Bitcoin Looking To Recover Riding With a Shark
BTCUSD took a major hit over the last 3 weeks as discussed previously. After breaking recent lows and venturing down into the 5800's, the pair has been consolidating for the past week. It appears that BTC is finally ready to break out of this region for a retracement and a retest of previous structure levels. I noticed this morning that there was a potential shark pattern forming at the lows, whose completion and potential reversal zone were around 7300-7500. (Which was a level of consolidation and SIGNIFICANT Fibonacci confluence. I believe that BTC is going to make a push up to 7000 this week, run into some minor resistance, and will continue to push upwards to 7300. At the completion of the shark pattern I expect to see potential retracement down to the 6600s.
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