Bitcoin DIAMOND BOTTOM IN?
Updated
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 sooner rather than later (a pullback after a drop of that magnitude is normal). Touch of the trendline (now resistance) could give an potential entry
to short.
Best of luck.
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 sooner rather than later (a pullback after a drop of that magnitude is normal). Touch of the trendline (now resistance) could give an potential entry
to short.
Best of luck.
Note
Bitcoin could touch the previous low of 3200$, potentially making double bottom, so a TP around that area is sound.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.