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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price: Shark Harmonic Pattern May Provide Final Buy Opportunity at Lows

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin great white shark harmonic pattern bearish

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Bitcoin price has made several attempts to break above $10,000 and revisit highs from last June. The crypto asset certainly has the momentum, however, if the rally stops and reverses at roughly $11,350, a bearish shark harmonic pattern will complete.

The bearish harmonic pattern could send Bitcoin price tumbling back to retest former lows before the asset takes off on a new bull run.

Great White Shark Harmonic Pattern Could Take Bitcoin Price Back to Lows

The leading cryptocurrency by market cap just had its halving, and the world is watching to see what happens next.

The stage is set for Bitcoin’s next bull run. Retail interest has returned following the Black Thursday collapse, and institutions are looking toward BTC as a hedge against inflation.

Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend 

The ultra scarce digital asset has been growing as the dollar weakens, and more stimulus money makes its way into cryptocurrencies and other hard assets.

The current rally in the leading cryptocurrency by market cap driven by halving hype may not be out of steam just yet. According to what appears to be a bearish shark harmonic pattern taking place across high timeframes on Bitcoin price charts, the rally could push to a high of $11,350.

But if it reverses there, the bearish shark harmonic pattern could potentially confirm and send Bitcoin price down to retest support below.

For the pattern to become active, however, Bitcoin price must first breach $10,500. Confirmation could push the first-ever cryptocurrency to test any of the many fib levels below.

https://twitter.com/moe_mentum_/status/1262235053565804544?s=21

Should Crypto Investors Fear the Bearish Harmonic Pattern?

Crypto investors and traders are likely well-versed at this point in common technical analysis terminology. If you’ve been in this market for some time, you’ve likely read about triangles, wedges, and head and shoulders formation.

Harmonic patterns, according to Investopedia, “take geometric price patterns to the next level by utilizing Fibonacci numbers to define precise turning points.”

Related Reading | Ancient Math May Be the Key to Making Crypto Bull Market Riches 

Harmonic patterns are often named after animals, such as the bat, shark, crab, and butterfly. These patterns can act bullish or bearish, depending on which direction the patterns form.

bitcoin price harmonic patterns

 

A bearish shark confirming would spell a strong reversal in Bitcoin price potentially taking it back down to prices traded at post-Black Thursday.

Given Bitcoin’s recent bullish momentum, any future crashes could end up being the last dip-buying opportunity ever. If the pattern confirms, do as a shark would do and feed on any blood in the streets by buying up Bitcoin at the lowest prices possible.

Featured image from Pixabay
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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