Diamonds are forever...
Hello,
Bitcoins price development formed a quite accurate shaped diamond bottom.
The bottom diamond pattern has shown an excellent performance compared to wedges and triangles.
The Fibonacci retracement I use in the chart is not based upon the price, but on the expected performance of the pattern.
This might be calculated as following. Measure the price range from the highest to the lowest candle, multiply it with 0.81.
The indicator analysis of my former post on Bitcoin fortifies the patterns validity and target.
Trade safe!
Nik
Bitcoins price development formed a quite accurate shaped diamond bottom.
The bottom diamond pattern has shown an excellent performance compared to wedges and triangles.
The Fibonacci retracement I use in the chart is not based upon the price, but on the expected performance of the pattern.
This might be calculated as following. Measure the price range from the highest to the lowest candle, multiply it with 0.81.
The indicator analysis of my former post on Bitcoin fortifies the patterns validity and target.
Trade safe!
Nik
Trade active
Trade closed: target reached
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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.
Related publications
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.