We can see a Cypher harmonic is forming. I would like to see BTC break out of the choppy range we are in right now for a clear direction. Big volume POC at 61K level, will be hard resistance.
Note
With the price moving upwards from $ 55K, volume and open interest are not yet following. If this stays all the way to 64K it would create a very nice entry for a leg down to 61-60K, 58K or even back at 55K. For anyone in a long from 55K, take some profits at 61K area. We can identify a clear resistance around 61K
Note
We are seeing a rejection at the 786 FIB retracement of B-C in confluence with the descending sloping trendline and the Value Area High of the lower range. Overal I do not think this idea is invalidated just yet, based on FIB time we still have time to put in D until 28-11
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once price retraced below C my Cypher got invalidated. I do think we will see bullish momentum here based on the 3 drives pattern
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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.