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Bitcoin New Bullish Pattern! $120K Soon?
A bullish harmonic pattern is a technical analysis tool used in trading to predict a reversal from a downtrend to an uptrend, based on geometric price structures and Fibonacci ratios.
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Today’s report will include:
Updated Technical Analysis
Other key market developments
Market Psychology
Trading Tools
Bitcoin Harmonic Pattern 📈
In Today’s analysis -Bitcoin- rejecting from high time-frame resistance that being the .618 Fibonacci - further sideways price action around this region adds empathizes on a bullish Gartley harmonic pattern.
A bullish harmonic pattern is a technical analysis tool used in trading to predict a reversal from a downtrend to an uptrend, based on geometric price structures and Fibonacci ratios. Here's a brief rundown:
Structure:
X to A: The initial price move.
A to B: A retracement of XA, often at 0.618 or 0.786.
B to C: Movement in the direction of XA but not exceeding A.
C to D: The final leg where the price should hit a Fibonacci level relative to XA or BC extensions like 1.27, 1.618, etc.
Types of Bullish Harmonic Patterns:
Gartley: B at 0.618 of XA, D at 0.786 of XA and 1.27 of BC.
Bat: B at 0.382 to 0.50 of XA, D at 1.618 of BC and 0.886 of XA.
Butterfly: B at 0.786 of XA, D at 1.618 of XA and 2.618 of BC.
Crab: B at 0.382 to 0.618 of XA, D can extend to 3.618 of BC.
Cypher: Unique with specific Fibonacci ratios, especially on BC.
Trading Implications:
Entry Point: Traders look to enter a long position at point D when price shows signs of reversing.
Stop Loss: Often set just below D to manage risk.
Take Profit: Using Fibonacci retracements from the XD move or significant resistance levels.
Point to Consider:
Confirmation: Look for additional signs like bullish candlestick patterns or confirming indicators (e.g., MACD, RSI) at D.
Accuracy: Due to market noise, these patterns should complement other analysis methods.
Tools: While software can detect these patterns, manual verification enhances accuracy.
The current morphing pattern on Bitcoin suggests a potential upwards price movement in the near future. A base needs to form before the projection of the pattern becomes more probable, the overall target will be $120K per Bitcoin.
Hope this analysis helps.
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💥MicroStrategy bought 258,320 #Bitcoin in 2024 for a total cost of $22 billion.
He's not stopping!
— Bitcoin Archive (@BTC_Archive)
3:08 PM • Jan 7, 2025
Trading Psychology 🧠
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