Butcher_of_Bitmex

Diamond Top Reversal within Larger Bullish Fractal

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Diamond Top Reversal creates our retest of bullish triangle support; before final leg up to 13,500. My entry for short as per my previous analysis is just over 11,900 for this short (I scalped between 11,800 and 12K levels for a few days). Target is 10,800ish before switching back to longs.
Comment: Same principal, however lines were off.
Comment:
Comment: If this breaks to the downside we could be looking at the 55 EMA as our target to switch back to longs. This is based off a smaller timeframe fractal.
Comment: Boom, it has begun:
Trade closed: target reached: Have closed my shorts at 11,250; quite often these diamond reversal patterns have a path similar to the green line I have roughly drawn in the below screen shot. I have thus switched to longs from 11,250 with stops below 11,100. I will try and long back to around 11,700, before shorting again. My personal target it met, so closing this as such even though I believe we will ultimately go as low as 10,800.
Trade closed: target reached: Switching to longs.
Comment: Went deeper to my original target; definitely long now.
Trade closed: target reached
Great view, keep it up.
+1 Reply
Yeesh, this is quite a retest of the diamond. Still think it's valid? We do have an evening star on Kraken on the 15-minute. The chart doesn't show but there are small gaps between all three candles.
+1 Reply
@glitterboy, I think it is, but you were right; my support/resistance lines were off.
+1 Reply
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