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.
註釋
"Wick" here refers to this one one the left side, obviously.
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