Bitcoinโs Potential Shark Harmonic: A Macro Trade Setup Hello Traders, in this update, we are analyzing a new potential harmonic pattern forming on Bitcoinโthe Shark Harmonic. This pattern is developing based on the recent rejection from the 0.618 Fibonacci retracement, which signals a possible move toward the 0.618 Fibonacci support. If this level holds, it will confirm the C-leg of the pattern, setting up a potential strong expansion toward the D-leg. This move could drive Bitcoin back toward its all-time high (ATH) before a possible reversal.
Once Bitcoin reaches the D-leg near the ATH, traders should watch for a potential bearish rejection. If this rejection occurs, it would activate the bearish phase of the Shark Harmonic, offering a high-probability short trade. These macro-level moves take time to develop, but this pattern provides clear trading opportunities for both long and short positions.
Key Technical Points to Consider
โข Bitcoinโs recent rejection from the 0.618 Fibonacci retracement suggests a move toward 0.618 Fibonacci support, which will determine the activation of the Shark Harmonic C-leg.
โข If price holds support at C, a strong expansion toward the D-leg could take Bitcoin back to the ATH before facing potential resistance.
โข A bearish rejection at the ATH could trigger the short trade phase of the Shark Harmonic, offering a macro-level short opportunity.
Potential Scenarios & Conclusion
If Bitcoin follows the Shark Harmonic structure, the move from C to D presents a potential long trade opportunity, with price targeting the ATH. However, once price reaches this level, a strong bearish reaction could mark the start of a macro short setup, making this a key level to watch.
Traders should be patient and monitor how price reacts at these key Fibonacci levels. This pattern is unfolding on a high time frame, meaning confirmation is essential before executing trades. If price action respects the harmonic structure, it could provide a clear roadmap for both bullish and bearish trades in the coming months.
