The cryptocurrency market is witnessing a historic moment with Bitcoin reaching a new high of $118K and significant gains from other cryptocurrencies.
Bitcoin Sets New Records
Bitcoin's (BTC) price has reached a new all-time high of $118,000, confirming a bullish trend in the cryptocurrency market. Ethereum (ETH) also posted an impressive 17% gain over the week, reinforcing optimism among popular altcoins.
Harmonic Pattern on Hedera Chart
The Hedera (HBAR) chart reveals the formation of a classic Bearish Gartley harmonic pattern, which typically indicates upcoming trend reversals. The pattern starts from point X at around $0.2861, followed by a dip to A, a bounce to B, and a final leg down to C near $0.1560. Currently, HBAR has reversed strongly, trading around $0.1966 and holding above the 100-day moving average, serving as firm short-term support.
Growth Prospects for HBAR
The next significant level to watch is the 200-day moving average at $0.21, which has previously acted as resistance during past rallies. If HBAR can break above this level with volume, it would confirm the harmonic setup and could push the token towards the Potential Reversal Zone (PRZ) between $0.2526 and $0.2871. These levels align with the 0.786 and 1.0 Fibonacci extensions, which are typical for completing a Bearish Gartley pattern. A successful breakout could indicate a potential 46% rally. Conversely, failure to reclaim the 200 MA could lead to a temporary pullback towards the 100-day MA ($0.1724) before another attempt.
Currently, the cryptocurrency market displays confident signs of growth, with attention focusing on the next moves of Bitcoin and Hedera. The coming weeks may prove crucial in determining trends.
