JamesBrown
Short

Diamond Top Pattern on DASH/USDT (Poloniex exchange)

POLONIEX:DASHUSDT   Dash / Tether USD
Pattern highlighted with traditional target from breakout.

Target is the distance of the reaction high (regional all time high) to reaction low within the diamond pattern, subtracted from the breakout of the pattern.
Comment: "Bulkowski's (2005) research states that the diamond top breaks downward 69% of the time and the diamond bottom breaks upward 69% of the time. The majority (58%) of diamond tops are preceded by "a steeply rising trend", which increases the likelihood of a break downward and a mirror of the prior upward price movement (i.e. 82% of the time the downward move will be at least the same percentage move as the upward price move leading to the diamond top) (Kirkpatrick & Dahlquist, 2010, p. 321). Bulkowski (2005) emphasizes that a diamond bottom with a breakout move downward is ranked as being one the best performing patterns. " - finvids.com
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