I previously posted about the bearish rising wedge that looked like it was faking out. It appears this is playing out. That said, I also believe we are breaking out of the major downtrend we've been in one way or another. I'm seeing a bearish shark on the 2-hour which has caught a reaction at the PCZ. While I would love to grab some cheaper 40K bitcoin at the price target of the 2-hour shark, I think the market is too bullish now for that to fully play out.
I'm also seeing a smaller bullish baby shark on the 15-minute timeframe. It's possible that both of these harmonics may play out in a bullish 5-0 scenario where the market is so bullish, the bearish shark will not fully play out. Instead, it will retrace around 50% of the distance between C and D. This is pretty close to the PCZ of the baby shark at around $42,200. I also like how this could make a nice parallel channel uptrend if it plays out this way. A lot of guessing here, but I'm having fun.
I'm also seeing a smaller bullish baby shark on the 15-minute timeframe. It's possible that both of these harmonics may play out in a bullish 5-0 scenario where the market is so bullish, the bearish shark will not fully play out. Instead, it will retrace around 50% of the distance between C and D. This is pretty close to the PCZ of the baby shark at around $42,200. I also like how this could make a nice parallel channel uptrend if it plays out this way. A lot of guessing here, but I'm having fun.
