Looking at this 4hr chart it seems that Bitcoin has completed a bullish Shark harmonic.
For me, there is a danger zone around $55,000 where the Shark could evolve into a bearish 5-0 pattern that would push us down to retest the bottom of the blue ascending channel.
I think that this correction could be a healthy retest of the bull flag break out that occurred at the beginning of October.
That is assuming that we do get a good bounce above $55,000.
If we do then I'll be howling for the moon and will have a target of about $85,000 and then $110,000.
If we get rejected and a 5-0 forms I would expect a move to at least $43,000-$46,000, but wouldn't be surprised if we touched $35,000 (whimpers).
I will be hiding in the bushes and waiting to see if some bullish divergence develops. For now, I'm a bit hesitant to get long.
What do you think?
For me, there is a danger zone around $55,000 where the Shark could evolve into a bearish 5-0 pattern that would push us down to retest the bottom of the blue ascending channel.
I think that this correction could be a healthy retest of the bull flag break out that occurred at the beginning of October.
That is assuming that we do get a good bounce above $55,000.
If we do then I'll be howling for the moon and will have a target of about $85,000 and then $110,000.
If we get rejected and a 5-0 forms I would expect a move to at least $43,000-$46,000, but wouldn't be surprised if we touched $35,000 (whimpers).
I will be hiding in the bushes and waiting to see if some bullish divergence develops. For now, I'm a bit hesitant to get long.
What do you think?
