Potential bearish sea horse pattern, 4H
BTC looks bearish with a bearish sea pony harmonic pattern forming on the 4H TF chart.
We've already got a retracement to the level of point B, which is a typical target of the pattern.
However, sea pony patterns often develop into a more powerful bearish pattern, the sea horse.
Sea horse's TP is 1.618 extension of BC from point D.
But, as the chart shows, such a retracement could induce a breakout of the green, ascending channel, leading to a further downside.
