BTC Bearish Diamond Diametric on the 1h
Hi guys,
Looks like we have a bearish diametric forming on the BTC 1h chart. Should have one more wave down to complete Wave-F and then Wave-G will be (I'm guessing) very similar to how A/B were, quite flat. If Wave-G doesn't touch the trendline, expect a violent down move as this will constitute a G-wave failure. G wave is just drawn for illustration purposes, those aren't targets, nor is where I have Wave-F ending.
Not financial advice.
Looks like we have a bearish diametric forming on the BTC 1h chart. Should have one more wave down to complete Wave-F and then Wave-G will be (I'm guessing) very similar to how A/B were, quite flat. If Wave-G doesn't touch the trendline, expect a violent down move as this will constitute a G-wave failure. G wave is just drawn for illustration purposes, those aren't targets, nor is where I have Wave-F ending.
Not financial advice.
Nota
As long as we stay below ~12100 on this current wave (Wave-B of Wave-F) this idea is valid. If we break the trendline, the diametric is either invalid or larger than I have here.Nota
In case there is ambiguity tooNota
Nota
Another possibility is that this is the completion of Wave-G right now, but I prefer the first idea because of time similarity between the waves. This idea would make Wave-F and G very quick (which is possible). Either way, I don't expect any further highs to be made.Nota
Turned off BB, bit easier to see, sorry Nota
Guess it's just about moment of truth time, looks like BTC is about to run up to the trendline. Hoping I'm right on this and we drop soon.Nota
Probably a better wave count - Wave-G is going to end exactly at 1.618 of Wave-A (or already has).Nota
Although posting that I see my internal count on Wave-F got shifted over, so that's not quite correct either. but it's looking promising anyways to dump soon.Nota
Confirmation will be when the start of Wave-G gets broken to the downside with a faster retracement time than it took going up, by the way. So it isn't confirmed until ~11450 is broken with force.Nota
Wave-G longer and more bullish than I anticipated. Here is a pattern I found from a previous bearish diamond diametric on BTC, which it seem to be following pretty closely now - will probably use this as a rough guide on what is to (hopefully) come.Nota
Ignore that stray arrow there...Nota
Probably not that bearish, but should be a quick drop fairly soon...Dagangan ditutup: sasaran tercapai
Nota
That's probably all for this streak down.Nota
Having said, I don't think we are going up from here, and we could very well retest the low we just had. The pattern is repeating very closely to what I posted above (so far), and so just so you can see what the continued pattern would look like...Nota
Nota
Previous pattern divergence Nota
Implications of this pattern repeating as before are a new ATH.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.