[Watch it] Diamond formation. Possible bounce ahead.

See the pretty complete diamond, introduced in previous analysis.

Bulls have a good opportunity to place a local bottom here, if they are strong enough.
They need to break through 48.500$ in order to further aim to 52.000$ and MA20/W, eventually.

Moreover, see the congested triangle on RSI/D:

Watch for a breakout (on volume) any time from now.
I't likely to be troublesome, as usual for diamonds.

Flip of the coin: failing to break up (=half staff) i'd watch at marked supports area.

Commentaire:

A "troublesome" breakout, indeed:

Not uncommon and the reason i mentioned it beforehand.
Anyway, price is still within the "shadow" of the diamond.

I'm not sold yet on the the half staff option, it looks a trap.
If so today close will bring some surprise, e.g. >47.000$, RSI bounce and/or a morning star).

Let's see.

Commentaire:

No way.

Half staff confirmed.
Already at FIB 0,618 support.

Let's hope it holds.

Commentaire:

Pretty bad unless 45.500$ is recovered quickly.

Commentaire:

Definetely ugly.
Last stand:

Bulls need to find a bounce despite the fact a lot of damage sah be done already. Sadly.

Commentaire:

Some late intraday notice.

Zooming a bit on 1H i can see a falling wedge enclosing a further diamond.
There's a slight bullish divergence as well, on both H1/H4.

Thought it was worth mentioning.
Quite late for me to further follow the outcome.
If you can, follow it and hope that's not a half staff again ...

Have a good night.

Commentaire:

Zero volume.
Whales gonna steer the market at will.