Chart Pattern Analysis Of Bitcoin
From K1 to K3, it is a three soldiers advancing pattern,
K3 close below the long-term uptrend line.
It is a bad signal for the long-term holders.
It seems that the following candles will keep falling to test the neck line.
The problem for the bull force is lacking enough demands.
If the following candles fall to test the 0.382-0.5Fib area to find enough demands,
The bull market will likely recover its strength.
The potential valuable area to increase long positions at about 58-54K.
I still think it is a long-term bull market,
But it must be verified by the following candles.
If the following candles close below the neck line,
the risk will sharply increase.
