BitcoinShort
$BTC Bitcoin Pullback - Bullish Cypher
Catching a bounce here but ultimately im looking for a lower high in the retracement zone, which we have hit already arguable at the .382.
From there i would be looking for an extension to the 1.618 minimum, which is confluent with a local inflection zone.
The .786 retrace of the entire wave would complete a Bullish Cypher pattern, and i would be scouting for a double bottom or type 2, preferably with an edge on the oscillators, divergence at the 786, with hidden divergence or another drive of bullish divergence on the second low.
A little early to be sure of much, but this looks to me like a classic distribution range with the upthrust being that second high there.
Looking at the impulsive price behavior on the way up, typically these type of moves get a deep retracement and a checkback of all the local breakouts.
Its important to look for that higher low with bearish divergence or clear rejection signals if you were entering into a short position.
Its still early in development, and to approach this from a bullish bias, id like to see this distribution turn into a cup and handle style reaccumulation and continuation.
From there i would be looking for an extension to the 1.618 minimum, which is confluent with a local inflection zone.
The .786 retrace of the entire wave would complete a Bullish Cypher pattern, and i would be scouting for a double bottom or type 2, preferably with an edge on the oscillators, divergence at the 786, with hidden divergence or another drive of bullish divergence on the second low.
A little early to be sure of much, but this looks to me like a classic distribution range with the upthrust being that second high there.
Looking at the impulsive price behavior on the way up, typically these type of moves get a deep retracement and a checkback of all the local breakouts.
Its important to look for that higher low with bearish divergence or clear rejection signals if you were entering into a short position.
Its still early in development, and to approach this from a bullish bias, id like to see this distribution turn into a cup and handle style reaccumulation and continuation.
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