It is possible that a local reversal pattern "Rhombus" or "Diamond" is forming on the BTCUSDT chart.
Confirmation of this pattern is the breakout and consolidation of the BTC price above $29600
The target for working out of this pattern is $30800-31000
Failure of this pattern - the BTCUSD price falls below $28700
It is likely that the Bitcoin price will consolidate in a narrow range for two more days, and on August 10, when the "fresh" US CPI is announced, a sharp impulse movement will occur.
Also, this scenario fits quite well into the scenario of a potential medium-term trade for BTCUSDT, which we published earlier.
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Confirmation of this pattern is the breakout and consolidation of the BTC price above $29600
The target for working out of this pattern is $30800-31000
Failure of this pattern - the BTCUSD price falls below $28700
It is likely that the Bitcoin price will consolidate in a narrow range for two more days, and on August 10, when the "fresh" US CPI is announced, a sharp impulse movement will occur.
Also, this scenario fits quite well into the scenario of a potential medium-term trade for BTCUSDT, which we published earlier.
_____________________
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Reached the upper limit of the diamond, how far down now? Write your options in the commentsNote
See how well the fractal movement works on the chart of the total capitalization of the crypto market.A little more consolidation and good growth will begin, of course, if the fractal works)
Trade active
The BTCUSDT price is near the trend line, which has been stretching since the beginning of the year.Soon it will become clear: "it will rain or shine"
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🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
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.