BTC (Y20.P3.E25).Bullish. SHARK HARMONIC Pattern

Aug 11, 2020

Hi All,

** A continuation from the previous related post for BTC anticipated drop **

The previous post was based on logical guess for a Gartley harmonic playing out however with the price hitting 12K and then dropping, it made way for a SHARK harmonic
Hence if you know the harmonics, the Shark A to C extension can be 1.618 or 2.24 fib. as Targets T1 and T2 which have confluence of the correction wave and its fib retracement levels (right side, red fib levels).

Be aware of the Bearish scenario and its criteria (dropping > daily candles closing below a level)
A) If price drops below 10200, then to me its a bearish scenario; I'm not ruling out that price can wick down to this level, but this is not part of the criteria to go bearish;
B) If price drops below the Daily 21 and closes below it, another bearish scenario;
C) As per chart below, if price breaks the below trend line, another bearish macro scenario;

I think that the ABC correction we are going through is not that bearish but who knows? I have T2 scenario because they never make it easy.

Please give me a like or tick for this post.

Regards,
S.Sari

The 2.24 extension target
+++++++++++++++++++++++++++++++++++++++++++++++++++++


Referring to bearish scenario's of points B) and C), see chart below.
Note: green ribbon is the 21 and 34 daily EMA





PREVIOUS POST

Aug 12, 2020

Note

We are looking at another retest of the support line and if it holds, which I do expect, then further up as part of the ABC correction wave for a swing move to only be part of a symmetric pattern.
Question is when we hit a few resistance lines as per chart around the 11600 to 11800, is this to be part of a bigger correction ABC wave or do we have a double bottom as part of an ascending triangle.