Hello,

Bitcoins price development formed a quite accurate shaped diamond bottom.
The bottom diamond pattern has shown an excellent performance compared to wedges and triangles.
The Fibonacci retracement I use in the chart is not based upon the price, but on the expected performance of the pattern.
This might be calculated as following. Measure the price range from the highest to the lowest candle, multiply it with 0.81.
The indicator analysis of my former post on Bitcoin fortifies the patterns validity and target.

Trade safe!

Nik
Trade active
Trade closed: target reached
I note that you closed your trade, any update as to why? I kind of understood the diamond bottom you charted as an indication of The bottom, then the wee rally.

I'm not making a play, just interested.
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dklug8 Fovillain
@Fovillain, Just trading the swing and the pattern's price target. Bullish Flag is the next one. Ill post an update soon.

Regards
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Very interesting perspective, thank you.
+1 Reply
dklug8 Fovillain
@Fovillain, you are welcome
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appreciate the charting.
+1 Reply
dklug8 IONCHRONO
@IONCHRONO, Thank you
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@dklug8, played out well ;)
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