Technical analysis is a subjective area, when a person point of view can be different with the others .No traders are wrong when they opened (a) position(S) based on their analysis until the market proves em wrong
However based on what i spotted in DogeBTC weekly and monthly chart , i am assuming DOGE/BTC is forming a "Bottom" Diamond pattern, which can be...
Hello - a quick update on Bitcoin.
This can be wishful thinking, but it does seem like, that as of today (28.01.2019) Bitcoin broke the diamond formation and can strive lower. This means that it will be possible to short it after the breakout is confirmed.
Nevertheless, this market is manipulated and there can be short squeezes, which, in my opinion, can happen...
We are reaching the end of the indecision zone and is a good moment to post a reminder of the actual situation and potential outcomes so we can build a strategy on top of it.
Red circles: Sell areas
Green circles: Buy areas
The actual point concealed inside a diamond shape has statistically speaking more chances to go up, though, we are at 3.43% from a main...
BTC formed a Diamond Top which is an overall bearish sign.
Added to that the Volume is decreasing with time which is also a bad sign.
RSI on 1D timeframe is eerily similar to the 6k$ period where we were moving sideways for a long while. It is also generally stuck on 50 or below which doesn't give much strength to the Bulls.
People in the space seems to be holding...
Not totally sure what to make of this.
It's a slightly bullish pattern here I think. It might mean a 2nd chance to get short from higher prices in the wick zone.
I'm going to hold off on scaling in more short until it gives a few more candles of data.
Trading Diamond Pattern
The chart above shows a "Diamond bottom reversal" from the TVC:USOIL
1. Wait for a clear breakout from the "Diamond pattern.
2. Enter a "long" trade at 54.35.
3. Place a "stop" order bellow the low of the "Diamond at @ 49.44.
4. Target the range of AB from C to @ 74.35.
since we`ve created the Diamond-Pattern after the high in Mai @ 13.206, we`ve seen a huge Sell-Off down to 11.040,5 this october!
It was as crazy and volatile as expected! But what now?
There were many different fundamental aspects causing this nervous market.
Italy`s budget and it`s bond yields
Weak wallstreet which is...
$BTCUSD diamond bottom in play at the moment.
Details below from thepatternsite, and satisfying many of the required conditions.
First target: 7020
Second target: 7260
Prices will touch each trendline once or twice. Don't worry if your lines cross some of the price outliers."
Downward trend 67% of the time."
PT $216 or ≈6%. Also, broke downward out of diamond half mast pattern on 15 min chart today signaling continuation of current trend w/ interim PT of 226. Momentum on hourly suggests renewed negative momentum.