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BTCISD Diamond Pattern Breakout Trade Opportunity on Hrly Chart

Long
BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
BTCUSD could be in a possible Diamond Pattern on Hourly Chart with breakout trade opportunity with an initial target of around 51400-51500. Further upside is also likely if this target is reached to possibly create a lower all-time high or even a new high. Diamond patterns are usually a reversal pattern and a bullish breakout is likely. Beware of fakeouts. For safer long trade on breakout wait for candle confirmations only hourly first.

Although there has been a rejection earlier, the buying pressure has no subsided and a breakout could still happen soon.

Just sharing an observation.

Only trade what you can afford to lose. Nothing is 100%, ever!

Good luck with your trades!