Chart Pattern Analysis Of Bitcoin.
https://www.tradingview.com/x/AOVPUpY3/
From K1 to K3,
It is a strong bearish evening star pattern.
A sharp price correction or a potential short-term bear run is on the way.
It is also likely that a large scale horizontal consolidation is on the way.
But the possibility is relatively low here.
If there is a weak rebound after K3,
It will be a good place to reduce long-term positions.
And, if the following candles successfully retest the support at about 65-66K.
It will be a good place to buy it then.
Long-65588/Stop-65K/Target-74K
From K1 to K3,
It is a strong bearish evening star pattern.
A sharp price correction or a potential short-term bear run is on the way.
It is also likely that a large scale horizontal consolidation is on the way.
But the possibility is relatively low here.
If there is a weak rebound after K3,
It will be a good place to reduce long-term positions.
And, if the following candles successfully retest the support at about 65-66K.
It will be a good place to buy it then.
Long-65588/Stop-65K/Target-74K
Note
The previous strong bearish momentum had been interrupted by K2,
The demands sharply increased.
The following candles will consolidate here for days and then choose to break up or fall down.
It seems that after the Election Day,
The market will finally find its way.
And for now,
the potential short-term downtrend failed to expand.
It is a first good signal for the long-term bull market.
Note
After a bullish morning star pattern of K1,
K2 and K3 are two consolidation candles.
The supply pressure keep decreasing,
And furthermore,
K3 start with a bull gap and nearly close upon the resistance.
It is good signal for the bull market.
If I hadn’t bought it earlier,
I will have to buy it here.
If K4 start with a bull gap,
It will be another good signal to verify the bull market.
On the other hand,
If K4 start with a bear gap below 67.1K,
The risk will sharply increase.
Note
K3 close below K1 to verify a short-term bear run or a larger scale consolidation.
If the price climb up to test the resistance,
It will be a good idea to decrease long-term positions.
If the price successfully fall back to test the support,
It will be a good place to buy it then.
On the other hand,
If K4 close upon K1,
Another bull run will start here.
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