BTC Shark and Cypher
Updated
Possible Shark pattern on Daily (Also Cypher)
Short initiated at 7400. SL Above 7840
T1: CD leg 38% - 6910
T2: CD leg 50% (for a possible 0-5 pattern) - 6700
T3: CD leg 61.8% - 6480
Short initiated at 7400. SL Above 7840
T1: CD leg 38% - 6910
T2: CD leg 50% (for a possible 0-5 pattern) - 6700
T3: CD leg 61.8% - 6480
Trade active
Note
Quick Update:Targets has been revised a bit due to the spike higher; thus the retracment levels
T1: 6975
T2: 6750
T3: 6520
Trade is still active; however, I was expecting a faster move down.
There is a possibility of head and shoulder pattern that will reinforce the down move if it occurs
[img]
Note
Stops has survived the first attempt (for now). However, there is a big possibility that it will be hit soon. Theoretically, until market reaches 1.13 of the X point of the shark at 8065, the pattern is still valid - yet this trade stops will be hit.The plan for this week is to watch for a reversal in the area highlighted in green (between 7828 and 8065). We have an extended ABC target at 7828 which is also the extended inverse head & shoulder target. Also, as mentioned, shark patten wouldn't be invalidated before 8065, 7855 is also a 50% retracement.
To me, the market seems a bit extended and longs have increased dramatically which is a warning sign. I am expecting a minimum of .38 retracement around 7000 so let's see how will market will react around these levels.
[img]
Trade closed: stop reached
Twitter: twitter.com/ZsilenceCrypto
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