Chart Pattern Analysis Of Bitcoin
https://www.tradingview.com/x/9fy5TnWr/
In the previous analysis,
I was wrong at expecting another bull run.
And now, a potential newly-born short-term downtrend is possible on the way.
If K4 couldn’t close upon the downtrend channel,
It is likely that the following candles fall to test 0.382fib area.
I am still optimistic to the present three-years bull market,
I think it had not ended yet.
In the previous analysis,
I was wrong at expecting another bull run.
And now, a potential newly-born short-term downtrend is possible on the way.
If K4 couldn’t close upon the downtrend channel,
It is likely that the following candles fall to test 0.382fib area.
I am still optimistic to the present three-years bull market,
I think it had not ended yet.
Note
K1 and k2 is a strong bearish engulfing pattern,
A potential week scale consolidation or a short-term bear trend is possible on the way.
K3 is a weak rebound,
It verified the weakness of the market.
If K4 fall to test 0.382-0.5fib area of the nearest bull trend.
The consolidation may be terminated there.
If not,
The consolidation may lasts for more weeks upon the support.
I don’t think the previous bull trend will be terminated by K2.
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