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Diamond

4 big bullish patterns about to breakout rube goldberg style?the way all these bullish patterns( from various time frames) are currently clustered together if one triggers it will probably set off a chain reaction that triggers them all. . .there's a 5th pattern that it could lead to i triggering too on the weekly chart. A weekly cup and handle that's harder to identify on this chart unless you zoom it out and/or switch to the weekly time frame. It's hard not to be bullish looking at all of this but currently we still don't yet have confirmation so I must be poised for any potential fakeouts even though probability favors a bullish breakout. patterns shown here is the 3hr chart purple diamond/symmetrical triangle pattern. The Green 1 day bull flag and the much larger 1 day chart yellow symmetrical triangle the 1 day pink and blue adam and eve double bottom and then the pink and white weekly cup and handle which needs zoomed out to see fully.
COINBASE:BTCUSDLong
by DrDovetail
1
Diamond pattern has matured into a more symmetrical shape.As with many patterns, triangles, pennants etc. . .as they develop they tend to morph, or widen and change shape. We can see this also the case with the diamond pattern we have been consolidating in. It has now matured into a much more symmetrical shape and in fact can now at this point be looked at as a symmetrical triangle as well as they both will have the dame breakout target of 12.9k. The fact that it could also very easily be a valid symmetrical triangle is a good thing because symmetrical triangles are almost always continuation patterns and the pattern before now was indeed very much up which makes a bullish breakout the most probable.
COINBASE:BTCUSDLong
by DrDovetail
4
right shoulder's TTL bounces priceaction back into the diamond. A very bullish sign here as the 1hr head and shoulder pattern hiding within the 3hr diamond just decided to go on and dust it's shoulder off as price action bounces off the right shoulder of the head and shoulder's top trendline and has now been bounced back into the diamond pulling off a very successful bear trap....this increases probability of a bullish breakout but we must remain vigilant in our cal composures until a bullish breakout is confirmed it could easily follow a bear rap up with a bull trap as it often likes to liquidate shorts and longs within the same pattern. my bias is bullish but until confirmation the idea remains neutral.
COINBASE:BTCUSD
by DrDovetail
possible 3hr chart diamond pattern the dominant pattern?diamond pattern seems fairly valid on the 3hr chart. Important to watch where the 1 day candle closes though...if we can stay in this range for close we can close the 1 day candle as a bullish engulfing candle which could be a very bullish signal also currently on the 1 day chart we are forming a bull flag with an incredibly long pole which if broken to the upside would bee very bullish indeed.. If this 3hr diamond pattern is the most dominant current pattern we will need to still wait for some sort of breakout confirmation tot determine whether or not it will be a diamond top(bearish) or a continuation diamond(bullish). The head and shoulders pattern that was forming on thee 1hr has already had 3 confirmed fakeouts and will likely not come to fruition but I am sill keeping tabs on where is neckline is just in case. Also if we can close 1-3 more daily candles above the neckline of the double bottom we've been watching odds are very good that we will bee triggering its breakout and remember it still has a breakout target of 13.1k which could trigger all sorts of other bullish breakouts as well.
COINBASE:BTCUSD
by DrDovetail
1
BTC Bearish Diamond Diametric on the 1hHi guys, Looks like we have a bearish diametric forming on the BTC 1h chart. Should have one more wave down to complete Wave-F and then Wave-G will be (I'm guessing) very similar to how A/B were, quite flat. If Wave-G doesn't touch the trendline, expect a violent down move as this will constitute a G-wave failure. G wave is just drawn for illustration purposes, those aren't targets, nor is where I have Wave-F ending. Not financial advice.
BITSTAMP:BTCUSDShort
by Korastiz
4hr diamond bottom appears to be playing outNo guarantee it will follow through and I'd like to see a slight bit more volume to confirm but it appears we have a 4hr chart diamond bottom breakout. If so it should reach the breakout price target I have posted here and I expect then on this current pullback for the yellow horizontal trendline at 9646 to retest as and maintain support in which case we will then head back up towards the diamond bottoms breakout target. If this were to occur it greatly increases the chances that we will trigger a breakout from the 1 day falling wedge pattern as well which if triggered here has a breakout target of 11.5k. We still have a potential gap to fill at 8.5k and must continue to keep that in mind but that could happen before we breakout of the wedge, after, or possibly even not at all...so instead we must focus on the price action at hand and only worry about factoring that in if the charts show we are heading that way.
COINBASE:BTCUSDLong
by DrDovetail
1
BTCUSD 1H chart (5/21/2019)Good morning traders. Yesterday's chart has been hidden by Tradingview because I inadvertently mentioned other social media sites that I am on. So we will be using the same chart today. Overall, price remains in the TR it began printing on May 13th. Price's current location appears to be printing a diamond. Often diamond tops result in reversals, but not always. Whichever direction price moves, traders can usually expect that the ascending resistance, or descending support, lines will keep price in check. If it does break down through support, then traders should watch for a possible pullback at the demand zone/bottom of the TR around $7600. Price continuing through that area sets up the possibility of price filling the CME gap fully. However, this does not mean that price is headed to $5000. On the contrary, my expectation would be for price to bounce off the S1 pivot and head back up while continuing to print an ascending triangle. If price drops into the lower demand zone around $7400, this would invalidate my light blue wave count but would still keep the dark blue wave 4 intact. If price breaks up, then I would expect it to be a short-liquidating push up and target the R1 pivot. Can price head higher in this scenario? Sure it can, especially because I expect that a lot of people are short in this area. With that in mind, although we usually expect price to be kept in check by the resistance line, it is possible that price could surge through that ascending channel's resistance. For now, the 1H RSI is neutral with support and resistance lines noted. A close below support or above resistance on the 1H TF should indicate that price will continue in that direction. The 21 EMA and HVN are supporting currently supporting price. Stoch RSI just bounce out of oversold which means it has room to drop just a bit. The 4H RSI remains slightly bullish, but is sitting on its support. Stoch RSI on that TF is just now dipping into oversold. Daily RSI is bullish at 67 and the Stoch RSI is just now attempting to bounce out of oversold. With all of this in mind, I wouldn't be surprised to see price break to the downside, but I do believe that it would be limited in duration due to Stoch RSI being so close to bottoming out on all those TFs and RSI being neutral to bullish. Daily R3 pivot is at $7520. The orange zone indicates the daily demand zone which, again, I expect to ultimately support price on any attempted drop. While it does appear that we could be seeing a double top possibly forming over the past week, I'm hesitant right now to see the follow through since the various exchanges have significant differences in their May 16th swing low. The double top would not be confirmed until price closes below that swing low, so it would confirm on Binance first and Bitstamp last, with almost $1000 difference in pricing. More importantly, the target of the double top is the height of the swing high to swing low subtracted from the swing low. So not only would Bitstamp have to wait almost $1000 more to just confirm the double top, but then it would also have a $1000 lower target. Binance would be hitting its double top target just around the time Bitstamp confirms its own double top. The price target variance is just too large for me to give much consideration to a possible double top pattern at this time. Remember, Wave 2 was 1.5 months in duration and I have been saying since then that I expected Wave 4 to be at least 2 weeks long, but potentially up to 4 weeks. We are just over a week into Wave 4 at this time. While a sudden thrust through the resistance found at the $8000-$8300 level would have price exiting Wave 4 earlier than expected, with the volatility we have seen, I wouldn't be overly surprised. With all this being said, I remain long from ~$6830. Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life. Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
KRAKEN:BTCUSDLong
by Chris_Inks