Hello dear traders,
Here is an update for Bitcoin BTC on the daily chart.
After further analysis I come to the consultation that after several heads shoulder patterns (that are all still valid) we now have a Diamond in Bitcoin as well.
I have already discovered one in Ethereum and you can follow that on my recent posts.
I will keep this updated but for now the targets are:
Target 1 42000
Target 2 35000
Above 59000 this pattern expires.
Volumes are high in the drop and the other patterns make the probability even higher.
Patterns which fail like head and shoulder patterns but also diamonds can show a quick and agressive countermove. This is always pretty clear to see.
Yes all patterns can and do fail, keep that in mind and you best always place stops with a maximum risk of 1% per trade. If you don't do this, you risk to end up with big losses. Different of course if you want to buy BTC for long term investment, buy and hold. In that case there are no stops at all but not intrading.
This is purely my idea about ETC and not investment advice. As a trader you should always do your own research and try to protect your capital with money management.