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
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Reached the upper limit of the diamond, how far down now? Write your options in the comments
Comment
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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
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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"
An important moment for bitcoin and the cryptocurrency market in general. The zone of price squeeze, "spring compression". In the near future, there will be a decoupling, perhaps to begin with the elimination of stop-losses of most market participants, and then the main movement.
P_S_trade
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@SpartaBTC, You are right, there will be a strong momentum soon
ProSignalsFx
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I agree with you!
Ehsan_1307
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P_S_trade
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@Ehsan_1982, thanks for sharing your idea
vf_investment
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Promising possibilities there. Thank you for your work!