JackDale

Bullish Shark on the 1hr BTC

Long
GEMINI:BTCUSD   Bitcoin / U.S. Dollar
Hello, we got a bullish shark forming on the 1hr bitcoin chart. A shark harmonic pattern has the XC .886 to the 1.13 buy area zone. However, you'll know the entry zone if the BC extension is of at least a 1.618. There it lines up with the .886 so we know that the entry for the price reversal zone is with the combination of the .886 and 1.618 BC extension and not at the 1.13 for this one.
According to Scott Carney, harmonic trader, from harmonictrader.com, he states we should take at least 50% position off at the 50% retracement up from the whole bullish pattern . This is because the shark pattern, if it hits the 50% retrace profit target, that is where a bearish 5-0 pattern completes.
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