With 5-0 pattern on top, we might see 50ks again
Building on the insights from my previous analysis, the Harmonic pattern 5-0 has emerged on the BTC chart on the 1H timeframe. This pattern is a relatively uncommon find, yet it's a powerful indicator of a potential trend reversal. With the pattern's completion, BTC appears poised to fill the gap indicated by the lower wick of a candle on the left side of the chart. This could herald a further descent. The bearish outlook is supported by the breakdown of the blue channels, which have been meticulously computed as a variant of the Modified Schiff Pitchfork.
We're eyeing the 56-58k zone as our prospective target, where we see another imbalance (green). Should this support falter, our gaze may shift towards a more substantial floor in the lower 40k range. It’s noteworthy, however, that the 64k level could hold firm, demonstrating strength and potentially nullifying our bearish forecasts.
We're eyeing the 56-58k zone as our prospective target, where we see another imbalance (green). Should this support falter, our gaze may shift towards a more substantial floor in the lower 40k range. It’s noteworthy, however, that the 64k level could hold firm, demonstrating strength and potentially nullifying our bearish forecasts.
Comment:
"Wick" here refers to this one one the left side, obviously.
