BITCOIN - Forming Reversal Pattern - Ending Diagonal

15 déc. 2022

Bitcoin is forming a reversal pattern known as Ending Diagonal. Ending diagonals form in Wave 5 or in Wave C. This is one of the more reliable reversal pattern with easy confirmation. It is important to note that the 5th wave of the ending diagonal can sometimes fall short or even extend therefore it's important to wait for confirmation. Confirmation for this reversal pattern will be the break of the diagonal. Further confirmation will be a break above the completion of the 4th wave.

Trade Idea:
- Watch for the completion of the 5th wave of the ending diagonal
- Risk entry on bounce off wedge (bare in mind price can extend beyond it)
- Safe entry on break above the wedge

What do you guys think?

Goodluck and as always, trade safe!

15 déc. 2022

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Weekly Timeframe

15 janv. 2023

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BITCOIN WEEKLY UPDATE