Chart Pattern Analysis Of Bitcoin
https://www.tradingview.com/x/ZkToOeZy/
After a bullish three methods pattern of K2,
K3 close upon the downtrend line immediately.
It is likely that the short-term uptrend is expanding and accelerating.
It is a good place to buy it immediately.
If the following candle return back below the neckline,
I will try to get out of the market.
Buy-61.7K/Stop-60.3K/Target-68K
After a bullish three methods pattern of K2,
K3 close upon the downtrend line immediately.
It is likely that the short-term uptrend is expanding and accelerating.
It is a good place to buy it immediately.
If the following candle return back below the neckline,
I will try to get out of the market.
Buy-61.7K/Stop-60.3K/Target-68K
Note
K3 failed to accelerate or expand under high demands,
The risk increased.
It seems that the market will consolidate here for days and then choose to break up or fall down.
If I had bought it earlier,
I will cut off half of my long positions and increase the stop loss limit.
If the following candles close below K3,
I will get out of the market.
Buy-62188/Stop-61500/Target-66K
Note
K3 verified the potential resistance with an increased supply pressure.
If K4 close upon the resistance,
Another bull run will likely expand.
But I don’t think the bull force will finally make it.
On the other hand,
It is also likely that the following candles consolidate below the resistance for weeks,
And then choose to break up or fall down.
I will try to get out of the market or short it if I found bad signals around the resistance.
Note
From K1 to K2,
The supply pressure keep decreasing,
It seems that the following candles will test or break up the resistance.
If the following candles close below K1,
I will try to get out of the market.
Buy-62711/Stop-62360/Target-66K
Note
From K1 to K3,
The supply pressure keep increasing,
But unfortunately K3 failed to close below the potential support.
K3 tested the support for a second time,
The demands increased.
The possibility of K4 break up the resistance increased.
If K4 break up the resistance or close below the support,
The consolidation will be ended here.
Note
Once again,
A threatening bearish engulfing pattern at day-time chart starts a short-term downtrend.
It seems that the day-time consolidation will be ended by the bear force.
On other hand,
When I am looking into the 4H-chart,
The bear candle couldn’t keep expanding under increasing supply pressure.
It is still possible that the following candles break up the resistance.
But before that,
It will be a good idea to stop loss if the following candles close bellow the support.
And if the following candles close upon the resistance,
It is also a good idea to buy it there.
Buy-64K/Stop-63500/Target-66.6K
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