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Bear Cypher Pattern on BTCUSD BTC Bitcoin
Bitcoin
Short
Bear Cypher Pattern on BTCUSD BTC Bitcoin
By AzorAhai06
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Apr 27, 2018
1
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Apr 27, 2018
Criteria for the Cypher pattern
The Cypher pattern starts with a market price that establishes the X and A points
Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA
Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension level
Point D is formed when it retraces 0.786 Fibonacci level of XC
Note: I also used the 78.6 fib of XA in confluence with the bullet above to create a "zone" for entry
NOTE:
The finish of the pattern matches perfectly with a high volume node which will probably serve as resistance
Bitcoin (Cryptocurrency)
BTC
Cypher
Harmonic Patterns
short
Support and Resistance
USD
xbt
AzorAhai06
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