In recent trading activity, a potential Bullish Shark pattern has emerged on the hourly charts of Ethereum (ETH) and Bitcoin (BTC), signaling possible reversal zones. Both cryptocurrencies have reached key Fibonacci levels that align with the characteristics of this harmonic structure.
For Ethereum, the price completed its C leg at the 1.13 Fibonacci extension, a critical level in the Bullish Shark pattern. This indicates a possible exhaustion of the downward momentum, with the next move potentially targeting higher levels as part of a corrective bullish leg.
Bitcoin, on the other hand, has also formed its C leg but at the 0.886 Fibonacci retracement level, another significant point within harmonic analysis. This confluence further supports the idea of a Shark pattern developing, as BTC appears to be nearing a completion zone where a reversal might occur.
If these patterns hold, the next move for both cryptocurrencies could see bullish momentum driving prices higher. Confirmation signals, such as bullish candlestick formations, divergence in RSI, or increased volume, would strengthen the case for entering long positions.
Traders should remain cautious, as failure to respect these Fibonacci levels could invalidate the patterns and lead to continued downside. However, the simultaneous emergence of potential Bullish Shark patterns in both Ethereum and Bitcoin suggests a compelling opportunity for harmonic traders to capitalize on market dynamics.
Attached are two hourly charts of the price of Ethereum and Bitcoin showing the bullish shark harmonic patterns:
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