From K1 to K3,
It is a bearish three soldiers stalled pattern.
The sharply increased supply pressure also verified the resistance of the historic highest price area.
It is likely that a month scale consolidation process from K3 will continue.
So, if K4 price up to test the resistance of 2/1 Gann line,
I will try to partly decrease my long positions.
K1 and K2 is a strong bearish engulfing pattern,
It followed a bearish three soldiers stalled pattern.
It verified the strong resistance of the historic highest price.
It seems that a “V” type reversal bear market or a bullish consolidation process had started from K1.
K2 failed to close below K1,
And the supply sharply decreased.
It is more likely that a large scale consolidation is on the way.
The problem of the bull market is lacking enough demands after a long term advancing from wave(1) to wave(3),
And the supply pressure temporarily sharply increased at K1.
It is likely that the supposed consolidation is similar to wave(2).
50K and 6-7 months is a possible price and time target of the correction.
And then, wave(5) will likely moving to 140K.
During the consolidation period,
Some other crypto tokens such as Near\BNB may start a new bull run earlier that BTC.
Sell-61255/Stop-63000/Target-51000