Chart Pattern Analysis Of Bitcoin.
https://www.tradingview.com/x/N0yErB8A/
From K1 to K3,
It is a bullish three soldiers advancing pattern,
But unfortunately,K3 failed to close upon the resistance.
Besides, the demands keep decreasing.
It is possible that the following candles consolidate here for days,
And then choose to break up or fall down.
On the other hand,
The supply pressure keeps at high level,
I don’t think It is easy to start another bull run immediately.
Buy-57958/Stop-57300/Target-60300
From K1 to K3,
It is a bullish three soldiers advancing pattern,
But unfortunately,K3 failed to close upon the resistance.
Besides, the demands keep decreasing.
It is possible that the following candles consolidate here for days,
And then choose to break up or fall down.
On the other hand,
The supply pressure keeps at high level,
I don’t think It is easy to start another bull run immediately.
Buy-57958/Stop-57300/Target-60300
Note
K3 and K4 is a bullish up engulfing pattern,
It verified a potential support.
Both the supply and demand decreased here.
It seems that the following candles will consolidate here for weeks,
And then, choose to break up or fall down.
I don’t think another bull run will start here immediately.
If the following candles break up the downtrend line,
I will change my plan and try to buy it.
Short-61144/Stop-61644/Target-55000
Buy-56400/Stop-56000/Target-62550
Note
After a bearish harami pattern of K1 and K2,
K3 and K4 keep falling.
It verified the nearest resistance.
If K4 successfully stand upon the support,
The following candles will keep climbing up to test the resistance.
If K4 break down the support or even close below the it,
The risk will sharply increase.
Buy-57188/Stop-56970/Target-59900
Buy-56444/Stop-56000/Target-59900
Note
K3 is a first test to the potential support,
It failed to close below the support under sharply increased supply pressure.
So, it is likely that the support is effective.
If K4 successfully test the support for a second time and still stand upon it,
It will be a good place to buy at K4.
I am expecting a second rebound to the resistance and then short it there.
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