BitcoinShort
BTCUSD Tentative 13 Day Cypher Pattern
Updated
PLEASE NOTE THIS IS TENTATIVE NOT FINANCIAL ADVICE TAKE IT WITH A PINT OF SALT!
This is an attempt to identify a good entry point in the current down trend, designed to maximize returns in the short term should a vital condition be met at the low 1.27 Fibonacci Retracement.
Our study uses the most recent swing low AUG 6 and the most recent swing low AUG 15 on the daily charts. Please note this might happen in less or more than 13 days.
Conditions for it to prove true:
1. BTC must ignore the sloping purple ascending support at roughly 9600-9400. This is very strong support, chances are we will fail to break it.
2. BTC must drop as low as 8900
3. BTC must break 9400-9600 on its rally back up
4. The most likely rally will go as high as 11200-11700 best case scenario. Please understand we cant predict the exact top so an exit point should whenever possible be set with a trailing stop loss in order to maximize profits.
Conditions for it to prove false:
1. Failure to fulfill any of the TOP 3 out of 4 conditions.
In conclusion:
1. We are short until 8900 and long thereafter, for those looking for short opportunities indicators point that there are conditions for a possible rally downwards.
That said Trade Safely, Happy Trading.
This is an attempt to identify a good entry point in the current down trend, designed to maximize returns in the short term should a vital condition be met at the low 1.27 Fibonacci Retracement.
Our study uses the most recent swing low AUG 6 and the most recent swing low AUG 15 on the daily charts. Please note this might happen in less or more than 13 days.
Conditions for it to prove true:
1. BTC must ignore the sloping purple ascending support at roughly 9600-9400. This is very strong support, chances are we will fail to break it.
2. BTC must drop as low as 8900
3. BTC must break 9400-9600 on its rally back up
4. The most likely rally will go as high as 11200-11700 best case scenario. Please understand we cant predict the exact top so an exit point should whenever possible be set with a trailing stop loss in order to maximize profits.
Conditions for it to prove false:
1. Failure to fulfill any of the TOP 3 out of 4 conditions.
In conclusion:
1. We are short until 8900 and long thereafter, for those looking for short opportunities indicators point that there are conditions for a possible rally downwards.
That said Trade Safely, Happy Trading.
Note
Correction: Our study uses the most recent swing HIGH AUG 6Trade active
Gradual push to the downside we still to test the sloping support and also failing to break past the 9700 range which indicates major support levelsTrade active
Sideways movement, oscillating between 10200-9900, lots of indecision ongoingTrade closed manually
conditions not met
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