Bitcoin Bearish Cypher Pattern
Had to do a bit of research on this one.
I could tell this wasn't a Gartley pattern by the lack of length on the left leg (X-A).
But it -is- a Bearish cypher.
The retracement levels beyond 1 have been adjusted beyond to measure the amount beyond 1 the 2nd leg matches the retracement from XA.
It's within the median of the requirements exactly... and the rest of the pattern... the .618 midpoint, and .786 end point... line up precisely.
Looks to be a potentially bearish conclusion of these swings we've seen recently.
Here's the measuring criteria for you to judge for yourself.
profitf.com/articles/patterns/forex-cypher-pattern/
I myself have exited all alts and have tightened my stops on BTC to protect profit.
TA isn't a fortune-telling tool but it allows you to prepare and mitigate your risk.
Happy Trading.
-SJ
I could tell this wasn't a Gartley pattern by the lack of length on the left leg (X-A).
But it -is- a Bearish cypher.
The retracement levels beyond 1 have been adjusted beyond to measure the amount beyond 1 the 2nd leg matches the retracement from XA.
It's within the median of the requirements exactly... and the rest of the pattern... the .618 midpoint, and .786 end point... line up precisely.
Looks to be a potentially bearish conclusion of these swings we've seen recently.
Here's the measuring criteria for you to judge for yourself.
profitf.com/articles/patterns/forex-cypher-pattern/
I myself have exited all alts and have tightened my stops on BTC to protect profit.
TA isn't a fortune-telling tool but it allows you to prepare and mitigate your risk.
Happy Trading.
-SJ
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.