Possible diamond formation on the daily chart

Jul 12, 2023

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.

Jul 13, 2023

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

Jul 14, 2023

Note

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.

Jul 14, 2023

Note

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

Jul 24, 2023

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Aug 17, 2023

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It seems that this forecast has worked out quite well.