Bitcoin - Possible Cypher set up on weekly chart
Wave C should jump minimum 127.2% (597) and not see a close above 141.4% (646.80). Doors are open for weekly highs above 646.80, but weekly close as per Cypher rules should not go above 646.80.
Given the strong momentum, we could see prices jump to/above 646.80. Area above 646.80 should be treated with caution and at least two consecutive weekly close above 646.80 need to happen to signal continuation of uptrend.
If we see a turnaround from range of 597 to 646.80 followed by a weekly closing below 600 the odds of prices moving to Cypher Leg D level of 258 would rise.
Given the strong momentum, we could see prices jump to/above 646.80. Area above 646.80 should be treated with caution and at least two consecutive weekly close above 646.80 need to happen to signal continuation of uptrend.
If we see a turnaround from range of 597 to 646.80 followed by a weekly closing below 600 the odds of prices moving to Cypher Leg D level of 258 would rise.
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