Bitcoin is currently forming a pattern on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.
The measurements for a valid are detailed below.
C: 0.382 - 0.886
D: 2.24 - 3.618
X to D: 1.618
I'll be expecting price to stall out once it reaches the D point, this forms on a key level of support!
As you can see from the below the pattern completes slightly above the daily support trendline.
This is sufficient reasoning for a reversal to take place and seems likely considering Bitcoin has already corrected by 50% since the all time high.
Keep this setup on your watch list :)
I would pay close attention to the area in which price is trading in right now and the resistance trendline.
If there are any indications of a decline I will be sure to update my analysis.
Although, in the Six Figure Capital Telegram channel Kyle pointed out that price has also formed a valid bullish cypher so our options are open.
Keep an eye on the setup below, the viable option seems to be a second test of support... However, pay attention to both for a reversal.
Pay attention to the reversal level at 9k.
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There are a lot of ideas with no clear direction.