ninjabenja

Bullish Cypher reaching for completion

Long
BITSTAMP:BTCUSD   Bitcoin
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 (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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.