A Diamond Top is forming on the 15minute Bitcoin chart.
Bearish divergence on the RSI and MACD.
Likely target around the 9200 area depending on breakout.
Bearish divergence on the RSI and MACD.
Likely target around the 9200 area depending on breakout.
Comment:
Breaking out...target 9130. Expect rebounds at 9460 first, then 9330 on the way down.
Comment:
There is a trendline thats supported this latest parabolic move that needs to be broken also before the diamond top is confirmed, it has held the move down so far with the last 15minute candle bouncing off it. Wait for a break of this trendline.
Comment:
Broken out of parabolic support. Bounced off 9460..wait for 15 minute close for next target.
Trade active:
Breakout confirmed, but holding a double bottom with 1minute bullish divergence. Expect a retest of the breakout of the channel midline around 9550 before heading down
Comment:
First 15minute candle after breakout just closed at 9460
Comment:
It fascinating how patterns meet their targets. The final target was reached via the retest of the breakout of the channel. One could consider this the conclusion of the move.