Cypher Pattern Spotted on BTCUSDT
TL;DR Bitcoin is close to reversing. The perfect reversal is at $11,143, with the lowest point to reverse being $8,167
I wish I would have posted this 3 days ago, I didn't think it would end up (nearly) completing :)
Regardless of the pattern, BTC -15.43% is basically giving a 50% off sale during the holidays! Thanks BTC!
We're looking at completion of our Cypher pattern at D point, $11,143
A = .382 - .618
B = 1.272 -1.414
X to D = .786
We're looking for price to touch D point, and then reverse.
Wait for it to hit D before entering.
Risk to reward is nearly 2, 1.82. We strive to have a R/R of 2 with the normal strategy, but i really like the resistance at 8,167, and future growth :)
Note: Always draw on your own chart, and ALWAYS look for candlestick confirmation and that the candlestick CLOSES!
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