Diamond formation on the four-hour chart

27 באוג׳ 2023

Overall, I am bearish on bitcoin in the long term, but I think we will soon see a quick upward bounce. The diamond formation in the four-hour time frame seems to confirm my position. Moreover, the rebound will most likely be a natural re-test of the lower edge of the weekly upward wedge (you can see it on my previous analyses). I believe we will see a real crash immediately after that.

This is not financial advice.

29 באוג׳ 2023

הערה

Ok, an update after the recent price movements. Now the shape of the diamond formation is even more clearly visible:

29 באוג׳ 2023

הערה

I see that the diamond is still taking shape. Perhaps it has just finished forming. Now we are likely to see an upward move or a quick fake-out downward move.

29 באוג׳ 2023

הערה

And liftoff!

29 באוג׳ 2023

הערה

Target reached.