Bitcoin Shark in the Water?
Looking at this 4hr chart it seems that Bitcoin has completed a bullish Shark harmonic.
For me, there is a danger zone around $55,000 where the Shark could evolve into a bearish 5-0 pattern that would push us down to retest the bottom of the blue ascending channel.
I think that this correction could be a healthy retest of the bull flag break out that occurred at the beginning of October.
That is assuming that we do get a good bounce above $55,000.
If we do then I'll be howling for the moon and will have a target of about $85,000 and then $110,000.
If we get rejected and a 5-0 forms I would expect a move to at least $43,000-$46,000, but wouldn't be surprised if we touched $35,000 (whimpers).
I will be hiding in the bushes and waiting to see if some bullish divergence develops. For now, I'm a bit hesitant to get long.
What do you think?
For me, there is a danger zone around $55,000 where the Shark could evolve into a bearish 5-0 pattern that would push us down to retest the bottom of the blue ascending channel.
I think that this correction could be a healthy retest of the bull flag break out that occurred at the beginning of October.
That is assuming that we do get a good bounce above $55,000.
If we do then I'll be howling for the moon and will have a target of about $85,000 and then $110,000.
If we get rejected and a 5-0 forms I would expect a move to at least $43,000-$46,000, but wouldn't be surprised if we touched $35,000 (whimpers).
I will be hiding in the bushes and waiting to see if some bullish divergence develops. For now, I'm a bit hesitant to get long.
What do you think?
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.