Potential Diamond Top?
Hey All,
Let me preface with letting you know this is the first chart I’ve shared. I like to chart worst case scenarios (as I’m long on my holdings). As of right now it looks like Ethereum could be setting up for a potential Diamond top on long term timeframes (1 Day charted here). Per the chart, Ethereum is near the upper boundary with weakening momentum from the initial Runup to this price range (see below weis wave and volume representing a decrease in buyers at this level). I will be watching to see if Ethereum makes another move toward the lower boundary of the structure, and if there is a breakout below the lower boundary - this could be a potential short setup with a target price measured from the top of the structure to the bottom (and finding a previous major support level). A true breakout above the structure would invalidate this idea.
**This is not investment advice, just sharing a potential worst case scenario as I think it is important to be ready for any potential major moves**
Any feedback is welcome, as again, this is my first chart that I’m sharing and I’m always looking to improve.
Best,
AL
ETHUSD
Let me preface with letting you know this is the first chart I’ve shared. I like to chart worst case scenarios (as I’m long on my holdings). As of right now it looks like Ethereum could be setting up for a potential Diamond top on long term timeframes (1 Day charted here). Per the chart, Ethereum is near the upper boundary with weakening momentum from the initial Runup to this price range (see below weis wave and volume representing a decrease in buyers at this level). I will be watching to see if Ethereum makes another move toward the lower boundary of the structure, and if there is a breakout below the lower boundary - this could be a potential short setup with a target price measured from the top of the structure to the bottom (and finding a previous major support level). A true breakout above the structure would invalidate this idea.
**This is not investment advice, just sharing a potential worst case scenario as I think it is important to be ready for any potential major moves**
Any feedback is welcome, as again, this is my first chart that I’m sharing and I’m always looking to improve.
Best,
AL
ETHUSD
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