Bitcoin BTC price is forming "Diamond"

It is possible that a local reversal pattern "Rhombus" or "Diamond" is forming on the BTCUSDT chart.

Confirmation of this pattern is the breakout and consolidation of the BTC price above $29600
The target for working out of this pattern is $30800-31000

Failure of this pattern - the BTCUSD price falls below $28700

It is likely that the Bitcoin price will consolidate in a narrow range for two more days, and on August 10, when the "fresh" US CPI is announced, a sharp impulse movement will occur.

Also, this scenario fits quite well into the scenario of a potential medium-term trade for BTCUSDT, which we published earlier.

_____________________
Did you like our analysis? Leave a comment, like, and follow to get more

Trade active:

Reached the upper limit of the diamond, how far down now? Write your options in the comments

Comment:

See how well the fractal movement works on the chart of the total capitalization of the crypto market.
A little more consolidation and good growth will begin, of course, if the fractal works)

Trade active:

The BTCUSDT price is near the trend line, which has been stretching since the beginning of the year.
Soon it will become clear: "it will rain or shine"