Diamond formation on the four-hour chart

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.

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

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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.

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And liftoff!

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Target reached.

stanosky

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