We're looking at another cypher pattern but this time on the 1h chart with DCR/BTC, this is an excellent long opportunity with 1:2 risk to reward!
The D point forms above trendline support on the 4h chart as shown below, I'm expecting price to stall out on this level or at completion of the pattern.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
Feel free to share your own analysis below, and as always trade safe!
The D point forms above trendline support on the 4h chart as shown below, I'm expecting price to stall out on this level or at completion of the pattern.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
Feel free to share your own analysis below, and as always trade safe!
Comment:
Quick update on why this move did not play out, I have a strict set of entry rules with all patterns and this unfortunately did not meet them.
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