Starting to look very Cyper-ish on BTC
Remember, this is NOT set in stone. Entry points for all harmonic patterns are typically at the END of point D. So if this is how the pattern plays out, you would short from about the 0.786 fib. Right around 8600-ish.
Stop loss from D is about $50 above point D.
Keep an eye out for a 5-drive pattern where we drop down from point D And push right back up about two fibs down... To be honest that is kind of what I'm expecting it to do. There could still be a surprise drop from where we think everything is safe.
... Ya'll know how "they" operate. Screw longs, then shorts, then longs and shorts both before price makes a final decision. Don't expect anything less.
Stop loss from D is about $50 above point D.
Keep an eye out for a 5-drive pattern where we drop down from point D And push right back up about two fibs down... To be honest that is kind of what I'm expecting it to do. There could still be a surprise drop from where we think everything is safe.
... Ya'll know how "they" operate. Screw longs, then shorts, then longs and shorts both before price makes a final decision. Don't expect anything less.
Comment:
Ok, it's looking like we are going up to the 0.618 fib and that will likely be point B on the cypher
Comment:
I'm going to do another quick update on this idea based on what I'm seeing develop. Once again, keep in mind that these harmonic patterns develop over time and are subject to change...
After looking at the daily moving averages, it seems that we have enough strength to keep the buying relatively strong. I have decided that (for now) I am favoring a more bullish harmonic pattern over the one that takes us down to 7.6k based on where the moving averages have given a lot of support and resistance on the daily.
My new harmonic pattern shows us going up to 0.618 as point B on the harmonic and bouncing off of the 0.382 fib up to 0.786 based mostly on heavy resistance at 0.382 and how the moving averages on the daily are setting up to be.
This is the new pattern I'm looking at:
After looking at the daily moving averages, it seems that we have enough strength to keep the buying relatively strong. I have decided that (for now) I am favoring a more bullish harmonic pattern over the one that takes us down to 7.6k based on where the moving averages have given a lot of support and resistance on the daily.
My new harmonic pattern shows us going up to 0.618 as point B on the harmonic and bouncing off of the 0.382 fib up to 0.786 based mostly on heavy resistance at 0.382 and how the moving averages on the daily are setting up to be.
This is the new pattern I'm looking at:
If we do get any higher movement, I do expect it to maybe hit the .618 fib, and that will change the timing on the down leg, but I do expect us to go down either way.