The Bearish Shark has formed on Bitcoin. This pattern has retraced 50% and this may result in a bullish 5-0.
The completion of the structure serves as the precursor to the 5-0 Pattern. Thus, these two patterns are related to each other, especially since the 5-0 defines the optimal profit target for the Shark.
The 50% XA retracement is the defining limit at the pattern’s completion point but the 61.8% XA retracement is included in the determination of the setup, especially in the Stop Loss determination. According to the research of Scott Carney.
The completion of the structure serves as the precursor to the 5-0 Pattern. Thus, these two patterns are related to each other, especially since the 5-0 defines the optimal profit target for the Shark.
The 50% XA retracement is the defining limit at the pattern’s completion point but the 61.8% XA retracement is included in the determination of the setup, especially in the Stop Loss determination. According to the research of Scott Carney.