The combination of the bullish harmonic cypher pattern with the bullish RSI divergence provides a strong indication of a potential upward trend reversal.
The pattern suggests that the price has completed its corrective phase and is poised for a move upwards.
The RSI divergence confirms this by showing that the selling pressure is diminishing, and buying interest is likely to increase.
Conclusion
Given the confluence of the bullish harmonic cypher pattern and the bullish RSI divergence, traders might look for entry points around the D point with a stop loss below this point to manage risk. The target could be set based on the X-A leg projection or other Fibonacci extension levels. This setup suggests a favorable risk-reward scenario for a bullish trade on the BTCUSD 1D timeframe.
The pattern suggests that the price has completed its corrective phase and is poised for a move upwards.
The RSI divergence confirms this by showing that the selling pressure is diminishing, and buying interest is likely to increase.
Conclusion
Given the confluence of the bullish harmonic cypher pattern and the bullish RSI divergence, traders might look for entry points around the D point with a stop loss below this point to manage risk. The target could be set based on the X-A leg projection or other Fibonacci extension levels. This setup suggests a favorable risk-reward scenario for a bullish trade on the BTCUSD 1D timeframe.
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.
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.