Bitcoin - Bullish Shark Harmonic & Elliot Wave Analysis + Fibs
Bitcoin has potentially painted a Bullish Shark formation. Chart is simple with just the Ichimoku Cloud which tells the entire story as it is, plus the Relative Strength Index (RSI)
Quite an attractive target as well. After achieveing this target we will look to sell short down to lower levels to continue the carnage.
I expect this to happen in three impulse waves after which we'll see a standard bearish continuation down into the higher 6xxx's.
Bullish Shark Harmonic-
The Shark pattern has the following ratios.
AB leg extends OX leg between 113% – 161.8%
BC leg extends beyond O by 113% of the OX leg
BC leg is also an extension of AX by 161.8% – 224%
Unlike other harmonic patterns, the trades are entered as follows:
Entry is at 88.6% of OX leg with stops coming in at point C
Targets can be 61.8% of BC
For any further information, feel free to contact me via DM and I'll be happy to discuss. That's what's great about TradingView, how easy it is to share ideas and communicate effctively.
Bitcoin is almost done with its correction, be alert to strong price increases. When everyone expects to go down, that's when we moon hardest :D
Quite an attractive target as well. After achieveing this target we will look to sell short down to lower levels to continue the carnage.
I expect this to happen in three impulse waves after which we'll see a standard bearish continuation down into the higher 6xxx's.
Bullish Shark Harmonic-
The Shark pattern has the following ratios.
AB leg extends OX leg between 113% – 161.8%
BC leg extends beyond O by 113% of the OX leg
BC leg is also an extension of AX by 161.8% – 224%
Unlike other harmonic patterns, the trades are entered as follows:
Entry is at 88.6% of OX leg with stops coming in at point C
Targets can be 61.8% of BC
For any further information, feel free to contact me via DM and I'll be happy to discuss. That's what's great about TradingView, how easy it is to share ideas and communicate effctively.
Bitcoin is almost done with its correction, be alert to strong price increases. When everyone expects to go down, that's when we moon hardest :D
Comment:
I believe the price has reversed from downtrend exactly near the 61.8% magic golden ratio. We will now watch to see if an uptrend develops.
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