ChArtWorks_TechnicalArts

POTENTIAL BULLISH CYPHER IN PLAY????? (4 Hour TF) $ALGO/$BTC

Panjang
BINANCE:ALGOBTC   Algorand / Bitcoin
Good evening ladies and gentlemen! I have charted a potential Bullish Cypher pattern. I don't know if this will play out, but if we end up running down to the .776 at around 562 sats with Bullish divergence formed on the four hour and daily time frame, I WILL MORE THAN LIKELY TAKE A POSITION HERE!!! This pattern remains a possibility or a speculation if you will until we reach this area! I have in play about a 6% risk which is a bit higher than I'd like, but the potential in gains here are definitely worth it. On top of that, if you are seeing bullish divergence on the larger time frames at these areas, then I would consider this an extremely safe position! Risk 6.4% to reward of our first conservative target at 671 sats (19.43% gain) 6.4% risk to our second target at 738 sats (31.37% gain) and then our third target 6.4% Risk to our target of 786 sats IRONICALLY (39.86%). Prices could go further than our conservative targets, but I will only plot these three as of now! So, to reiterate, (POTENTIAL) entry of PCZ at 562 sats with a risk of 6.4% at 523 sats for our stop. Gain targets are listed above! Again, this pattern remains speculation until we hit our Pattern Completion Zone (PCZ). Another thing I'd like to note, is that we did not hit the 1.272 target of our last impulse up perfectly. Although, we were extremely close which is why I am still listing this as a potential pattern. If this does not play out, you will more than likely run between 624 and 709 sats as a potential area of price reversal which we already hit the first target of 709 sats! I did warn everyone at the top not to buy because of the overwhelming bearish signals that were displayed!
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