Bitcoin - Diamond Top Pattern & Indecisiveness

BINANCE:BTCUSDT   Bitcoin / TetherUS
Diamond top pattern formation on the 1hour timeframe is hinting for possible reversal. It gets validated by breaking through of the both diagonal support lines (diamond's & ascending channel's).

On the 4hour timeframe the market is showing indecisiveness as it has formed big wicks either side of the candles. This is strong indication that the market does not know which way it wants to move and likely to bring a lot of volatility once it starts unleashing.

Two majorly important levels:
4k resistance and 3.8k support level .
A break either of them is likely to show which way the market wants to move.

There are currently too many risk factors involved that it's better to monitor the current condition of market rather than opening new trades or positions that would be totally gamble.
It's good to keep in mind that this is likely to lead for short term trend change instead of a major one. Also as seen on the daily timeframe it has broken declining volume pattern and showing that a lot of buyers have appeared.

Trade careful out there!

If you come up with any questions feel free to ask!

Things to Remember:

  • Stop-loss orders are strongly recommended.
  • Fomos likely lead to a loss.
  • Do your homework before investing or trading.

Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.

Comment: Follow up for the diamond top pattern. Attempting a bounce from MA100.


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