BTC - Support at the Pattern Break 1.272

17. Nov. 2021

The 1.272 is the Square Root of Phi, The Golden Mean, (1.618). This classic extension target was the spot where price found 8 Hour Support, setting up a demand zone between the 1.236 and the 1.272. Now I will be allowing the next pattern to develop, and then a new model of supply and resistance will present itself. Diamond Patterns can be either reversal patterns at the top of a trend, as was the case here, reversal patterns at the bottom of a trend, continuation patterns at the top of a trend, or continuation patterns at the bottom of a trend. This dichotomy makes this pattern a formidable foe, to identify, respect, and study. If mastered the rewards are available.