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Diamondbottom

DIAMOND BOTTOM REVERSAL PATTERNDiamond Bottom is considered a bullish signal indicating a possible reversal of the current downtrend to a new uptrend. Diamond patterns usually form over several months in very active markets. Volume remains high during the formation of this pattern. The Diamond Bottom pattern occurs because prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. The Technical Event occurs when prices break upward out of the diamond formation. The inbound trend is an important characteristic of the pattern. A shallow inbound trend may indicate a period of consolidation before the price move indicated by the pattern begins. Look for an inbound trend that is longer than the duration of the pattern. A good rule of thumb is that the inbound trend should be at least 2 times the duration of the pattern. Target: measure the distance between B and C point,if the distance is 73% after breakout from D point the target will be +73% potentially profit Hit the LIKE button if you want more educative charts,
BITFINEX:BTCUSDEducation
by CryptoC77
1
Diamond breakout then H&S breakout then sub 3k!Good day Traders Bitcoin seems to be following the H&S pattern from my previous post, and currently printing the right shoulder, as well as a potential bottom diamond pattern, which could break in either direction since it's both a reversal and a continuation pattern. We still have major trend line resistance going back from our ATH and we're sitting right at resistance as we speak. Our daily SMA50 is also not far above us. If this does end up breaking to the upside, I suspect there will be one more drop towards diamond support (around $3500) before we break upwards, in order to build enough momentum and volume to break through both that resistance and the daily SMA50. I think the height of the right shoulder will be dependent on the direction of the diamond break out. A break to the upside, above the major trend line resistance, should take us up to between $3870 and $3920 where our previous uptrend support could be tested as resistance. This is also more than a 61.8 fib retracement after the wave from the head to our neckline, which should give us a 161.8 fib fib extension target of $3090 before we correct up to potentially retest the H&S neckline as resistance, and then dropping from there. If the major trend line resistance and daily SMA50 resistance is too strong to break above, the right shoulder height might be capped at around $3720 which is a 38.2 fib retracement after our wave down from the head to the neckline. Be wary of a long wick fakeout above the diamond resistance before closing below that resistance on the hourly and heading in the opposite direction. Stop hunters are loving this low volume at the moment (hence all these bart moves lately). We might have a long squeeze wick take us above the 38.2 fib retracement mark ($3723) and briefly above the TR and daily SMA50 before turning back down again and breaking in the opposite direction (same applies vice versa). If we get a 38.2 fib retracement, then I'll be looking for a 138.2 fib extension target of around $3240 where we should then find support above the weekly SMA200 before correcting upwards to potentially retest the neckline as resistance and then dropping from there. The upside target for the diamond is above $3800 and the downside target is below $3270 (around our weekly SMA200 support). The target of the H&S is somewhere around $2800 - $2870, then our next major support is around $2500, however, I think this might just be our capitulation and I have a revised target of $2160 for our bottom. The reason I think that this might be our bottom, is because: (1) we had a 38.2 fib corrective retracement from our 2018 low which gives me a 138.2 fib extension target of $2160 (2) This will be a roughly 50% drop from our recent swing high of $4213 and capitulation is often characterized by a 50% drop (although it could have a further 50% drop and so forth, although no one really knows). If the H&S becomes invalidated and we break above the SMA50, TR, and right shoulder, then based on recent volume and price action, the upside is probably limited to between $4100 - $4300 before resuming the down trend. We do have strong hidden bullish diversion on the 1D StochRSI but the question is when will this actually play out? It might potentially play out at our weekly SMA200 (around $3300), however, if it plays out after finding our bottom support (the bottom swing low could be in the lower $2k area), then I expect a very large move to the upside afterwards, similar to the 100% upside move after capitulating in 2014/2015. Something else to consider is our Bitfinex shorts. You'll see our shorts are continuing to drop off, however, the market rarely follows the herd, and if you look at our recent history, every time our shorts come close to around the 18000/19000 area, we have had a substantial drop. We are now closing in on this area. Besides that, we also potentially have the start of a new weekly cross on the StochRSI which does not usually end well for the bulls as can be seen by the yellow ellipses. Entry: Break of neckline support TP 1: $3240 (138.2 fib extension target for right shoulder height) or $3090 (161.8 fib extension target for right shoulder height) TP 2: $2880 TP 3: $2160 Stop: Above right shoulder Bitfinex shorts: The StochRSI cross on the weekly: 2014/2015 bottom: Good luck and happy trading!
COINBASE:BTCUSDShort
by Corn_Reaper
4
Will this Diamond Bottom save us the violent capitulation wick?Reviewing today´s market moves, it turned out there´s a slight chance we might finish wave 5 (?) with the help of a currently forming reversal Diamond Bottom. We should keep an eye out. It could shoot us back up to where we came from yesterday and today and most importantly back above the weekly EMA200. If this resolves bearish or in further sidemoves, I don´t really see what else could save us the freakshow coming.
BITSTAMP:BTCUSD
by Gl4diator
BTC:USD DAILY UPDATE (day 140) Yesterday’s analysis : Rally should take us to the bottom of the triangle and the 128 day MA - around $7,600. Then pullback to $6,200. From there I expect us to find a base and rally back to $10,000. If you missed it I would highly recommend checking out the Bitcoin Bubble Comparison that was posted yesterday. Patterns: higher low/diamond bottom. Inverse h&s with $7,835 target and $6,825 neckline Horizontal support and resistance: R: $6,800 S: $6,676 BTCUSDSHORTS: Broke out of channel, but found resistance at 24,717. Hanging man on the daily. Expect 21,400 support to be retested Funding Rates: Today longs will pay shorts 0.01% 12 & 26 EMA’s (calculate % difference): 12: +3.94% 26: +3.36% | Getting ready to make bullish crossover on daily for first time since 4/19. Recent bullish cross on 12h. MA crossovers (50 and 128): Bullish on 1h. Getting ready to cross on 2h. FIB’s: 0.382 at $8,476 and 0.236 at $5,817 Candlestick analysis: Ichimoku Cloud: Kijun at $7,184. Cloud at $7,488. Fully bearish. 6h just broke out of cloud, had a bullish kumo twist, and is getting ready for a TK' cross. TD' Sequential: Green 2 above a green 1 on the daily. Green 1 after a red 9 on the weekly. Green 8 on 12h. Visible Range: Increasing resistance from here to $9,000 50 & 128 MA’s (calculate % difference): 50: Current candle is trying to breakthrough 128: -13.36% BTC Price Spreadsheet: X Bollinger Bands: Monthly MA is at $5,473 Weekly is starting to sqeeze. MA is at $7,738. Top band on daily is apart of resistance cluster at $6,800 Trendline: Bull trend start at 9/15/17 and connect with 6/30/18 (green dotted). Bear trend was recently broken. Down trend from triangle will be at ~$7,600 Daily Trend: Bullish since 6/29 Fractals: UP: $6,822 DOWN: $6,075 On Balance Volume: Coming up with the price Buy/Sell Sentiment on Trading View: RSI: 56.3 | Stoch: 70.5 | Short term MA’s showing buy signals. Conclusion: Very confident in a pump to $7,500. Green 2 trading above a green 1 on the daily is providing an entry. I have set a stop order to long as soon as the price reaches $6,851. That will allow us to break through the major resistance at $6,800 and will still get us in a position with a favorable risk reward. Stop loss would be set at $6,474
BITSTAMP:BTCUSDLong
by Sawcruhteez
3
BTC - Bulls Vs Bears (as always)Dear all, Here is the current view on BTC that I am monitoring. We really had a fight right now between Bullish and Bearish patterns. Bulls: - Inverse Head & Shoulders in formation (Target $7,900 area) - Possible Diamond bottom Bears: - Downward break out of the falling wedge - Trend line rejection on the Daily at key $6,800 level - RSI too high to have another significant rally - Could end up in a future descending triangle along resistance line On my side I entered long at $6,350 with tight stop loss, and I'm looking at $6,180 and a possible option for the top of the Right Shoulder. Below that we are likely to retest the $5,800 area or even lower. All the Best from the Crypto Space Alteroc
BITFINEX:BTCUSD
by Alteroc
7
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
BITFINEX:BTCUSDLong
by UnknownUnicorn1539772
7
Bitcoin BTC / USD Diamond Bottom Bearish ContinuationI'm thinking that we fail to break the outlined resistance level and see a diamond bottom breakdown to the next level of support. The breakdown may feature a throwback to the area of market structure, which would be the ideal level to enter a short position. Bulkowski outlines that the Diamond Bottom performs at a rank of 1 out of 21 in breakdowns . (To be transparent: I'm not entirely sure where he's observing these statistics from. But regardless, in some capacity, it ranks highly as bearish continuation) thepatternsite.com
BITMEX:BTCUSD.PShort
by AzorAhai06
BTC's next big move! BTC about to make a major move. Being pushed down by the Jupiter-Uranus opposition beginning around 5/5 and ending 5/15. We could see the major pump or a leveraged, stop hunt liquidation wick before a major pump up. We have a few celestial events coming up. * 5/12 Mars enters retrograde zone - unfavorable or could be a trend reversal sign. * 5/14 New Moon enters Taurus Mercury enters Taurus * 5/14 - 16th Consensus 2018 Conference *** 5/16 *** *** Uranus enters Taurus *** *** Gann fan crossing *** * 5/17 Moon Perigee (closest to Earth for May) Mars enters Aquarius It'll be interesting to see how BTC plays out.
BITFINEX:BTCUSD
by TreeTruffle
1
BTC! Seer of the future? Or just a blind bull?Hello Friends and welcome to an updated analysis on Bitcoin. At this point we have touched our Diamond Bottom Target twice. This is where if trading this pattern I'd take profit. The primary reason for this is the Ascending Wedge (orange with blue lines) or Rising Wedge as some call it. I originally thought we were forming an ascending triange but alas it has morphed into a rising wedge. If you don't know the difference between an ascending triangle (Bullish) and an ascending wedge (Bearish) PM me or comment and I'm happy to explain. The interesting thing is that this ascending wedge meets up perfectly with the edge of the downtrend line (red dotted line). That is unignorably bearish, I agree. However, I am a big believer in the diamond bottom as a reversal pattern, also the MACD has been in a Symmetrical Triangle for the entire correction from the ATH and it JUST broke to the upside during the breakout of the Diamond Bottom. For these reasons I am long on bitcoin and I think the bottom is in. We are currently forming one HUGE symmetrical Triangle between the rising and falling long-term trend lines (Red Dotted Lines). My expectation is that we will correct inside the triangle to the target of the Orange Ascending Wedge, which also corresponds to the .236 fib retrace, which is also VERY close to the Top of the Diamond Bottom. That is a perfect spot to create another higher low, and break out of this HUGE Symmetrical Triangle to start our next bull run to 30k-40k. Overall I am Bullish, I think there is going to be a heathly bearish move, followed by a breakout of the HUGE triangle. If the Diamond is invalidated I may think twice, but otherwise I see a beautiful reversal taking place. Remember this is just for educational purposes only, I am not trading bitcoin personally, I use it mainly for a market indicator. You should do your own research before trading yourself. Well like it if you like it and comment if you have a question! I'm your Falcon Bottom Finder, always looking for THE best entry! -D
BITSTAMP:BTCUSDLong
by DHuts
8
Bitcoin Diamond Bottom Ready for LiftoffI'll be quick here, I'm happy to explain anything on the chart so comment a question if you have one. Pretty clear from the chart, but we have a descending wedge that finished with the rare but highly reliable, I'm talking 81% Price Target Accuracy reliable, The Diamond Bottom. The fib retracement from March 5th to April 1st supports the Price projections of the Diamond Bottom and the falling wedge. The Diamond Bottom at the 8,500 +/- 100 zone which corresponds to the .382 fib retrace and the falling wedge price target at 10,600 +/-100 zone which corresponds to the .786 Retrace. When we get back to 10k the FOMO will set in and away we go. Like if you like, comment if you have a question and I’m happy to answer. Thanks all, and remember this is for educational insight only. Personally, my positions are all in alt coins I mainly use BTC as a market indicator.
BITSTAMP:BTCUSDLong
by DHuts
2
THE DIAMOND LITECOINHi guys, A short analysis tonight on the 4-hour chart for the short-term of Litecoin. As you can see, LTCUSD fought to stay in the falling wedge and today has been forming a clear bottom diamond pattern. When a bottom diamond pattern is formed, the currency regain its previous value before the last bearish trend. In this case, we are in the falling wedge, LTCUSD would test the $145 support of the falling wedge and could reach $160 if it breaks. The MACD indicates a potential reversal, so there's huge possibility LTCUSD to follow the pattern. LTCBTC chart shows a great bullish flag, the breakout would be a great bullish move for Litecoin : Only few hours (8-12 hours) to see the next move I think. Agree, comment and follow, have a nice week-end !
BITFINEX:LTCUSDShort
by HatrekoS
The rarest of gems... Diamonds are ForeverGreetings Earthlings, Here we see the rarest of patterns, the often imitated, never duplicated "Diamond Bottom Pattern". The literature is not widely available but the current BTC price action fits the rule. Now you see a lot of people predicting doom and gloom... The death of Bitcoin and crypto all together. But what better to save the asset than the most coveted gem of the all... The Diamond! "The diamond top and bottom are reversal patterns. It represents a rally to a new high with a drop to a support level followed by a rally to make a new high and a quick decline, breaking the support level to make a higher low. The bounce from the higher low is then followed by a rally, but making a lower high instead. Once this behavior is identified, prices then break the trend line connecting the first and second lows and start to decline further. In the case of a diamond bottom, prices follow the same pattern, but instead make a new low and a new high followed by subsequent higher low and lower high. The diamond top and bottom patterns, despite its fancy name merely exhibits the trading sentiment and a period of congestion before a new trend emerges, depending on the chart time frame that you are using. The diamond patterns are infrequent and therefore relatively rare to spot them. However, the most ideal places to find the diamond patterns is within the head and shoulders patterns or within the triangle patterns." Credit to ProfitF.com Notice the last sentence... often found within Head and Shoulders patterns. Currently we are in an inverted H&S. Is this it? TBD... If it is a diamond reversal, expect the breakout to complete the Inv H&S and head north. In my opinion, the current price action is not clearly a bullish wedge. Happy Trading #FlintstonesGazoo #TheGreatGazoo Gazoo: "But wait, surely there must be others more qualified than I". Andre Benjamin: “Even the sun goes down, heroes eventually die/Horoscopes often lie, and sometimes ‘y’/Nothin’ is for sho, nothin’ is for certain, nothin’ lasts forever”
by cblewis_78
Bitcoin signs of the bulls coming back to the townHello everyone ! I'm not a good speaker and my English is terrible but ... here is why I have feeling that the bulls are slowly taking control over the village again after 3 months of perma FUD attacks in bearish sentiment. 1. Once the market is super bullish the correction is imminent and same counts for too bearish market with the rallyes 2. We can spot 2 (possible 3) bullish patterns a) Bullish Gartley b) Bullish Fallin Wedge c) Diamond pattern / Bottom pattern ? :) 3. Another reason is massive bull flag with interesting fractal in play which in the mid of September triggered crazy bullrun ----------------------------------------------------------------------------- 4. Probably worth to mention now I realized hidden bullish divergance at weekly chart :) ---------------------------------------------------------------------------- This is vizualization of the bubble thanks to which we had to correct before we aimed to the 12K To see how it played out click play at this TA This reversal was based on the bullish divergance Feel free to share your opinions :) I wish a nice day to all BTC traders, investors, bulls & bears If you find any of these helpfull or interesting leaving a like will melt my heart ^^
BITFINEX:BTCUSD
by Anoinvest
6