How Low Can Bitcoin Go?

Bitcoin chart

Bitcoin is increasingly looking topped-out as excitement fades over the recent launch of the first futures products to focus on the cryptocurrency.

The use of a harmonic price pattern also identifies the area near $11,000 as a potential reversal zone, with the potential bullish reversal point being $11,280.

A cypher pattern is a part of the harmonic trading methodology that utilizes the recognition of specific price patterns and the alignment of exact Fibonacci ratios to determine a highly probable reversal point.

Cypher is characterized by:

• AB= 0.382 to 0.618 retracement of the XA swing leg;
• BC= extend to minimum 1.272 and maximum 1.414 of the XA swing leg
• CD= retrace to 0.786 of the XC swing leg
• D = reversal point