Was watching the price action over the Holiday weekend. Bitcoin always loves the dramatics over any HOLIDAY/extended weekend.
In this case we see several bearish cypher patterns form at the end of the crab and major butterfly pattern... signaling downward motion.
The action has been bouncing between the larger cypher and the lower cypher pattern resistance and support points.
Also the Elliot Wave appears to be showing a truncated 5 wave- didnt go any higher than the 3rd wave.. so that too is another signal of downward price action. I think we could dip down to 8.5-9 k range. It may be a relatively slow progression event due to the nature of cypher patterns. Still BTC is long term Bullish, but these rests have to occur before we go back up.
I was neutral- but now I am signaling short in the short term. May give us some good buy in prices.
In this case we see several bearish cypher patterns form at the end of the crab and major butterfly pattern... signaling downward motion.
The action has been bouncing between the larger cypher and the lower cypher pattern resistance and support points.
Also the Elliot Wave appears to be showing a truncated 5 wave- didnt go any higher than the 3rd wave.. so that too is another signal of downward price action. I think we could dip down to 8.5-9 k range. It may be a relatively slow progression event due to the nature of cypher patterns. Still BTC is long term Bullish, but these rests have to occur before we go back up.
I was neutral- but now I am signaling short in the short term. May give us some good buy in prices.
Comment:
In the event BTC trades between 10800 and 10600 it could be a bearish fake out and return to the upside very aggressively. Stay tuned.
Moorsc0de aka Crypt0nomics aka Zaphkiel