BTC analysis – is a harmonic pattern created? Here are the nearest targets
2 min readBTC has not yet created a declining local minimum and growth has not officially ended. However, the maximums began to decline and trend stopped at least. After confirming the growing wedge, the price tested the previous support as resistance in the orange circle on the chart, bringing the trend reversal scenario closer to reality. So where are the nearest targets?
BTC closed a growing wedge, tested new resistance at point C and now develops a potential harmonic pattern. Therefore, if the price is in a declining leg, it should be the last leg in the pattern. The support zone is in the range from $ 44,700 to $ 46,000.
Level $ 46,000 represents the local point of control and is also the first target of the harmonic pattern when AB = CD would be created. Level 44 700 $ represents the lower limit of the potential accordion target and is a retracement of 88.6% of the XA leg.
Key BTC support is $ 41,000
The next most bearish scenario so far is in the support zone $ 41,000 to $ 42,500. Level $ 42,500 represents 38.2% retracement of the whole growing wedge, which is superior in time to the harmonic pattern. Level $ 41,000 is a key support below which the price should not fall and separates the accumulation zone from the growing trend.
Volumes are also minimal, and therefore there is a high probability that in the short term the price with the market should go to corrections and the price would gain strength before further growth. If we want to see bull scenario with the $ 50,500 and $ 53,500 targets, volumes would need to increase substantially. But in reality, the exact opposite happens.
