Bitcoin - Bullish Deep Crab

BITSTAMP:BTCUSD   Bitcoin / Dolar
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 .

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 :)
Komen: Price is quickly approaching $9,000 to complete the pattern, pay close attention to price formation and volume.
Komen: I suspect price may return to the support zone at $9,000 as shown below.

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.
Komen: 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.

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

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/
Hi Lewis, thanks for your insights! What do you think of this alternate view? First time I drew a cypher, so be gentle :)
bjhriemersma bjhriemersma
@bjhriemersma, Woops, I forgot to adjust D:
LewisGlasgow 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.
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?
+1 Balas
Does the bullish cipher indicate that the reversal might occur at a higher price point than around 9k?
I have a feeling its going to 8000. The decent hasn't slowed.
+1 Balas
Hi Lewis, any update? :)
we are in a critical moment here :))

plz update

still in a bear or going to moon ??
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.
+1 Balas
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