Get started

Diamondtop

The bear scenario should the pattern prove to be a diamond top.A big red candle has taken us well below the diamond pattern and just under the 4hr 50ma where it is currently retesting and finding resistance....if that resistance solidifies and continues to maintain resistance then we are most likely confirming the pattern as a diamond top in which case its breakdown target is 10628. This may only be the beginning of the downtrend if that were to occur because it could also trigger a bart from the 1 day bull flag with the incredibly long pole which would give us a bart target all the way down at 8968. If this were to happen it would invalidate our adam and eve double bottom chances and potentially allow our double top to still trigger which could lead to yet even more downside so let's hope it doesn't. I think If we were to revisit 8968 we will be very very likely to fill the 8.5k and possibly the 7.2k gaps and then se a huge influx of buyers launch the price back up before it has a chance to trigger the double bottom bu of course we will have to wait and see if we even reach that low first and then how price action behaves once we do. there's still a chance this can be yet another bear trap and the price action could still bounce back up at the last second and break above the diamond/symmetrical triangle pattern but for now as long as the 4hr 50ma is maintaining resistance probability now favors at least a diamond top breakdown. Let's hope that changes but are fully prepared for if it doesn't.
COINBASE:BTCUSD
by DrDovetail
#bitcoin - Possible bearish diamond top "H2"During the day a new pattern, that is considered bearish has come into play and possibly marking a high, a diamond-top. Also taking into consideration, that we have developed a bearish ascending wedge, it becomes more likely that we have seen a local high now. Possible targets for this are not $8k .... those are $10.7 and $10k, where we would have to look at the possibility of making a symmetric triangle which can go both ways, instead of the former mentioned ascending triangle which is rather bullish nature. This is only H2 interval, so nothing that is going to have an intense influence on the further longterm development. Keep an eye out. _____________________________ Warm regards, Neru
BITMEX:BTCUSD.P
by Gl4diator
3
GOOGL- TOP - HTF AnalysisGoogle beginning to break down out of a rising wedge with diminishing Volume from its high point in 2005... We see a Diamond Top taking shape going back to late 2017... Also an M-Top or Double Top... The Weekly has been sideways along the 60-Day (blue) and 175-Day (orange) Hull Moving Averages... Same for the 14-Day Chart... Support levels to be aware of... Very interested to see where the next Weekly and current 14-Day candle closes. Right before Friday's close (7/26/19) a push to close at the top of the range was made but fell short of the high... ...creating a massive gap on the Daily which was rejected before closing as a Shooting Star. Most glaring on the chart are the only 2 unfilled gaps on Google's Daily chart @$850 and @$450. A continued breakdown from here and reversal confirmation with breaking down from the Diamond and the gap at @$850 would be my first target.
NASDAQ:GOOGLShort
by BTCookieMonster
2
BTC Bearish signBTC formed a Diamond Top which is an overall bearish sign. Added to that the Volume is decreasing with time which is also a bad sign. RSI on 1D timeframe is eerily similar to the 6k$ period where we were moving sideways for a long while. It is also generally stuck on 50 or below which doesn't give much strength to the Bulls. People in the space seems to be holding their breath and waiting for the next move to happen. BTC will probably fall to previous support line and have a rebound but will be testing the support line multiple time for a final break. Unlike many others, i do not consider the present forming ascending triangle, as it is a smaller frame and larger frames should be considered as more important to smaller ones. But yes the small ascending triangle is there which gives a small percentage of possible upside move. But keep in mind that we've already rebounded so many times on the triangle slope that the chances of an upside break gets smaller.
COINBASE:BTCUSDShort
by Exousia
BTC 6500-6600 Wave 4 correction ABC, Diamond top break.As expected BTC is started to break below trendline D of the Diamond Top. We have had to redraw the B trendline and it no longer forms a descending triangle which makes Target 2 for Diamond top more viable now. Use can use these targets as guidelines. -We are seeing a bearish Divergence on the 4hr and lower timeframes for RSI since 21st september so expecting a continuation of this downtrend for now. -Diamond top target 1 should very likely be hit. -Getting to Diamond target 2 will be harder as it will have to break resistance of the 0.32 fib (Yellow line) but still possible. -Wave C targets 1:1 and 1.272 highlighted also. The weekend is almost over so we might see more volume during the weekdays and thus larger movements than what we've experienced this weekend. I think Buying anywhere between 6500-6600 will be decent as I am expecting a move up towards ~6890-7000. Given that there are quite a few targets here it could be a good Idea to set weighted ladder buys ( I.e. 10% of total order at first target, 20% at 2nd target and so forth as suits you) in this area or use these to support your own predictions. When/If BTC hits these lower targets it might be a good opportunity to buy your favourite ALTS in their fiat pairings. Any thoughts & Opinions appreciated. Good Luck!
BITFINEX:BTCUSDShort
by HODLord
BTC next move - Diamond top, Fibs, Descending wedge,Elliott waveGetting ready for Diamond top breakdown in Wave 4 of 3. Descending Wedge to start Wave 5 of 3. Red box at top = Resistance. IF Diamond Top Breaks to downside: Diamond Target 1 = Not Accurate yet as we have to Apply this ON the breakout but still charting it at the moment as an example. Diamond Target 2 = Probably won't get hit if this formation continues as it is too low down the descending wedge . IF Diamond Top breaks Upper trendline B, will have to redraw the Upper resistance trendline . Invalidated if BTC hits above 6840 before breaking down.
BITFINEX:BTCUSD
by HODLord
LTC/USD - Diamond Chart Pattern - HMMM... Not A Common One! I had a follower ask me about the diamond chart pattern from my last video, so I decided to talk about it a little bit. To be honest it's not a pattern I typically watch for, but it can be a very profitable pattern if identified and traded accordingly. So if I have drawn the pattern correctly, you can see a break to the downside based on this patter would put price back down in the $150 areas, which I personally do not think LTC is going. Of course, I could be completely wrong, but based on what i'm seeing in my chart and other things i mention in the video, I think upward price action is more likely at this point outside a small pullback to say $200 or so. I hope you enjoyed the video... give a like and let me know what you think is going to happen over the next few days.
COINBASE:LTCUSDLong
by Crypto_Sid
4