satmastermike

Diamond Top Break to the Downside?

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I've successfully traded two smaller diamond formations in the past two weeks, one at the bottom of a local downtrend that broke to the upside and one at the top of a local uptrend that broke to the downside. These have been reliable on shorter time frames. Now it appears we've formed a much larger diamond top here after our weeks-long uptrend. My bias is for this to break to the downside, simply because the smaller patterns have shown reliability for me. It's certainly possible we could break up - but I've closed long positions and placed buy orders at likely targets near 40k and 44k.