Diamonds, Bears, and Bulls
It seems to me that the BTC market may have developed a diamond pattern. Drops are often ~10% and gains are ~18%. If the pattern holds, I think we could see a strong ~10% sell off over the next few days to ~110.50USD. Weekends have been some of the most volatile times to hold BTC so a big movement downwards would not come as a shock a the week comes to a close.
The drop downward would then meet with resistance from the 8hr Ichimoku Cloud. This makes me want to believe a further sell off is unlikely, in which case we'll see a strong rebound to ~130.75 by September 5th.
The drop downward would then meet with resistance from the 8hr Ichimoku Cloud. This makes me want to believe a further sell off is unlikely, in which case we'll see a strong rebound to ~130.75 by September 5th.
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.