The Bull Shark harmonic pattern has recently emerged on Ethereum's hourly chart, presenting a challenging scenario for traders. Following the U.S. interest rate announcement, Ethereum displayed heightened volatility. While the NASDAQ plummeted over 3%, Ethereum formed the critical BC leg of the pattern, experiencing a sharp decline of approximately 13.8%, from the $4,100 level to a low of $3,533.
This pattern highlights the phenomenon of "weak hands," as many traders capitulate under pressure, further accelerating the downward move. The attached hourly chart illustrates the formation and progression of the Bull Shark pattern, underscoring the significance of this development for short-term traders.
Disclaimer: The reader is solely responsible for any decisions or actions taken based on the information presented here. This overview is for informational purposes only and does not constitute financial advice.
No comments:
Post a Comment