What Are Harmonic Patterns and Their Role in Crypto Trading?
Harmonic patterns are intricate formations in price charts that traders utilize for forecasting potential future price shifts based on what has happened previously. These patterns, including examples like the Bearish Bat, emerge from particular price retracements and extensions that yield a balanced structure. Traders often leverage these patterns to pinpoint possible reversal points in the market.
Currently, Solana (SOL) is witnessing the formation of a Bearish Bat pattern, suggesting an impending rebound. This pattern initiates at Point X, where SOL was valued around $205.12, followed by a drop to Point A, a corrective rebound to Point B, and a deeper leg down to Point C near $134.44. As SOL starts to recover, trading presently around…
