There looks to be a nice bullish cypher pattern forming on the BTC daily chart indicating a potential reversal is in play. This looks further confirmed by hidden bullish divergence on both MACD and RSI indicating a continuation in the ascending channel (green dotted lines).
If this plays out, I will add on additional details as to the rules of the cypher pattern for anyone looking for it in the future, but the harmony of the current pattern looks very promising. Note that although I have often seen some rules of the cypher pattern vary, particularly for the AC and BD retracements, I tried to make an extra emphasis where there is strong consistency for the numbers I pointed out.
As always, no pattern is guaranteed, so a continuation in the current descending channel (red lines) is still possible with potential for the dip extending further as time progresses (from roughly 43-46K based on when a dip would occur if a dip does occur). However, currently price action has a potential to continue upward toward the Fibonacci retracement levels (as indicated on the right) if the cypher pattern holds.
Although note to please not take any of this as advice, as I am just indicating what I see, not recommending any setups, particularly with the recent volatility.
But please like or comment if you agree, see any mistakes, or have any counterarguments. Thanks!
If this plays out, I will add on additional details as to the rules of the cypher pattern for anyone looking for it in the future, but the harmony of the current pattern looks very promising. Note that although I have often seen some rules of the cypher pattern vary, particularly for the AC and BD retracements, I tried to make an extra emphasis where there is strong consistency for the numbers I pointed out.
As always, no pattern is guaranteed, so a continuation in the current descending channel (red lines) is still possible with potential for the dip extending further as time progresses (from roughly 43-46K based on when a dip would occur if a dip does occur). However, currently price action has a potential to continue upward toward the Fibonacci retracement levels (as indicated on the right) if the cypher pattern holds.
Although note to please not take any of this as advice, as I am just indicating what I see, not recommending any setups, particularly with the recent volatility.
But please like or comment if you agree, see any mistakes, or have any counterarguments. Thanks!