Hi friends, hope you are well and welcome to the new update on Bitcoin ( BTC ).
Re-test of the resistance as support:
After breaking out the resistance of the descending triangle the priceline of the leading cryptocurrency is re-testing the previous resistance of the pattern as support. Now there is another bearish candlestick has been appeared, and the price action has spiked beyond the support. If the price line of BTC will be closed on the daily time frame chart below the support then there is a possibility that the price action will be re-entered in this triangle and it will test the support of this triangle at $31000.
Expected bullish Shark move:
If the price action of the king of all cryptocurrencies will be re-entered the triangle then there is a strong possibility that it will form another bullish reversal harmonic Shark pattern. In order to complete this final leg of the bullish Shark , the price action will need to spike even beyond the support of the descending triangle like it has been doing this previously as well and forming the different harmonic Sharks and Cyphers in recent history.
The buying and sell targets of this bullish Shark can be as below:
Buy between: $29568 to $27934
Sell between: $31244 to $34745
As per the above targets, this trade has a big profit possibility up to 24.3% and a loss possibility is up to 6%.
Conclusion:
Even though the price action of Bitcoin is likely to break down the previous resistance of the triangle that is working as a support. However, so far we did not have any closing below the support on the daily time frame. Once we will have the closing below the support, then another test of $31000 and a bullish harmonic Shark move will also be possible.
You can also support my work at Patreon:
https://www.patreon.com/moon333
In order to play and watch the current performance of the chart you need at least a free account on tradingview:
https://www.tradingview.com/gopro/?share_your_love=moon333
KuCoin is one of the best exchange to find crypto gems:
https://www.kucoin.com/ucenter/signup?rcode=rJSDVT3
Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.