Diamond Continuation Pattern| Low volume| Bullish Continuation?
Hello Traders,
Today’s chart update will on BTC’s immediate projection- we have a probable diamond formation which serves as a bullish continuation pattern.
Points to consider
- Trend travelling into apex
- .382 Fibonacci as local support
- RSI respecting trend
- Stochastics in lower regions
- Volume declining
- VPVR area being tested
BTC is closing in on its apex signalling a break from this formation is imminent as local support and resistances converge. Local support is the .382 Fibonacci; BTC has been respecting this level as buy pressure is evident.
The RSI is respecting its trend line, must hold for a bullish bias as this is in confluence with the stochastics being in lower regions. It can stay trading there for an extended period of time, however lots of stored momentum to the upside.
Volume is clearly declining; increase is highly probable upon breaking out of the Diamond formation. The VPVR confirms the .382 being a strong trade location for buy pressure.
Overall, in my opinion, a break bullish is probable as the Diamond Pattern serves as a bullish continuation pattern. BTC may have one more leg up before a proper correction as this trend is getting more extended.
What are your thoughts?
Please leave a like and comment,
And remember,
“The big ones take the psychology out of the game. Have a game plan, and stick to it.” Tim Erber
Today’s chart update will on BTC’s immediate projection- we have a probable diamond formation which serves as a bullish continuation pattern.
Points to consider
- Trend travelling into apex
- .382 Fibonacci as local support
- RSI respecting trend
- Stochastics in lower regions
- Volume declining
- VPVR area being tested
BTC is closing in on its apex signalling a break from this formation is imminent as local support and resistances converge. Local support is the .382 Fibonacci; BTC has been respecting this level as buy pressure is evident.
The RSI is respecting its trend line, must hold for a bullish bias as this is in confluence with the stochastics being in lower regions. It can stay trading there for an extended period of time, however lots of stored momentum to the upside.
Volume is clearly declining; increase is highly probable upon breaking out of the Diamond formation. The VPVR confirms the .382 being a strong trade location for buy pressure.
Overall, in my opinion, a break bullish is probable as the Diamond Pattern serves as a bullish continuation pattern. BTC may have one more leg up before a proper correction as this trend is getting more extended.
What are your thoughts?
Please leave a like and comment,
And remember,
“The big ones take the psychology out of the game. Have a game plan, and stick to it.” Tim Erber