Chart Pattern Analysis Of Bitcoin

K2 close below the neck line of a potential larger scale double top pattern.
But, the volume is temporarily low here.
If this situation continues,
The short-term bear market couldn’t go far and even stop at 60K.

If the following candles price up to retest the neck line or 0.382fib line with a sharply increasing volume,
It will be a good place to sell it there.

Sell-61666/Stop-62666/Target-51000.

Comment:

K2 close below the horizontal neck line of a potential large scale bearish double top pattern.
The volume of K2 increased,
But it is still at low level.
So, the short-term bear market will not likely go far.

If the following candles price down to test the support,
It is a potential good place to buy there.

Buy-55380/Stop-53380/-Target-72000

Comment:

K1 and K2 close below the neck line,
It verified that the break down is valid.
The decreased volume of K2 also verified the downtrend momentum.

The problem of the downtrend is low level supply pressure.
If this situation continues, it can’t go far.
If the following candles drop to test the uptrend line,
It is also a potential good place to buy in.


Sell-59844/Stop-60844/Target-55555
Buy-55380/Stop-53380/-Target-60000

Comment:

From K1 to K3,
It is a bullish morning star pattern,
But K3 failed to close upon the downtrend line.
And the volume decreased too.
So, it is a potential good place to short it here.

Sell-62917/Stop-63917/Target-55555

Trade closed: stop reached