I (don't) want to believe!

Updated

I'm a bear, but looking at the chart, I get the impression that bitcoin is printing a large diamond pattern on the daily timeframe. Given today's price action, we may think that bitcoin will continue to fall, but who knows, maybe the last upward move is lurking in the woods?

This is not financial advice. More like bad sci-fi.

Note

It looks like the diamond is in play:

Note

The diamond is getting prettier and prettier:

Note

Hm, this diamond is perhaps even bigger than I initially thought. Moreover, everything indicates that the price will touch the intersection of the 0.618 fibo level with the upper edge of the downward channel initiated by the last ATH (red arrow).

And the bigger picture:

Note

The price has already touched the upper right edge of the diamond (or at least on the weekly chart), so I think it can be considered with a high degree of confidence that the pattern is 90% confirmed. Now the decline should begin, which will break through the lower right edge.

stanosky

Related publications

Bearish flag on monthly chart

by stanosky

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.