With 61.8% retraces from the Bottom and Top, appears to be another reversal Cypher pattern in play.
Best guess target around $55k between now and mid-March.
Let's see what happens next.
Enjoy every sandwich ;)
On the 4 hour timeframe, price action supported by the 200 moving average (MA).
Also, note the blue trend line just above the 200MA that extends back to September 7, 2020 ... will be one of the key levels to watch moving forward.
If you have come this far, maybe you will walk a bit further for more good stuff.
Appears we have a Cypher pattern within a larger Head & Shoulders pattern.
Looks like they may play together nicely in the same sandbox.
Am guessing the following
- the Cypher ends at an approx. Target of $55k
- price then retraces 38.2%
- the price action then continues to finish at the H and S pattern target of approx. $60-61k
Crazy price action ... let's see what happens.
Comment:
Cypher target of $55k reached; am expecting a move to $60k to complete the Head & Shoulders pattern next.
Comment:
Completed retrace of 38.2% of last leg of the Cypher.
This often means the current uptrend will continue.
This often means the current uptrend will continue.
Trade closed: target reached