BTCUSD Bullish Cypher
Updated
This week I am looking at a potential bullish position on Bitcoin, where support has recently been found between 9-10k (a good psychological number). Price has retested the $9100 mark and is beginning to consolidate as it approaches 10k once again, making this a good area for a double-bottom to occur.
As always, this pattern comes with a 1:2 risk-reward ratio from the PRZ, but candlesticks will still be heavily monitored before any entry will be taken.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
As always, this pattern comes with a 1:2 risk-reward ratio from the PRZ, but candlesticks will still be heavily monitored before any entry will be taken.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786
Note
See below: an overview of current price structure and potential consolidation areas.Trade active
Our 1st take profit level at £1119.00 has been reached! My position has been closed and re-entered with half the original position size. My stop-loss has been re-adjusted to the original entry level and my final TP level will be the full 0.618 retirement at £11909.75Trade closed: target reached
Our 2nd TP level has been hit. Well done to everyone who got into this position.
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