Possible Bearish Cypher forming on Bitcoin looking for a pull back on this area to at least around 7000 then I will be looking for a Buy up to my D point . If this happen there will also be a Bearish Butterfly that will be formed in the same area
Looking at this to be a good B point for the Bat pattern, We are currently within a Sweet Spot Zone and testing a higher time frame trend line. There is also Bearish Divergence on both the MACD and RSI. Looking to ride this down to our next Sweet Spot Zone or Level of Conviction, where our C point would then be formed. If a Lower low is created Im looking to ride...
If we see a reversal in our sweet spot area for the larger swing that would be a perfect spot for a X to A to B move. If price then retraces into our devil's advocate position that would then be the C point
There are two possible Harmonic patterns on Bitcoin a Bearish Butterfly and a Bearish Crab
The Butterfly Pattern has completed the Crab is still forming
We are also in a sweet spot zone and looking left I see a DBD area which is also a fresh and untested zone
Bitcoin looks to be completing a five wave move up, im expecting aan ABC retracement move down once the Harmonic Crab pattern is complete if this happens then a Head and Shoulders pattern will have completed and I'll be looking for further downside movement
