BTC - Support at the Pattern Break 1.272

17 nov 2021The 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.