Long

BTC/USD Bearish Butterfly Idea. [2HR]

Updated

First off I'm Long regardless due to a Structural Squeeze on pretty much every crypto and even the TTM showing squeezes on the weekly in terms of Market Pressure but, these past days including monthly bullish divergences, we have been forming Multiple diamonds on every crypto and timeframe imaginable, for some people it's hard to believe I don't pull these out of my behind. Here I have an interesting idea with the "Final Diamond" [Purple One] The more influential and outer structure of the 2HR Timeframe. If in fact we Burst up and you can see I have some Options based on previous moves.. We could go up bouncing inside a triangle to form a Bearish Butterfly for a selloff with 2 optional similar directions, do I think it will be a reversal if this completes? No, but I'm more excited for the possibility of the Harmonic Pattern actually failing because like when we first hit 20k we did form a Giant Harmonic Bearish Butterfly but Nothing was sold off, Previous it had on a smaller one, but by the time we made the largest one possible manifested, a flood of money came in because reaching 18k-20k is a giant volume well and we broke it. Similarly we have a volume well to the left here on the 2HR which, I hope we go up, but ultimately have an incomplete pattern and zoom higher to 21,200. Even if we do sell off, we could simply recover (It is a small timeframe anyway...) for this instance I'm long the A13 on the 2HR here also shows volatility is about to commence which gives me the confidence in the diamond even being there as a reconfirmation.

Note

By the way I apologize was chart was on the 1 hour, I meant to put it on the 2 hour... I spoke of an "A13" which was on the 2 hour but I posted a 1 hour timeframe chart, sorry.
Also, damn that Diamond aint messing around.

bloodbound696

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