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Diamondpattern

Bearish Diamond Reversal BTC 1HR As the title suggests, a perfect textbook diamond reversal pattern forming on the 1 HR. Even the Stoch pattern matches up with the example given on Investopedia. You also see a volume spike in the middle of the formation, with trailing volume toward the ends, which is another characteristic of the BDR. We had a H&S forming and had consolidation placing the head slightly to the left. Yet another identifier in the bearish Diamond Reversal (See article here on identifiers for this pattern: www.investopedia.com) Breaking down here gives exactly a 3% price target to the downside (Target is assumed by taking the distance between the top and the bottom of the diamond. This also coincideds with decent support that has built up over the last week, so profit taking somewhere in the vicinity of 6500. Mine will be set at 6520 just to be safe. The current market is a little unpredictabel and I am taking profit where I can. Highly overleveraged shorts combined with hopium is a difficult thing to counter trade, but it can pay off if done right with high probability trades like this one. Stay safe, DYOR, and manage your risk!
BITSTAMP:BTCUSDShort
by Gouws199
2
Is Bitcoin preparing to make a move this weekend?Good morning, traders. We have made it to Friday once more and, as always, that means liquidity begins drying up for the weekend. Gold is nearing a bullish breakout and the DXY is struggling to remain afloat. This suggests to me that we are more likely to see Bitcoin heading up than down. DJI is a few hundred dollars away from filling the gap left in January of this year and printing a new ATH. The VIX is very low and continues to drop. BTCUSD longs gapped up earlier this morning, as did shorts. Weekly OBV looks amazing as it continues to rise in spite of the drop in price suggesting that retail is selling into the waiting smart money and therefore price should continue rising. Weekly StochRSI is printing a symmetrical triangle and a bullish cross. RSI is also nearing a bullish cross on the same TF. However, there is no hurry in moving up and we could see price take its time working its way through the resistance over the next few weeks. We saw price drop earlier this morning and since then create a possible bear flag. Price has been moving sideways toward the support of that flag, so the expectation is to see it drop through. This would give us a target of $6235-$6270, depending when price breaches that support, which would bring price right back toward the bottom of the larger TR. Price doesn't have to fall through the bottom of the possible flag, however, and a move toward the top of the flag from price's current position would likely indicate bullish follow through upward. The orange zone shows us the most recent smaller TF TR, and we still have our target of up to $6720 based on the descending broadening wedge that price recently broke out of. In terms of Wyckoff, it appears that price has been in accumulation since September 5th and should be nearing an exit pretty soon. This is the same thing we saw, in the same area, at the beginning of August as well as end of June/beginning of July. The only difference is that in each subsequent period we have seen the length of accumulation and the size of the TR shorten, suggesting that there is less loose asset out there for C.O. to accumulate and that we may be nearing a bull run. We could potentially be halfway through a very short diamond pattern on the 12H chart. After the run up, we now have two doji candles, the most recent one with longer upper and lower wicks than the previous one creating the possible mid-area of the diamond. To be honest, I'm not really feeling it at this time but I will be sure to discuss it, as well as everything mentioned above, in greater detail during this morning's live stream.
BITSTAMP:BTCUSD
by Chris_Inks
5
Aftermath of BitcoinHi everyone, i want to mention about some possible scenario(s) fmpov. Firstly, we're in a big triangle ang getting closer to end of this. Frankly, while in ambiguous market price stayed loyal to this triangle so what would be occur from as of now? As you can see diamond pattern is forming and must watch for reaction from this pattern. On the other hand h&s might be play out, if happens price should give us conservative rejection from 6.8k level. However, after 6.8k price still opt to upward movement (more likely to upward will occur) tp to 7.2-7.5 level(s) would be wisely. As i emphasized before when we obtain a clear breakout (prolly soon) from the triangle you can consider my elliott wave as an idea. To a conclusion: Never FOMO, be patience, believe your capability and Cheers all!
Long
by The_Saint
Diamonds are forever...Hello, Bitcoins price development formed a quite accurate shaped diamond bottom. The bottom diamond pattern has shown an excellent performance compared to wedges and triangles. The Fibonacci retracement I use in the chart is not based upon the price, but on the expected performance of the pattern. This might be calculated as following. Measure the price range from the highest to the lowest candle, multiply it with 0.81. The indicator analysis of my former post on Bitcoin fortifies the patterns validity and target. Trade safe! Nik
BITFINEX:BTCUSDLong
by UnknownUnicorn1539772
7
Icon $ICX | Diamond pattern...Bullish or bearish? | 5/13www.yourfxguide.com www.profitf.com If you're unfamiliar with the diamond trading patterns, the two links above will give a basic understanding of my idea of where ICX is going. If you'd like to see last weeks chart/trade idea, we we're looking at the possible cup and handle formation. (click the image/link above) Now I see Icon playing out a possible bullish diamond formation. With the Consensus conference beginning tomorrow (5/14-5/16), we could see a nice run to Target 1 here. However, if BTC continues to tank I think we drop down into our blue and red support zones. Target 1 = 53-55k sats
Long
by UnknownUnicorn2302450
1
Bitcoin Diamond Bottom Ready for LiftoffI'll be quick here, I'm happy to explain anything on the chart so comment a question if you have one. Pretty clear from the chart, but we have a descending wedge that finished with the rare but highly reliable, I'm talking 81% Price Target Accuracy reliable, The Diamond Bottom. The fib retracement from March 5th to April 1st supports the Price projections of the Diamond Bottom and the falling wedge. The Diamond Bottom at the 8,500 +/- 100 zone which corresponds to the .382 fib retrace and the falling wedge price target at 10,600 +/-100 zone which corresponds to the .786 Retrace. When we get back to 10k the FOMO will set in and away we go. Like if you like, comment if you have a question and I’m happy to answer. Thanks all, and remember this is for educational insight only. Personally, my positions are all in alt coins I mainly use BTC as a market indicator.
BITSTAMP:BTCUSDLong
by DHuts
2
Bitcoin signs of the bulls coming back to the townHello everyone ! I'm not a good speaker and my English is terrible but ... here is why I have feeling that the bulls are slowly taking control over the village again after 3 months of perma FUD attacks in bearish sentiment. 1. Once the market is super bullish the correction is imminent and same counts for too bearish market with the rallyes 2. We can spot 2 (possible 3) bullish patterns a) Bullish Gartley b) Bullish Fallin Wedge c) Diamond pattern / Bottom pattern ? :) 3. Another reason is massive bull flag with interesting fractal in play which in the mid of September triggered crazy bullrun ----------------------------------------------------------------------------- 4. Probably worth to mention now I realized hidden bullish divergance at weekly chart :) ---------------------------------------------------------------------------- This is vizualization of the bubble thanks to which we had to correct before we aimed to the 12K To see how it played out click play at this TA This reversal was based on the bullish divergance Feel free to share your opinions :) I wish a nice day to all BTC traders, investors, bulls & bears If you find any of these helpfull or interesting leaving a like will melt my heart ^^
BITFINEX:BTCUSD
by Anoinvest
6
LTC/USD - Diamond Chart Pattern - HMMM... Not A Common One! I had a follower ask me about the diamond chart pattern from my last video, so I decided to talk about it a little bit. To be honest it's not a pattern I typically watch for, but it can be a very profitable pattern if identified and traded accordingly. So if I have drawn the pattern correctly, you can see a break to the downside based on this patter would put price back down in the $150 areas, which I personally do not think LTC is going. Of course, I could be completely wrong, but based on what i'm seeing in my chart and other things i mention in the video, I think upward price action is more likely at this point outside a small pullback to say $200 or so. I hope you enjoyed the video... give a like and let me know what you think is going to happen over the next few days.
COINBASE:LTCUSDLong
by Crypto_Sid
4