Quick post.
BTCUSD looks to be forming a diamond top reversal pattern on the hourly chart. Diamond tops are recognized as being lopsided head and shoulders patterns. Price target $9,700, while taking profits at each fib level on the way down. Stop loss above the right shoulder or $10,750.
*THIS IS NOT TRADING ADVICE*
BTCUSD looks to be forming a diamond top reversal pattern on the hourly chart. Diamond tops are recognized as being lopsided head and shoulders patterns. Price target $9,700, while taking profits at each fib level on the way down. Stop loss above the right shoulder or $10,750.
*THIS IS NOT TRADING ADVICE*
Note
First price area has been hit, but I am fairly confident we have not found bottom yet. We just completed our first micro wave 1 down of the b wave of our presumed zig-zag correction. Lower target looking fairly likely due to the length of wave a.Trade closed: stop reached
Price reached our initial stop price. Hit the 0.786 fib retracement,I will continue to monitor.Trade closed: target reached
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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.