Hi everyone. Another update for you.
So the bearish pennant obviously failed on my last update, it seems that 6.4k is bottom at least for now so let’s keep moving forward and follow the trend.
Here we have a nearly perfect Shark Harmonic Pattern. Point D is determined by calculating an 88.6% retracement of the XA leg.
Once Point D is reached, target 1 and target 2 are provided in green. The stop loss is in red above each harmonic pattern.
I am posting a second variation of the Shark Harmonic Pattern (see below) which shows Point D extending 113% of XA leg.
Both variations are valid, but must be exactly one or the other.
Read the description below the second chart for more information on why that pattern may play out too.
Thanks for reading, and please show any support you can =)
So the bearish pennant obviously failed on my last update, it seems that 6.4k is bottom at least for now so let’s keep moving forward and follow the trend.
Here we have a nearly perfect Shark Harmonic Pattern. Point D is determined by calculating an 88.6% retracement of the XA leg.
Once Point D is reached, target 1 and target 2 are provided in green. The stop loss is in red above each harmonic pattern.
I am posting a second variation of the Shark Harmonic Pattern (see below) which shows Point D extending 113% of XA leg.
Both variations are valid, but must be exactly one or the other.
Read the description below the second chart for more information on why that pattern may play out too.
Thanks for reading, and please show any support you can =)
Note
Here is the second variation of Shark Harmonic Pattern with a 113% extension of XA instead of the 88.6% retracement above. I have a good feeling we will reach this target D for a number of reasons. First we are seeing a ton of volume, and a lot of people buying in now that people are starting to be convinced that 6.4k was the bottom. (I’m not entirely convinced yet, but I’m still going long for a short to mid-term trade regardless). The other reason I believe the price will reach this area is because we have a confluence of 2 important trend lines. The black trend line is a shorter-term resistance line that has been formed from 9.8k, connecting down to 9,180 and 8,980. The blue trend line is a major support line that I have brought up several times in my other ideas, this support (now resistance) formed from 2.8k in September, and touches the 6k low in Feb, 7.3k on March 18th, and the bottom of range around the dates of 3/27-3/29 before the price finally broke down. This line will be strong resistance for bitcoin and I expect a drop at this point but I have no idea how far the drop will go. For now, just rely on the targets given on the chart.
Note
IF we see a fairly significant drop today (with volume) before completion of Point D, we can expect a drop to fall somewhere around where I have placed the right shoulder of a potential Inverse Head and Shoulders formation. This is only a predicted target, the right shoulder can complete at almost any point but once it is formed and the reversal back up starts, it can provide a nice entry for those who missed out.
Order cancelled
Target D was never reached and pattern was not completed. This trade is closed, and it's unlikely the second harmonic variation will play out either. If we continue to fall, 6k is obviously a target we all have our eyes on, I will put out a new idea soon
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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.