BTCUSD
likes diamond patterns. While this is a pretty rare pattern, in the case of BTC we see them quite often. Another diamond has been painted on a daily chart which promising a reversal. That fact, that this pattern appeared at the resistance line
that has been drawn during multiple months, gives even more weight to this signal.
In the long run, BTC is still bullish, but we must pass through this pullback first.
The first point where BTC may find support is daily EMA 200 that currently near 8050. If for any reason that support will be broken, I expect the price to try the bottom of the symmetrical triangle on weekly that I posted earlier, so we may see it around 5700 in case of an extremely sharp decline (which is unlikely but possible), or 6200-6500 if the downtrend will be more gradual.
Trade wisely and good luck!
P.S.: Please, take this adequately. There are always ups and downs, no stock/crypto goes only up or only down. I'm not a perma-bull/bear and you shouldn't be either.
If you are holder, take this as an opportunity to grab more at the discount. If you are a short-term trader, don't fall in love with any assets, it doesn't work this way.
Best of luck to everyone, and stay safe!
Comment:
BTC makes another attempt to break hard resistance, but it's still within the diamond pattern, and the call remains intact.
Comment:
As expected, BTC didn't manage to break resistance and lost ~800 in two recent daily candles. More will come. Now let's wait and see how 9000 support will hold.