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
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
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