$BTC diamond figure in btc
Next to 65k? What do you say??
The diamond figure in trading is a trend reversal pattern. This pattern is usually formed at the end of an uptrend or downtrend and signals a possible change of direction in the market.
Characteristics of the Diamond Pattern:
Formation: The pattern is formed when the price begins to move in a wider range, forming a structure that resembles the shape of a diamond. Then, the price range narrows again, creating the second half of the diamond.
Trend Reversal: When the pattern completes, it usually indicates that the current trend (either bullish or bearish) is losing strength and that a reversal is likely to occur. This means that if the diamond pattern appears after an uptrend, a reversal to the downside is expected, and if it appears after a downtrend, a reversal to the upside is expected.
Volume: Volume is often high during the formation of the diamond pattern and decreases as the pattern completes. An increase in volume during the pattern breakout can confirm the trend reversal.
