Bullish Shark pattern target is matching the numbers - it says 19.5k for the 0.886 fib, or 18.3k for the 1.618 fib. Either one can happen.
The 1.113 fib has confirmed our top for BTC at X-B (it head dead on)
I have changed my LONG to order at 18.3k, with the same LONG TP as in the "Link to Related Ideas" chart I posted yesturday.
The thing that convinces me is the 1.113 of OX is the exact same point as the 1.618 of AB, that is 18.3k.
Therefore, I am leaning more towards 18.3k.
18.3k would also make a lot of Bears think its going much lower (bear flag fakeout).
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Bullish Shark rules:
The Shark pattern has the following ratios.
CONFIRMED - AB leg extends OX leg between 113% – 161.8% (because of this, 26.5k is also kind of possible but not likely now, whales just pushed price up to form this harmonic and then BARTed it.)
CONFIRMED - BC leg extends beyond O by 113% of the OX leg
LETS SEE - 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 (19.5k) with stops coming in below point C (18.3k or 19.5k, so lets say 18.1k)
Targets can be 61.8% of BC (This would be around 22,222 if 1.618 reaches and 22.7k if only the 0.886 reaches)
The 1.113 fib has confirmed our top for BTC at X-B (it head dead on)
I have changed my LONG to order at 18.3k, with the same LONG TP as in the "Link to Related Ideas" chart I posted yesturday.
The thing that convinces me is the 1.113 of OX is the exact same point as the 1.618 of AB, that is 18.3k.
Therefore, I am leaning more towards 18.3k.
18.3k would also make a lot of Bears think its going much lower (bear flag fakeout).
-----------------
Bullish Shark rules:
The Shark pattern has the following ratios.
CONFIRMED - AB leg extends OX leg between 113% – 161.8% (because of this, 26.5k is also kind of possible but not likely now, whales just pushed price up to form this harmonic and then BARTed it.)
CONFIRMED - BC leg extends beyond O by 113% of the OX leg
LETS SEE - 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 (19.5k) with stops coming in below point C (18.3k or 19.5k, so lets say 18.1k)
Targets can be 61.8% of BC (This would be around 22,222 if 1.618 reaches and 22.7k if only the 0.886 reaches)
Comment:
Wanted to add that in the standard Bullish Shark pattern, the 1.618 is derived from XA. If we use this Bearish 5.0 pattern which is similar, the 1.618 is derived from AB instead, which makes more sense here, is it meets the 1.113 of OX
