC Reversal Diamond?

Here we are looking at BTCUSD on the 6hr TF…

With the higher highs and lower lows that BTC has been putting in, I was able to find this potential reversal diamond pattern in the chart. If this structure is valid, there is still plenty of room left for chop in the coming weeks before a stronger move.

For those of you who don’t know, reversal diamonds have a target of lows made before the up move. In this case, it would be back to the bear market lows.

This isn’t to say that it HAS to be a reversal diamond pattern yet, however three lower lows and higher highs point to this being a strong possibility. I will continue to monitor the development of this structure, and update you as I see fit…

Do you think BTC is forming a reversal diamond? Let me know in the comments!

Cheers!!