I think we have enough structural information to suggest a diamond might be at play.
Options: Continuation Diamond or Diamond top.
Harmonically we should expect impulses to one side in particular soon which aligns with the timing and apex of the Triangle which is the right side and part of the diamond pattern.
There are potential opposing targets based on the original leg which caused us to consolidate at these levels in the first place.
if we go up it will simply be a continuation of the current trend on the daily to the upside and with an A13 on the weekly, that's nothing short of good news for the bulls.
If we go down it could be a quick retest of the local lows which happens to be further along the top of the bigger weekly triangle we broke up from and quickly get bought back up aligning with the volatility that should happen this and a couple of weeks to come. Not to mention volume wells... the price we are at. Confluence at this point.
Another thing is we can go down... and the diamond becomes a catalyst to go back into the triangle and more than likely mature more into the larger triangle perhaps on an uptrend but perhaps not as fast? The worst case scenario is BTC breaks through the downside of the triangle on the daily and a massive downtrend is possible but.... for that, we are too early to be thinking about this bit for now.
In terms of identifying this as a Diamond... I'm not going to lie I'm like.. 78% sure for this instance. I wish I had just a bit more.. touches regarding lines, I never want to force something that's not there you know? Anyway, let's see how this plays out.
Options: Continuation Diamond or Diamond top.
Harmonically we should expect impulses to one side in particular soon which aligns with the timing and apex of the Triangle which is the right side and part of the diamond pattern.
There are potential opposing targets based on the original leg which caused us to consolidate at these levels in the first place.
if we go up it will simply be a continuation of the current trend on the daily to the upside and with an A13 on the weekly, that's nothing short of good news for the bulls.
If we go down it could be a quick retest of the local lows which happens to be further along the top of the bigger weekly triangle we broke up from and quickly get bought back up aligning with the volatility that should happen this and a couple of weeks to come. Not to mention volume wells... the price we are at. Confluence at this point.
Another thing is we can go down... and the diamond becomes a catalyst to go back into the triangle and more than likely mature more into the larger triangle perhaps on an uptrend but perhaps not as fast? The worst case scenario is BTC breaks through the downside of the triangle on the daily and a massive downtrend is possible but.... for that, we are too early to be thinking about this bit for now.
In terms of identifying this as a Diamond... I'm not going to lie I'm like.. 78% sure for this instance. I wish I had just a bit more.. touches regarding lines, I never want to force something that's not there you know? Anyway, let's see how this plays out.
Comment:
Woops forgot the candle stick version of BTC my bad.
Comment:
Were almost out of this just a couple more candles to go.
Comment:
BTC is under an insane amount of pressure right now. Even the troll box is going crazy.
I'm so excited to see where this goes off too.
PS: Watch out for fake outs, yes they happen even on the 4hr timeframe. Not everything is a wick stay safe out there
BTC is under an insane amount of pressure right now. Even the troll box is going crazy.
I'm so excited to see where this goes off too.
PS: Watch out for fake outs, yes they happen even on the 4hr timeframe. Not everything is a wick stay safe out there
Comment:
Okay. Let's talk it about it.
What happened to my idea. Well my diamond was going pretty well actually, but for the first time in a while it actually.. sort of screwed me over not because it was not there... PERHAPS. I'm not afraid of considering the idea. But and I mean 99% of time close to close is better imo.. for better confluence in patterns personally I find them more reliable but maybe I didn't look within on a smaller timeframe, I mean let's be honest if you thought you had everything clear you're mind says it's done and that's that.
My issue is... that on the 4 hour like I said, a possible fakeout might come. Looks like it did, You can see on the first purple circle. At that point it's like okay, it's a long. The issue arose when price distribute forward it started off good which was like 1/4 of the expect... bullish move. I thought it was gonna use the volume well and go all the way but it didn't it did 1/4th. How do I know? Because it literally did a 4 hour curve downwards and I was like.. Uh oh.." Then it hit me the Ladder like green candles on the top left of the diamond structure from close to close.. might have been the leg for the move but since on the 4 hour more complex price action is hidden within the candles I just thought we should be fine, because there was no red candles. I should have known that slow down in price was a "Structural interruption" like going from a highway to a bumpy off road trail. It's because it was grinding against the level and that's where my mistake was. Now... when this happened I immediately went, well They either are going to save my idea but barely any excuse for my predicted price action and they are going to call it a small retracement which is still an invalidation for me it's not fooling anyone. Either they do a inverse head and shoulders and it keeps going lower? or they harmonically use the h&s to pop up. When you expand to use lines from wick to wick, a slightly larger diamond appeared and if you see the dump we had on the right side of the inverse H & S, that... retracement of the second purple circle, would be... the fakeout (It didn't HAVE to happen..) and then... the impulse I expected happened. So.. I am just like Okay I can take the L for the close to close diamond today.. fair enough and maybe take a possibly unclaimable w for the wick to wick diamond.
Anyway... Here's wonder wall. Just kidding.
So I guess now this chart is becoming more and more a reality not the mention the A13 on the weekly so it's straight high volatility on the weeks for at least 4-6,7 more weekly candles. It's either going to be expressed in few.. or many candles in terms of distribution that's for sure.
Anyhoo just wanted to clear the air.
Okay. Let's talk it about it.
What happened to my idea. Well my diamond was going pretty well actually, but for the first time in a while it actually.. sort of screwed me over not because it was not there... PERHAPS. I'm not afraid of considering the idea. But and I mean 99% of time close to close is better imo.. for better confluence in patterns personally I find them more reliable but maybe I didn't look within on a smaller timeframe, I mean let's be honest if you thought you had everything clear you're mind says it's done and that's that.
My issue is... that on the 4 hour like I said, a possible fakeout might come. Looks like it did, You can see on the first purple circle. At that point it's like okay, it's a long. The issue arose when price distribute forward it started off good which was like 1/4 of the expect... bullish move. I thought it was gonna use the volume well and go all the way but it didn't it did 1/4th. How do I know? Because it literally did a 4 hour curve downwards and I was like.. Uh oh.." Then it hit me the Ladder like green candles on the top left of the diamond structure from close to close.. might have been the leg for the move but since on the 4 hour more complex price action is hidden within the candles I just thought we should be fine, because there was no red candles. I should have known that slow down in price was a "Structural interruption" like going from a highway to a bumpy off road trail. It's because it was grinding against the level and that's where my mistake was. Now... when this happened I immediately went, well They either are going to save my idea but barely any excuse for my predicted price action and they are going to call it a small retracement which is still an invalidation for me it's not fooling anyone. Either they do a inverse head and shoulders and it keeps going lower? or they harmonically use the h&s to pop up. When you expand to use lines from wick to wick, a slightly larger diamond appeared and if you see the dump we had on the right side of the inverse H & S, that... retracement of the second purple circle, would be... the fakeout (It didn't HAVE to happen..) and then... the impulse I expected happened. So.. I am just like Okay I can take the L for the close to close diamond today.. fair enough and maybe take a possibly unclaimable w for the wick to wick diamond.
Anyway... Here's wonder wall. Just kidding.
So I guess now this chart is becoming more and more a reality not the mention the A13 on the weekly so it's straight high volatility on the weeks for at least 4-6,7 more weekly candles. It's either going to be expressed in few.. or many candles in terms of distribution that's for sure.
Anyhoo just wanted to clear the air.
Small.. adjustment of the shape of the diamond demonstrated by the yellow area rather than the purple area of the previous drawing of the diamond. At least now we have more confirmation due to that small rejected we had previously.
Also.. Keep an eye on that 4hr candle. Looks pretty interesting. Might have an influential affect at this point in the squeeze of the diamond since it's so far distributed in into the structure, we have to pop eventually perhaps it will be a catalyst