BTC Diamond Formation and Cup Formation
Probably Bitcoin price didn't completed downtrend yet. There's diamond and cup formations for that possibility.
Diamond Formation
The price forming a diamond view since the last 70K times and you can see that by looking at purple lines.
Diamond formation works as bearish formation if the price already in uptrend process. But diamond formation also works as bullish if the price already in downtrend process. Bitcoin was rising since early 2023. So i think that formation will work as bearish and will push the price down this time.
Formation's mid line shows 58.6K. So if the price can hold that level it can gain more momentum towards to upside. Otherwise mid term target of the formation is 34K -
36K range.
Cup Formation
There's also cup formation probability. If diamond structure works as bearish price will want to touch to cup formation's line at the bottom. It's diamond formation's target at the same time. (Red box below)
Diamond Formation
The price forming a diamond view since the last 70K times and you can see that by looking at purple lines.
Diamond formation works as bearish formation if the price already in uptrend process. But diamond formation also works as bullish if the price already in downtrend process. Bitcoin was rising since early 2023. So i think that formation will work as bearish and will push the price down this time.
Formation's mid line shows 58.6K. So if the price can hold that level it can gain more momentum towards to upside. Otherwise mid term target of the formation is 34K -
36K range.Cup Formation
There's also cup formation probability. If diamond structure works as bearish price will want to touch to cup formation's line at the bottom. It's diamond formation's target at the same time. (Red box below)
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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.
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.