Earlier today I made an analysis on BTC and the nearly perfect triangle it was trading in. After breaking out on the bearish side, both targets were hit. Congratulations if you took the trade.
The Diamond Top formation is formed by a series of higher highs and lower lows, creating a pattern that looks like a diamond. This pattern can indicate that the uptrend is coming to an end and that the price of the asset is likely to start declining. When the price breaks below the lower trendline of the pattern, it is considered a signal to sell.
As seen on the chart, it appears that BTC has been trading inside a 'diamond' pattern for around 10 days now. With the price breaking out, I'm expecting more selling to come, see blue lines.
The bottom target is at $25,500, which is in line with my target for BTC longer-term Elliot Waves analysis below. Please take a look.
The Diamond Top formation is formed by a series of higher highs and lower lows, creating a pattern that looks like a diamond. This pattern can indicate that the uptrend is coming to an end and that the price of the asset is likely to start declining. When the price breaks below the lower trendline of the pattern, it is considered a signal to sell.
As seen on the chart, it appears that BTC has been trading inside a 'diamond' pattern for around 10 days now. With the price breaking out, I'm expecting more selling to come, see blue lines.
The bottom target is at $25,500, which is in line with my target for BTC longer-term Elliot Waves analysis below. Please take a look.
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