Those who follow me know I use Harmonics to trade. Very reliable when they are identified properly. This is an embedded Harmonic which can throw some traders off if they do not identify both. The dominate and the subordinate Harmonic. In this case we continue to see hard rejection in price of BTC. It continues to try and stay above 92k, but has not won that battle and I believe it may retrace again. It will either take a short term retrace slightly below 92k or a long term deep retracement to 84k. Given the CYPHER pattern being the dominant Harmonic if price action quickly drops and goes below 92k I would expect price to struggle and sell off in dramatic fashion (with Holidays approaching this is a high possibility).
This sell off may also cause ALTS to rise as the weak hands also sell & flee to other "rising" tokens to avoid losses in BTC.
So we have 2 options here. The short term retracement would be ideal, but in the even t it does not hold at 92k- BTC will take a deeper dive to re-establish itself and clear out the market back to 84-84k.
When BTC reaches 84-85k.. a Cypher will deliver very dull and sluggish price action. It will give contradictions in its ability, but that's what this Harmonic does. It rises and falls in a slow fashion- designed to create doubt, and make traders second-guess the bottom. It is of my opinion regardless if price rejects short term or long term that general price action will be a mix of sluggish/ slow/ jerky/ unpredictable price action, but overall BULLISH.
This sell off may also cause ALTS to rise as the weak hands also sell & flee to other "rising" tokens to avoid losses in BTC.
So we have 2 options here. The short term retracement would be ideal, but in the even t it does not hold at 92k- BTC will take a deeper dive to re-establish itself and clear out the market back to 84-84k.
When BTC reaches 84-85k.. a Cypher will deliver very dull and sluggish price action. It will give contradictions in its ability, but that's what this Harmonic does. It rises and falls in a slow fashion- designed to create doubt, and make traders second-guess the bottom. It is of my opinion regardless if price rejects short term or long term that general price action will be a mix of sluggish/ slow/ jerky/ unpredictable price action, but overall BULLISH.
Dagangan aktif
BTC creating a series of triple and quadruple tops for the last 7 hours!! Not a good sign of bullish momentum at the top of the Cypher. This is characteristic of this pattern. It creates doubt and uncertainty to draw in the weak traders. Take heed. This is looking bearish top.Nota
As mentioned earlier- BTC as of today showing very weak signs of a retracement as it has hovered in the same price region for approx 48 hrs. I am thinking price retraces within 48 hrs of this comment. This will allow profit takers to take those profits over the holidays and re-establish new buying regions to surpass 100k.Nota
Good bounces so far on 92k level. If BTC holds this is super bullish for the price action. Nota
Look like a good confirm on the bounce and the bullish zone being confirmed! BTC up! Nota
restesting the former bounce point- if it doesnt hold then BTC goes down.Nota
BTC passes 100k at 9:47 ET 12-4-2024 Nota
BTC reach 107k ATH this week. Currently on a MINOR pullbackNota
Potential BTC Bull top 120k 
Moorsc0de aka Crypt0nomics aka Zaphkiel
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Moorsc0de aka Crypt0nomics aka Zaphkiel
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.