I saw this yesterday. Thought this was a Diamond Top indicating a correction... before that formed thought it was a Head and Shoulders indicating correction. It seems ETH won't be correcting anytime soon - very strong right now.
Diamond tops are generally a bearish signal btw - indication of breakdown, not breakout. Not sure if the formation has less strength or validity on a shorter timeframe chart like this though...
papeeeboy
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Diamond tops are just that. Tops. Yes typically diamonds are formations that signal reversals. This one in particular, if valid, would be a continuation formations. Although not common, it’s not unheard of either. Dollar has had a Diamond top for a while in the monthly and it broke down a while back. So dollar is not looking good at all.
urbanknight
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altinAdam
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I have that drawn, as well. I know about diamond tops, so I was watching it, but bought the breakout. Is that a half way marker or something, too?
papeeeboy
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@altinAdam, if your refering to the red line, that is my target. In this case i would target 3600 minimum GL
Diamond tops are generally a bearish signal btw - indication of breakdown, not breakout. Not sure if the formation has less strength or validity on a shorter timeframe chart like this though...