j_nathan
Short

Bitcoin cypher possibilities

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
When considering cypher patterns more than one is possible at the beginning. For now we are looking at a Gartley Bearish or AB/CD Bullish cypher (S). If the 1st retracement in this study jumps from a .618 to .786 reading, the Gartley is negated but the AB/CD still has legs and also A Butterfly bearish pattern is possible. Will update accordingly and negate if the .618/.786 are compromised.

As usual my personal take is bitcoin has not provided enough movement this year to speculate proper movement regardless the minions that preach their own bullish nonsense that will never end. With regard to the time of year one wonders if things slow down even for a couple weeks how much the mega removed volume that propped crypto insanely high will fare, hence the need for some bearish levels and re-entry points.

Enjoy
Comment: For an alternate view we can also squeeze these levels in using only the candle body.
The cypher can then move forward under whichever conditions prove reliable. As I stated before BTC price structure is lacking and of course all of this is subjective but sometimes spot on.
Comment:
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