Looking at this daily chart Bitcoin seems to be forming a Bullish Cypher-like pattern.
I'll be waiting in the bushes and watching to see if we get a third push to the downside to complete the harmonic.
If we do I see strong harmonic support between about $49,900 and $46,600.
A move down into the PRZ would potentially give us a back test of the bull flag break out that occurred on Oct. 5th.
The potential area of confluence that I marked on the chart would be an ideal and healthy bottom around $44,500.
I'll be looking for the price to test all the numbers in the PRZ, and then I will look to get long.
For me, this would be a spring board that could propel Bitcoin towards the measured move and harmonic targets.
What do you think?
Owhooooo!
I'll be waiting in the bushes and watching to see if we get a third push to the downside to complete the harmonic.
If we do I see strong harmonic support between about $49,900 and $46,600.
A move down into the PRZ would potentially give us a back test of the bull flag break out that occurred on Oct. 5th.
The potential area of confluence that I marked on the chart would be an ideal and healthy bottom around $44,500.
I'll be looking for the price to test all the numbers in the PRZ, and then I will look to get long.
For me, this would be a spring board that could propel Bitcoin towards the measured move and harmonic targets.
What do you think?
Owhooooo!
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