It looks like bitcoin is slowly finishing forming a diamond pattern on the daily chart. If I am right, we will see a reversal of the trend back to bearish, as I predicted in my previous analyses.
This is not financial advice.
This is not financial advice.
Note
The diamond shape is even more evident on the four-hour line chart:Note
This short upward rally was nothing more than a simple false breakout from the diamond formation. The price has again returned to the inside of the diamond, hence I conclude that the bearish rally can be considered to have begun.Note
Wow, the price has already pierced the bottom edge of the diamond!Note
Note
It seems that this forecast has worked out quite well.
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Related publications
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.