BTC Harmonics/ Price Action over next 2-3 weeks Those who follow me know I use Harmonics to trade. Very reliable when they are identified properly. This is an embedded Harmonic which can throw some traders off if they do not identify both. The dominate and the subordinate Harmonic. In this case we continue to see hard rejection in price of BTC. It continues to try and stay above 92k, but has not won that battle and I believe it may retrace again. It will either take a short term retrace slightly below 92k or a long term deep retracement to 84k. Given the CYPHER pattern being the dominant Harmonic if price action quickly drops and goes below 92k I would expect price to struggle and sell off in dramatic fashion (with Holidays approaching this is a high possibility).
This sell off may also cause ALTS to rise as the weak hands also sell & flee to other "rising" tokens to avoid losses in BTC.
So we have 2 options here. The short term retracement would be ideal, but in the even t it does not hold at 92k- BTC will take a deeper dive to re-establish itself and clear out the market back to 84-84k.
When BTC reaches 84-85k.. a Cypher will deliver very dull and sluggish price action. It will give contradictions in its ability, but that's what this Harmonic does. It rises and falls in a slow fashion- designed to create doubt, and make traders second-guess the bottom. It is of my opinion regardless if price rejects short term or long term that general price action will be a mix of sluggish/ slow/ jerky/ unpredictable price action, but overall BULLISH.
