Chart Pattern Analysis Of Bitcoin.
https://www.tradingview.com/x/JSLfOY2b/
K1 and K2 is a bearish harami pattern,
It verified the potential resistance.
It is likely that a consolidation or downtrend had started from K1.
From K1 to K3,
The demand keep decreasing,
It is likely that K4 will keep falling to test the lower price are of K3.
If the market find enough demands there,
It will be a good place to buy it at about 50K area.
K1 and K2 is a bearish harami pattern,
It verified the potential resistance.
It is likely that a consolidation or downtrend had started from K1.
From K1 to K3,
The demand keep decreasing,
It is likely that K4 will keep falling to test the lower price are of K3.
If the market find enough demands there,
It will be a good place to buy it at about 50K area.
Note
From K1 to K3,
It is a group bullish spring candle.
The supply pressure keep decreasing.
If another bull run wants to start here,
K4 must close upon K1 to verify it.
On the other hand,
It is also likely that the demand keeps decreasing.
And if that is the fact,
K4 will falling to test the lower price area of K2 or even close below it.
Note
From K1 to K3,
It is a three soldiers blocked pattern with decreasing demand.
It is not a good signal for the bull force.
If K4 close below K3,
The risk will increase.
Note
K1 failed to close below the potential support.
K2 and K3 verified it.
It seems that a consolidation or another bull run will start here.
If K4 close upon K1 or the downtrend line,
I will try to find chances to buy it.
If K4 or the following candles verified a weak rebound,
I will try to short it.
Short-63044/Stop-63544/Target-50K
Note
K3 break up and it verified that is not a good idea to short it around 0.5fib area.
It seems that K4 will price up to test 65K area.
I will try to short it there if there are signals to verify the weakness of the market.
On the other hand,
If the following candles close upon the downtrend line,
I will change my plan and even try to buy it.
Short-65344/Stop-65844/Target-50K
Note
K3 failed to close below K1 to verify the strong bullish momentum.
It seems that K4 will price up to test the neck line or even close upon K3 or the neck line.
If that’s the fact,
I will try to buy it.
On the other hand,
If K4 close below K3 or the neck line,
Another bear run will start here.
Note
K3 break down but failed to close below 60K.
And the supply pressure keep decreasing.
Perhaps the short-term downtrend couldn’t fall deep.
I will try to buy it if I find signals around 0.5fib area or the support.
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