Possible diamond formation on the daily chart

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It looks like bitcoin is slowly finishing forming a diamond pattern on the daily chart. If I am right, we will see a reversal of the trend back to bearish, as I predicted in my previous analyses.

This is not financial advice.

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ملاحظة

The diamond shape is even more evident on the four-hour line chart:

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ملاحظة

This short upward rally was nothing more than a simple false breakout from the diamond formation. The price has again returned to the inside of the diamond, hence I conclude that the bearish rally can be considered to have begun.

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ملاحظة

Wow, the price has already pierced the bottom edge of the diamond!

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ملاحظة

١٧ أغسطس ٢٠٢٣

ملاحظة

It seems that this forecast has worked out quite well.