Where to from here on BTC part 2
This is continuation of the Series of posts on Bitcoin, where I will look at where BTC price is headed in coming weeks and months.
Link to first part is in the description.
What you are looking in the is a Diamond, it's an extremely common pattern that appear repeatedly, at key inflection point, on all time frames, and this is by far the most accurate pattern that I have encountered in terms of measured move it produces on breakout.
I find the results to be most accurate when I follow the following two rules when looking at a breakout of price from the diamond.
The targets of this diamond are highlighted in the chart, to the upside it will hit close to 34K, to the downside around 20K. These targets are not the ultimate highs/lows, but usually this is where the next accumulation/distribution ranges are formed before making another move.
Now let's look at some other examples of the diamonds that appeared in the past and played out perfectly.
These are all on Daily time frame, if you know how to find them and draw them, they appear on all timeframes.
The only thing is that you need to know how to draw diamonds accurately and how to anticipate an incoming diamond formation before it even forms.
Please let me know in comments if that's something you want me to cover in another post, I will be happy to share.
Link to first part is in the description.
What you are looking in the is a Diamond, it's an extremely common pattern that appear repeatedly, at key inflection point, on all time frames, and this is by far the most accurate pattern that I have encountered in terms of measured move it produces on breakout.
I find the results to be most accurate when I follow the following two rules when looking at a breakout of price from the diamond.
- A breakout is considered valid when at least one candle closes outside of the bounds of the diamond, with respect to the timeframe its drawn on.
- A breakout is only valid if it happens from the 4th Quadrant of the diamond as highlighted in the chart.
The targets of this diamond are highlighted in the chart, to the upside it will hit close to 34K, to the downside around 20K. These targets are not the ultimate highs/lows, but usually this is where the next accumulation/distribution ranges are formed before making another move.
Now let's look at some other examples of the diamonds that appeared in the past and played out perfectly.
These are all on Daily time frame, if you know how to find them and draw them, they appear on all timeframes.
The only thing is that you need to know how to draw diamonds accurately and how to anticipate an incoming diamond formation before it even forms.
Please let me know in comments if that's something you want me to cover in another post, I will be happy to share.
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