Shark Harmonic Pattern on BTC (variation #2)
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.
Thanks for taking the time to read my analysis. Please show me some support if you find this useful!
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.
Thanks for taking the time to read my analysis. Please show me some support if you find this useful!