LewisGlasgow
Long

Bitcoin - Bullish Deep Crab

BITSTAMP:BTCUSD   Bitcoin / Dollar
What's up everyone, I'd like to provide some technical thought amongst all of the madness in the crypto world right now.

Bitcoin             is currently forming a bullish deep crab pattern on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.

The measurements for a valid deep crab are detailed below.
B: 0.886
C: 0.382 - 0.886
D: 2.24 - 3.618
X to D: 1.618

I'll be expecting price to stall out once it reaches the D point, this forms on a key level of support!

As you can see from the daily chart below the pattern completes slightly above the daily support trendline .

snapshot


This is sufficient reasoning for a reversal to take place and seems likely considering Bitcoin             has already corrected by 50% since the all time high.

Keep this setup on your watch list :)
Kommentar: Price is quickly approaching $9,000 to complete the pattern, pay close attention to price formation and volume.
Kommentar: I suspect price may return to the support zone at $9,000 as shown below.

snapshot


I would pay close attention to the area in which price is trading in right now and the resistance trendline.

If there are any indications of a decline I will be sure to update my analysis.
Kommentar: We're now approaching the 9k level to re-test the PRZ of the bullish deep crab.

Although, in the Six Figure Capital Telegram channel Kyle pointed out that price has also formed a valid bullish cypher so our options are open.

Keep an eye on the setup below, the viable option seems to be a second test of support... However, pay attention to both for a reversal.

Kommentar: Here is my current view on Bitcoin, we are looking at a type II re-test.

snapshot


Pay attention to the reversal level at 9k.
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It's too early to know - but I am hopeful the big engulfing green candle (BTC hourly) is a harbinger of the reversal that @LewisGlasgow said to look out for at around 9k... https://www.coinigy.com/s/i/5a73817a7e97d/
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Hi Lewis, thanks for your insights! What do you think of this alternate view? First time I drew a cypher, so be gentle :)
snapshot
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bjhriemersma PRO bjhriemersma
@bjhriemersma, Woops, I forgot to adjust D:
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LewisGlasgow PRO bjhriemersma
@bjhriemersma, hey, thanks for commenting :) I'm curious, where are you are getting these ratios? A cypher is an entirely different structure, this is actually closer to being a bullish deep crab but still, not a valid formation.

If you need any help let me know, thanks.
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How about the good news from S. Korea today: https://www.coindesk.com/south-korea-doesnt-intend-to-ban-crypto-trading-says-finance-minister/ Don't you think it might give it a boost?
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Does the bullish cipher indicate that the reversal might occur at a higher price point than around 9k?
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I have a feeling its going to 8000. The decent hasn't slowed.
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Hi Lewis, any update? :)
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we are in a critical moment here :))

plz update

still in a bear or going to moon ??
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Can you update where think it is moving next. I'm thinking it drops sub 10,000 by the January 26 expiration of cme futures. Thanks and your charts are extremely helpful.
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