Bitcoin Diamond Pattern with Bullish Convergence?
Good morning ladies and gents! I have spotted a Scuffed Diamond Pattern. The measured move of this to the up and downside is about a 3.82%. It's only a matter of time until we breakout. We are approaching the apex of this pattern. It looks like a long ways away, but keep in mind, this is the 1 hour time frame. I would use the 4 hour, but you have already seen the bullish divergence that has been forming. The bullish Convergence on bitcoin is new. This usually means impending price action reversal. This has been a downtrend on the smaller time frames which means a reversal would be to the upside. A measured move of this to the upside is about $8300-$8400 area which also coincides with our wedge profit taking levels between the 50% and 61.8% retrace. A measured move of this to the downside brings you to around $7600 which would be about the bottom of the wedge formation again.
I hope you all have a wonderful rest of your day and night! Hopefully this was of help as the price action seems to be a bit slow right now.
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I hope you all have a wonderful rest of your day and night! Hopefully this was of help as the price action seems to be a bit slow right now.
Twitter: twitter.com/ChArtworks_TA
If you want to be a loving supporter of me and my "ChArtworks"
$BTC: 35tmT7MAQXZm7rr1KzZMWNRpN2iyrnSB4z
$LTC: LVfCT9fu4dYyFAo5cW5xLrzHZHWFoG85hn
$ETH: 0x390d207b9bde62f2806caddfb94809de61da50d9
$x42: XZXm43FJcZHEVNs9dh8mdfzWyY6VfmJvPc
Donations are never required but they are seriously very appreciative! Your Supportive comments and follows are just good enough too :D <3
Join the best Crypto and Technical Analysis Community in the world!
Discord: discord.gg/Ety65Ft
(Mitch Ray's Channel) Amazing community and I highly recommend checking out Mitch Ray if you haven't yet!
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