BTCUSDT(4h)- Channel Breakout, Head and Shoulder, Shark
Updated
BTCUSDT (4h) has shown the channel breakout to the downside.
Pair is also showing head and shoulder and shark pattern formation.
It may complete the head and shoulder measure move to downside before resuming the uptrend.
This measure move comes exactly at 618 retracement of the last large impulse leg.
A recent resistance is also available at 618 retracement .
Addition to this, there is also a Shark pattern formation observed whose 1618 D completion point matches to the measure move of head and shoulder pattern.
Coinciding the last large leg 618 retracement and Shark D Completion point 1618 retracement creates a strong reversal zone.
It may fall to 7817 USDT before reversing to uptrend.
Pair is also showing head and shoulder and shark pattern formation.
It may complete the head and shoulder measure move to downside before resuming the uptrend.
This measure move comes exactly at 618 retracement of the last large impulse leg.
A recent resistance is also available at 618 retracement .
Addition to this, there is also a Shark pattern formation observed whose 1618 D completion point matches to the measure move of head and shoulder pattern.
Coinciding the last large leg 618 retracement and Shark D Completion point 1618 retracement creates a strong reversal zone.
It may fall to 7817 USDT before reversing to uptrend.
Note
Realignment for Cypher, Cypher could turn into Shark as the Point B is more than 50% retraced now.While for Cypher to turn to Shark, point C has to retrace 161%.
Next move will be interesting to see!
Note
If Shark Pattern formation happens, BTC may go lower as shown. It also shows confluence with earlier Shark patternNote
886 retracement of Shark A-C falls at 127 extension of Cypher formation legTrade closed: target reached
Buying target reached Expected retracement atleast 50%
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