Cypher Harmonic on BTC
Bitcoin / TetherUS BINANCE:BTCUSDT
What you see here is a Cypher Harmonic on the BTC chart. Trade should be on the .786 of X-A ( ~ 42.8k ).
Confluence for a short entry:
– Previously value area low (VAL) on the previously consolidation.
– .786 (X-A)
– 1.414 (B-C)
– Untapped Daily level
– Gann Fibonacci Fan
Target: 37.7k untouched daily level.
Take profits on ~ 41k and 39.8k.
Stoploss on validation on around ~ 44k. Reason for this is the Cypher pattern is not validated when it reach above the .786 of X-A.
Risk/reward ratio: 1 on 4.
