The pattern has taken shape, now on to the turning point. Diamond serve as both continuation and reversal patterns. NAS found support at the combo 2 hour MBB and 8 EMA as the bands compress.
Supported by the 2 hour MBB, NAS is back testing the 2 Hour 8 EMA. Setting a Daily Doji at the Daily UBB.
Diamond number one achieved 90% of it's Break Target as the LL-LH-LL-LH-LL 2 hour pattern persists.
Diamonds...are fake out machines. This one proved to be a short frame reversal pattern after the wick off the 2 hour UBB, price lost the 2 hour 50 SMA as the bands open to the downside.
Price has returned to the 2 Hour Diamond Fifty. The Daily Doji has support a the Daily 8 EMA.
BTC found Resistance at the 2 Hour MBB as price continues to compress.
EQ as the Diamond found Res at the sub channel .65. The inverse neckline is not really apparent, therefore a potential Higher Low is in play. Diamond Patterns can serve as reversal or continuation patterns making price action key into the support and resistance lines.
AMZN broke out of it's Diamond into a continuation of the HH-HL pattern off the 3170 bottom; as the market cheered Chairman Powell's speech.
Bitcoin has just formed a diamond bottom and broken out of it. It has also made a bullish divergence on the 1h timeframe. It bounced very nicely off the 0.618 fib retracement level at 46.4k. With all of these things in mind, I think it is ready for a bounce to 48k minimum and will possibly march on to make higher highs
2$ is best price to buy. If you don't fear when price down to 2$ you can buy now 2.45 $ and hold. We can have big profit when price go to 10$. Price can go to 15 - 18 $ but 10$ is reality target.
The diamond chart pattern can signal a bullish or a bearish reversal or continuation of an existing trend. It represents a temporary battle between buyers and sellers.
This one will be a complete technical analysis. Starting point ->>> support lines 73.50$ - 72.64$ Stopploss - 75.40$ 1. Target - 81.05$ 2. Target Buying reasons -2 support lines 74.17$+73.50$ -daily: RSI oversold (30 area) + MACD tendencies for a countermovement Selling points -weekly+monthly MACD indicates sell down -weekly+ monthly RSI indicates...
Support at the 2 Hour 8 EMA as the early morning dip proved to be a back test of a Diamond at the top of the range.
the price is going sideways or are we going to test support at 40K and off we go??
update a 15 minute diamond pattern is formed and breaking out ATM.Trade safe.
lots of short frame fake-outs underway, with the Diamond Pattern front and center.
The Diamond Pattern confirmed achieving 78.6% of the downside target. The v-shape reversal back into EQ as price begins to define the next pattern.
#BTCUSDT $BTC broke out and closed daily above long term support line. price may continue its uptrend to $45k and even $48k. but I see a diamond pattern that may reverse the trend. $39500 is a support that if broken #BTC price can drop to $30k again.