Chart Pattern Analysis Of BTC
Updated
https://www.tradingview.com/x/0FS8KwXd/
From K1 to K3,
It is a bullish three soldiers advancing pattern,
It is breaking the neck line of a potential double bottom.
It is a good place to buy it immediately,
Or wait for the following candles successfully retest the uptrend line at 70K area.
If the following candles stay at high price area or fall back under decreased volume,
It will be a good place to increase long positions.
Long-70066/Stop-69066/Target-77000
From K1 to K3,
It is a bullish three soldiers advancing pattern,
It is breaking the neck line of a potential double bottom.
It is a good place to buy it immediately,
Or wait for the following candles successfully retest the uptrend line at 70K area.
If the following candles stay at high price area or fall back under decreased volume,
It will be a good place to increase long positions.
Long-70066/Stop-69066/Target-77000
Note
From K1 to K2,
The supply pressure is increasing.
It is not a good signal.
The supply must be absorbed by the following candles If the bull market want to expand.
If the following candles stay at high price area,
Or successfully retest 0.382-0.5 fib area under decreasing volume,
It will be a safe place to buy it.
Note
K3 is not a successful test to the support,
The supply pressure is still too high.
If there are more signals verify the bullish momentum in the following candles,
The bull market will keep climbing up.
On the other hand,
If K4 close below the support,
The risk will sharply increase.
Note
From K1 to K4,
It is a strong bearish evening star pattern.
The increasing volume verified it.
Compared to the left Top,
The potential right Top established a large scale consolidation or A large scale double Top pattern.
Both of the two situations are not good for long-term holders.
So, the risk sharply increased and the market becomes more complicated here.
If the following candles successfully retest the neck line to verify the potential double Top.
I will try to decrease my long positions.
It is likely that a month scale Wave(B) had ended earlier,
And Wave(C) will start from K4 to test 55-60K area.
Trade closed: stop reached
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