ninjabenja
Long

Bullish Cypher reaching for completion

BITSTAMP:BTCUSD   Bitcoin / Dollar
Long trade entry would be taken at the 'D' completion of this pattern; at $249.24. There are actually a couple of patterns working together right now. The Bearish Bat Pattern (link to chart below) appears to be pulling us down into the completion of this Bullish Cypher . Or, I suppose you could just say that it was fundamentals that sponsored the "unforseable" and sudden drop in price, via yet another btc             market which ran off with user funds (http://goo.gl/rU58EZ). Whichever you like. Typical targets for the Cypher pattern are: #1 @ . 382 retracement of CD; #2 @ . 618 retracement of the distance CD.
We just saw target #1 of our bullish cypher, now looking for target #2 @ $279.19
snapshot
+1 Reply
Target hit almost perfectly on Stamp. :) But are you sure this is bullish lol?
+2 Reply
The only thing I can be sure about is that a bullish reversal here is in the neighborhood of 80% more likely than a move beyond 'X', based on historical back testing with various currency pairs. Does that mean this pattern can't fail to meet both targets, or just fail all together? Unfortunately no. That being said, I trade the pattern- stops below 'X'.
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I think the downward move started with facebook's implementation of sending money through messenger and wasn't helped by the latest absconding of coins. Interesting insight though.
+2 Reply
dang, I was only gone to the coast slightly more than a day and missed both the FB info and the Evolution fiasco until just this morning. I'll look up the FB details. Thanks! https://www.whaleclub.co/post/MQiFf9
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