Today we have an excellent buying opportunity for SYS/BTC on the 4h chart with a bullish 5-0 pattern, I'm absolutely loving the look of this setup already!
The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50
The B point forming at a solid 1.272 adds to the structure of this pattern.
At this current moment in time we are yet to complete the C leg at the minimum 1.618, I have highlighted the two most favourable outcomes if this pattern takes shape.
1. Price will reverse at 7750, therefore, forming a valid C point at the minimum 1.618 before completing the pattern at 5000 and providing an opportunity to go long.
2. Price will reverse at 9900, therefore, forming a valid C point at the maximum 2.24 before completing the pattern at 6075 and providing an opportunity to go long.
I will not be buying until the pattern completes! Once we have a C point locked-in I will update the idea :)
I hope you all have a great weekend when it comes.
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Price has confirmed 1.618, waiting to see if the pattern will complete at D or form a 2.24 C point.
Trade active
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Pattern is now complete, I'll be entering shortly and now that BTC is dropping it will be a good entry level to maximise profit.
Stop loss is set at a 26% loss, take profit set at a 56% gain.
Very obvious but I have to state this, make sure you divide your capital wisely, diversify and do not use all of your trading capital on one trade!
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Bullish cypher pattern has formed around 5000 on the 1h chart providing additional confirmation for a move up over the next 7 days.
sys will release desktop blockmarket on September 12th. You should use that news as reference. It is the reason why sys is rising now
LewisGlasgow
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@SamHuynh, I usually only cover technicals in my posts as that's what everyone expects to see from me, fundamental coverage is not my background but I could do this for cryptos.