Chart Pattern Analysis Of BTC.D
Updated
From K1 to K3,
It is three soldiers stalled pattern under decreased volume.
It seems that the supply pressure had been absorbed.
K1 is one part of a bullish morning star pattern,
K2 and K3 tested it under decreased volume,
It verified the potential uptrend.
If the following candles break up K1 immediately,
An upthrust wave of a potential final bull run will start from this uptrend triangle pattern.
On the other hand,
If K4 break down K2 immediately,
The market will become more complicated,
And the risk will increase.
Note
K2 close below the neck line and return back into the week scale triangle area.
It seems that a bear market had started earlier.
But it must be verified by the following candles.
If the following candle keep falling down and even close below the support,
The bear market will very likely expand.
K2 is also a potential shake out candle under low volume.
If the following candles return back upon the neck line,
The bull market will still possibly start from here.
Note
I am still optimistic to BTC.D,
I think it will break up in the following candles.
If K3 break down K2 immediately,
I will be wrong.
The chart here is really complicated for me.
I must find out the problem in my analysis.
Note
It seems that a final upthrust had started from K3,
If K3 break up and close upon K2 or the triangle pattern,
It is likely that the following candles will touch 57%.
During this journey, It will be a good time to establish a tentative long positions on other crypto tokens such as Near\ENS.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.