Forming a Cypher Pattern: Possible scenario for BTC
Hey guys!
I was trying to figure out the next move for BTC and I found out that price movement looks very much like it is building a cypher pattern. The entry level of the pattern would also match up almost exactly with .786 Fibonacci level of the entire correction movement. That´s always a good thing :)
Anyways, this whole idea looks promising but could be worthless within a few minutes if BTC should drop lower or overshoot. Therefore, please do me and yourself a favour and take it with a grain a salt. This is no trading advice but only a possible scenario I´ve just spotted.
Stay safe and have a great day
I was trying to figure out the next move for BTC and I found out that price movement looks very much like it is building a cypher pattern. The entry level of the pattern would also match up almost exactly with .786 Fibonacci level of the entire correction movement. That´s always a good thing :)
Anyways, this whole idea looks promising but could be worthless within a few minutes if BTC should drop lower or overshoot. Therefore, please do me and yourself a favour and take it with a grain a salt. This is no trading advice but only a possible scenario I´ve just spotted.
Stay safe and have a great day
Comment:
I will update this idea if we really should reach the entry point within the next couple of days. Right now, we are seeing a huge spike towards it, so be prepared.
Comment:
This idea is still in play and depends on which way BTC will choose to go. If we should drop below 10.3k from here, the idea is done. If, on the other hand, we should reach 12.4-12.9k and wait for another conformational change of trend to the downside, the trade will go active.
Sideways action requires shaolin-monk-like patience.
Sideways action requires shaolin-monk-like patience.
Comment:
We are right in the middle of our target zone to open the trade, BUT:
We don't want to lose and get caught by the market. That's why we wait for an eventuell top on the 4hr time frame or above; or even better, a double top.
Only if this scenario happens, open a short!
If we should close above 13k, I strongly believe we will go further up from there.
Stay safe!
We don't want to lose and get caught by the market. That's why we wait for an eventuell top on the 4hr time frame or above; or even better, a double top.
Only if this scenario happens, open a short!
If we should close above 13k, I strongly believe we will go further up from there.
Stay safe!
Order cancelled:
The call for top worked out almost perfectly. Unfortunately, I didn't make the trade because the cyphern pattern became invalid due to too long sideways movement.
Anyways, congrats to anyone who got in at 12.9k. :)
Anyways, congrats to anyone who got in at 12.9k. :)