It is possible that a local reversal pattern “Rhombus” or “Diamond” is forming on the BTCUSDT chart.
Confirmation of this pattern is the breakout and consolidation of the BTC price above $29600
The target for working out of this pattern is $30800-31000
Failure of this pattern – the BTCUSD price falls below $28700
It is likely that the Bitcoin price will consolidate in a narrow range for two more days, and on August 10, when the “fresh” US CPI is announced, a sharp impulse movement will occur.
Also, this scenario fits quite well into the scenario of a potential medium-term trade for BTCUSDT, which we published earlier.
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