This may sound insane at the moment, I understand! But this is a potential pattern in play. We could run to around the $8500-$8800 range as a good reentry point. This could take up to a few days to a couple of weeks before targets are hit. Here is the great side, if this pattern plays out, we are looking for a common target at the 161.8% retrace at $16,966. Just an idea for now :D. Our previous potential mini cypher pattern did not play out. I did state dropping below 11,200 area would be bad and we did just that. So far we have tested around 9,800 but are currently retracing out of a falling wedge pattern. Typical retraces are between 50% and 62%. So between $11500 area to 11,900 area short term. That being said, bullish divergence is playing out on the four hour time frame. It would be really badass to see this major Bullish Gartley pattern play out. Time will tell <3 . If we do hit the 8800 target, I do not recommend taking a long position unless we see coinciding variables on top of that and course I will keep you guys updated as time goes by!
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Disclaimer
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.