@tradepsych, I think that it indicates nothing. It's just nice to find patterns while BTC falls from the moon.
Benjamix
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@DiegoAAM, @tradepsych Now now now !! haha ! chart patterns are just milestones that we assign probabilistic significance to... A wise investor knows this is a game of chance and plays accordingly..
A diamond bottom is a significant milestone as it probabilistically induces a temporary change in direction.. When reading someones ideas it is important to focus in on what candle time frame they are charting to give you an idea of the duration of a temporary change in price.. This was a textbook diamond bottom as depending how you look at it the price increased by it's height upon leaving the formation.. we now see a second chance for buyers that think btc is bullish as the price pullsback to the diamonds extents.. On an hour candle the idea is to be dynamic, otherwise watch daily candles...