ninjabenja

Bullish Cypher reaching for completion

Long
BITSTAMP:BTCUSD   Bitcoin
Long trade entry would be taken at the 'D' completion of this pattern; at $249.24. There are actually a couple of patterns working together right now. The Bearish Bat Pattern (link to chart below) appears to be pulling us down into the completion of this Bullish Cypher. Or, I suppose you could just say that it was fundamentals that sponsored the "unforseable" and sudden drop in price, via yet another btc market which ran off with user funds (goo.gl/rU58EZ). Whichever you like. Typical targets for the Cypher pattern are: #1 @ .382 retracement of CD; #2 @ .618 retracement of the distance CD.

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