I've been bullish since we bottomed out around 6.5k anyway, especially referencing my charts of BTCUSDLONGS and BTCUSDSHORTS, showing me it's probably healthier than it might seem. I use my somewhat complex(and currently very messy) analysis of those charts as very complex indicators of the BTCUSD chart. I have posted screenshots on twitter, here's one, for example. They are currently too messy to post publicly on tradingview though.
Update: A more recent comparison.
The targets for trading this cypher pattern would be approximately $8825 and $9250, the .382 and .618 of C to D. I expect it to pretty much blow right through $8825 as shorts get squeezed and a longer-term bullish trend is somewhat easily confirmed by most smart traders.
Update: After hitting the low of $8000, the adjusted targets are $8750 and $9200.
Another, almost immediate, MISERABLE UPDATE: after hitting another LOWER LOW of $7950, the adjusted targets would be $8725 and $9185. The cyper pattern is on the verge of getting invalidated at this point. I'll start to worry about the medium-term health of bitcoin IF we fall below $7925.
See how it unfolds here.
This is not financial advice... Do your own research, trade at your own risk, blah blah blah
-Tom
currently sitting right on the .786 of the X->A retracement after busting through, then finding resistance at the .786 of D->C
BTCUSDSHORTS still looks likely to crash, while the opposite is true for BTCUSDLONGS.
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The "cypher pattern" failed more than 24 hours ago when the price went below point x...
It's been a rough few days but BTCUSDLONGS vs BTCUSDSHORTS and all my other charts give me hope that we have finally reached the bottom of this correction @ $7,300 or so. Once BTCUSDSHORTS breaks below ~18,000, I'm expecting it to get pretty exciting, finally :)
-Tom
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New harmonic pattern found a few hours ago... the bullish version of the "bat" pattern.
Tradingview chart.
-Tom
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